GMAT 2020 NEWS
Amidst pandemic, the business world has changed drastically though GMAC announced exam fees hike for GMAT online. An exam fee of 25% hike has been announced for GMAT online take home version. From 23rd September onwards, candidates can take GMAT twice and will have to pay $250 for taking the home version. Earlier cancelling and rescheduling fees were waived off. GMAC also announced $25 for rescheduling the exam date and $100 as cancellation fee.
GMAC announced that it aimed to gain clarity in its online and test center version GMAT. As the pandemic situation is getting stabilized, appointments for the exams are also getting increased in both in person and online version, therefore, GMAC reinstated rescheduling and cancellation fees for GMAT.
In US and Europe the GMAT online costs $45 more than GRE online fees ($205). In Asian countries fees vary due to equipment availability. Candidates aiming to take GRE can be retaken 5 times within a year whereas GMAT can be written only twice within a year. Most revenue of GMAC comes from the GMAT. Yearly around 3 lakhs candidates apply for GMAT across the word. In 2018, it is reported that GMAC got the highest revenue from the test operations.
As compared to GMAT score, ETS administered GRE score is gaining popularity among the applicants. Amidst this situation, the decision of exam fee hike seems a rough time for GMAC. In the class profiles of 2022, a business school published a report that showed how the record number of candidates gave their GRE score as admission requirements in place of GMAT.
Like Yale School of Management, 35% of MBA students out of the class of 350 submitted a GRE score which is a 24% higher rate as compared to last year. Haas School of Business also published a report that 34% of the newly enrolled students used GRE as the admission requirement which is a 21% higher rate as compared to last year. In 2016, only 7% of students used their GRE score.
In Fuqua School of Business, the GRE score has been popular among the students. In the class of 2020, 38% of students which is a 14% and 23% higher than the previous consecutive years. Similarly at Harvard Business School as well, 22% of students submitted GRE scores for the MBA program. In 2017, it is seen only 12% of the acceptance rate of the candidates for GRE score.
Such a hike in using GRE score for admissions is due to delay in conducting online GMAT exam at the outbreak of coronavirus. ETS conducted its first online GRE on the month March (27th). Due to technical glitches, candidates can take GMAT online from 20th April onwards. Future GMAT online attempts will be considered under the lifetime limit of taking GMAT. Earlier this online version exam can be taken only once. From 23rd of September, candidates can appear for it twice. Exams taken before 23rd of September will not be considered under the lifetime limit of taking GMAT.
ETS still allows the candidates to appear for GRE with 50% discount on exam fees. This reduction in exam fee structure is for financially downtrodden meritorious students. Candidates who are unemployed or receiving unemployment stipend can get this discount after demonstrating financial need. As GMAC changed the additional fees, ETS made $50 for rescheduling an exam date and half refund due to cancellation of the exam if the candidate cancels it before four days. Vineet Chhabra, senior director of GMAT product stated that GMAC is going under various enhancements to improve the test taking experiences of the candidates. The conducting body is trying to come up with all adequate support for the candidates to meet the application deadline.
Whether it is an online or a test center version exam, it is the responsibility of GMAC authority to take full security support for the staff as well as the candidates. With the changes, candidates also get opportunities like taking GMAT as per convenience and such flexibility shows an increase in GMAT score.
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