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Check to see which is better for you to take in order to get into business school. The GRE is about $85 cheaper than the GMAT, so it might pay to do a little research first (from recent article on the U.S. News website):
In the past, students' applications to Master of Business Administration (MBA) degree programs were typically accompanied by their Graduate Management Admission Test (GMAT) scores. But the days when all prospective students had to take the GMAT are gone, as many of the world's most renowned business schools now accept results from the Graduate Record Examination (GRE) instead.
In fact, Educational Testing Service (ETS) recently announced in a press release that more than 1,000 of the world's business schools accept its test, the GRE. Harvard Business School, Stanford University, Babson College and Columbia University are among the many institutions willing to accept GRE scores from prospective MBA degree seekers, according to ETS' website.
"We add more business schools to the list of GRE score users almost every day," said David Payne, vice president and chief operating officer for ETS' higher education division. "The growth is astounding, but it makes perfect sense. Schools want great candidates for their MBA and specialized master's programs - and they recognize that GRE test takers are a highly qualified, highly diverse population."
Recent years have seen the GRE become a more attractive option to potential graduate students thanks to ETS' introduction of the GRE revised General Test in August 2011. The updated assessment is designed to be more test-taker friendly.