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There are many benefits to timing your practice, including:
You can take the GMAT exam at any time. However, most schools have limits on the length of time that a GMAT score is good for - be mindful of this if you plan to take the exam at some point and plan to apply to business school a few years in the future. The one trick with excelling at the GMAT is being well prepared for the exam - simply put, your competition will be studying very hard for this exam and thus most people need to put in the same amount of time and energy into studying to perform at the same level.