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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