No GMAT/GRE, No Problem - How Global MBA programs are approaching applications in the Covid-19 scenario

With the Covid-19 pandemic playing havoc around the world, top global MBA programs have been trying to adopt new ways to encourage applicants. The latest Poets & Quants update mentions 65 of the top 100 MBA programs (as per PQ ranking) as having gone fully test optional or waiving GMAT/GRE requirement based on certain conditions being met. Many European schools such as ESADE, Warwick etc. have also offered alternatives. Find below examples of relevant schools:

- Schools having gone completely test optional:  MIT Sloan, Babson (Olin), Brigham (Marriott), U. Miami (Herbert), Alabama (Henderson)

- Schools offering conditional waivers: Virginia (Darden), Michigan (Ross), Carnegie Mellon  (Tepper), U.North Carolina (Kenan-Flagler), Indiana (Kelley)

- Schools willing to work with candidates on case to case basis: Stanford GSB, NYU Stern, ESADE (they have their own test),  Warwick (own test), Emory (Goizueta), IE (own test), Maryland (Smith)

How will schools evaluate applications in absence of GMAT or GRE?

The standardized tests such as GMAT or GRE are useful to the admissions committees as one of the evidence that applicant has to convince them that s/he is ready for the academic rigor of an MBA program. B Schools desire applicants who have shown strong evidence of quantitative and analytical skills. As Soojin-Kwon of U. Michigan (Ross) says - “We are not waiving the requirement that an applicant has demonstrated analytical and quantitative skills,” 

To provide a test waivers, different schools look for different evidence. Many schools are looking for a minimum undergrad GPA and performance in quantitative courses, whereas others look for certain number of years of experience, a professional certification such as CA or CFA. 

Implications for applicants

For schools offering conditional waivers or those offering waivers on a case to case basis, applicants should reach out to admissions committees stating evidence as to why they qualify for a waiver. Mention your quantitative skills, courses, GPA, online certifications in quantitative subjects and quant heavy certifications such as ACA or CFA. If you work in a quant heavy role such as financial analyst, consultant etc. - you can bring out the work you've performed over number of years or in your internships. Reach out to the admissions committees well in advance of the deadlines so that you receive their response in time.

Table of schools offering non-conditional, conditional and case to case waivers for GMAT/GRE:

Good luck and please comment. 

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Why it's a great idea to pursue both GMAT and CAT as you prepare for admissions to IIM ABC and the best Global MBA programs

Many prospective MBA applicants face the conundrum between appearing for the GMAT/GRE or the CAT. Much material online concentrates on taking one side or the other. However, I've found through many top performers often prepare for BOTH tests. Let's find out more.

First, by considering preparing for both the GMAT and the CAT, you’re being smart. Really smart! Why, you may ask? - Because you’re keeping your options open. It’s also called hedging your risk or not keeping all your eggs in one basket. That's a good start!

Why are you being smart when you choose to prep for both the tests?

Reason 1 - The syllabus for both is complimentary. CAT Quant helps you build rigor to ace GMAT Quant, while GMAT verbal is much tougher than CAT Verbal - so you ace that too. So it makes a lot of sense to do what you’re doing and prep for both. If you do, take the GMAT first - much shorter and smarter prep required. CAT will take longer to prep.

Reason 2 - You’re being ambitious and realistic at the same time. How? CAT has 200,000 takers per year and IIM ABC have, say, 1500 seats - that is a 0.75% selectivity rate. If you are ineligible for reserved quota, takeaway another 50% seats i.e. 0.375% selectivity. For IIM A, this comes down even further to 200 seats (200 are reserved)/2,00,000 applicants = 0.1% selectivity. How does this compare with selectivity rates of top global MBA and MiM programs?

Most top European schools such as INSEAD, LBS, HEC Paris, ESSEC, ESCP, St. Gallen have selectivity rates ranging from mid 20s to high 30s.

Now, if I were to tell you that you have a choice to join a school with a 10% acceptance rate and a $180K starting salary (HBS) vs. another school with a 0.1% acceptance rate and $30,000 salary (IIM A), which one would you choose? I'm noticing that an increasing number of IITians , NIT, BITS etc. have realized this and are choosing a deferred MBA at the above top global schools - I’ve covered this later in the answer.

Selection criteria for IIM ABC vs. Top Global Programs:

IIM ABC - you’ve got to nail the CAT. It doesn’t matter if you’ve only focused on academics all your life or struggle to communicate or work in a team - if you get a 99.9, you’re likely to get an interview call.

Top Global Schools - These schools still require a strong GMAT score, average is 730 ~ 96th percentile. But you’ll be surprised to know that many 99th percentilers are rejected without interview by these schools if they don’t show evidence of leadership, teamwork and impact. In general, GMAT score is regarded as a key that will only open the door for global MBA programs - however, it will rarely be the most important factor (unlike CAT score) that determines if you will get admitted. Check this out - Suprising Harvard MBA Rejections | Poets&Quants

GMAT usually has a weight of 15–30% in an admit decision for global schools; the CAT score weight ranges from 60% to 85% (though, as many friends from IIM ABC say, it feels like 99%). In global process, GPA, Essays, Recommendation Letters, Resume, Quality of undergrad brand, Quality of employment/internship all matter. Consequently, those, whose only bright spot in their application is their high GMAT score (and perhaps their GPA) face a rude shock when they apply to global schools.

What’s interesting is that the trend of applying to a Deferred MBA has dramatically increased in top Indian undergrad schools like the IITs (especially in Bombay, Delhi, Madras, Kanpur and Kharagpur), NITs, ICT, VJTI, LSR, St. Stephen’s and the like. Why? They’ve realized some key insights. You may want to read more about these in this link - Sumeet Verlekar's answer to What are the advantages of studying MBA from Harvard Stanford over IIMs in India?

Also just fyi, many IIM ABC grads are now looking beyond, Read this Sumeet Verlekar's answer to Is it worth getting a second MBA from Harvard, Stanford, Wharton, etc. after getting an MBA in India?

I’ve answered many similar queries in My Quora Space, Indians Aiming@ IvyLeague feel free to visit & follow.

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