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With the new GMAT scoring policy, repeat test takers get a clean slate.
What does the new GMAT scoring and cancellation policy mean for test takers? Which business school just got $60M? Can 3D avatars improve online MBA programs? Keep reading to find out all this and more in our weekly roundup of top stories in business education.
Changes to the GMAT scoring policy
In case you missed it, earlier this month the Graduate Management Admission Council announced a major change to its GMAT scoring policy. Effective immediately, test takers will now be able to cancel their score without business schools being the wiser. The old policy maintained that test takers were allowed to cancel, but the fact that they took the test and cancelled would go on their permanent score record—blemishing the potential for performing better the second time around. This policy is being applied retroactively, which means even if you took the exam two years ago, any retakes will stay off the record. The GMAC also announced that test takers can now take the exam after a 16-day time period instead of the current 31-day time period.
Kaplan’s take on this change: The test maker is trying to make the GMAT scoring and administration policy much more test-taker friendly in a business education landscape where the GRE is gaining increased acceptance as an admissions option among MBA programs. The GRE handles this through their ScoreSelect option, which allows test takers to only send the scores from whichever test dates they want the program to see. (Poets & Quants)
Generous business school gift
As you probably know, alumni giving is a significant source of revenue for business schools. This is why business school admissions committees evaluate applicants with an eye to who will be most successful after graduation. The University of Michigan’s Ross School of Business just benefited from an extremely generous gift donated by one of its alumni to the tune of $60 million dollars. The donor: Sam Zell, Chairman of Equity Group Investments. The money will go towards Ross’ Samuel Zell and Robert H. Lurie Institute for Entrepreneurial Studies, which of course, was already being partially funded by Mr. Zell. The president of the school calls the donation a “deal-changer.” (The Detroit News)
Online MBA avatars
Among students who learn in an online environment, one complaint seems prevalent: a lack of human contact with other students. Sure, you can attend class in pajamas and save on gas money, but many online students nonetheless lament the lack traditional social interaction. Online MBA students in particular often feel this way, given that networking is such an important part of the business education experience. To counter this feeling, some top business schools are now trying out 3D avatars and virtual classrooms—it’s not the real thing, but it does offer an incredible simulation. Students can even include facial hair and select outfits for their avatars that match their personal style. Now that’s innovation. Among the first school to innovate in this way was MIT Sloan, which launched its online avatar program in the aftermath of Hurricane Sandy. (Business Insider)
Where MBAs work after business school
Where you attend business school has a big impact on where you eventually work. It’s likely that many aspiring MBAs attend a particular business school precisely because of locational ties to certain industry. A new study sheds some light on which industries receive the most graduates from any given business schools. For instance, UCLA’s Anderson graduates many MBAs who go into the entertainment field—which makes sense given its proximity to Hollywood. Looking to work in the tech sector? Then set your sites on UC Berkeley Haas—close to the heart of Silicon Valley. More interested in the consulting field? Then consider Emory University’s Goizueta School, Northwestern University’s Kellogg School of Management, or Dartmouth College’s Tuck School of Business. (Poets & Quants)
Iranian business education
The Islamic Republic of Iran, though a deeply traditional society, is slowly embracing western-style education. MBA education in particular has taken hold among Iranian professionals in recent years. If the nuclear accord negotiations with the United States and its allies are any indication, improved international relations may encourage further growth in Iran’s business education sector. (The Financial Times)
For more breaking business school news and chatter, follow @KapTestNews. Then put your GMAT prep to the test by answering one of our free daily practice questions.
The post MBA News: Business Education Avatars, GMAT Scoring Changes appeared first on Business School Insider.
