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Test takers continue to favor the GMAT over the GRE.
From top business schools reporting competitive acceptance rates, to a spike in GRE test takers, to the true cost of an online MBA, to one HBS student who cashed in when she dropped out, let’s dig into the latest headlines in MBA news and business school admissions. Please leave your comments below…we know our readers aren’t shy.
Top business schools remain VERY competitive
Although applications to some top business schools were down a bit in the last cycle, the reality is that gaining admittance to an elite MBA remains extremely difficult. Just how competitive are these programs? The University of Chicago’s Booth School of Business posted an acceptance rate of 24%, while the Wharton School at the University of Pennsylvania reported an acceptance rate of about 21%. The University of California Berkeley’s School of Business and MIT Sloan’s admit rates are a mere 13% and 14%, respectively.
GMAT or GRE?
As the Educational Testing Service continues to market the GRE to both business schools and prospective business school students as an admissions alternative to the GMAT, testing volume for the GRE has increased. Since 2009, the number of administered GRE tests has seen double-digit growth, fueled largely by test takers who live outside of the United States. According to Kaplan’s own research, in fact, 85% of business schools across the country now accept GRE scores. However, our research also found that, so far, few students are taking this route. This could mean that applicants to top business schools see greater merit—that is, an admission advantage—in submitting GMAT scores, a fact which is music to the ears of the Graduate Management Admission Council. We’ll continue to track this issue closely. (Bloomberg)
The case for accreditation
John Fernandes, who heads the Association to Advance Collegiate Schools of Business (AACSB), assumed his role when the organization was struggling to find its footing in an increasingly complex global landscape for MBA programs. Now, 15 years later, as he retires, Fernandes makes the case for why accreditation is important and looks back at his tenure. (Poets & Quants)
Are online MBAs less expensive?
Think that you’ll automatically save money if you enroll in an online MBA program instead of a traditional brick and mortar business school? Think again. In fact, data shows that many schools charge online MBA students the same tuition or more per credit as they do a conventional MBA student. To put it succinctly: There may be many good reasons to attend an online MBA program, but saving money isn’t necessarily one of them. (U.S. News & World Report)
Business school dropout
Disclaimer: We are NOT recommending you try dropping out of a top business school yourself. Nonetheless, one former Harvard Business School student cashed in when she dropped out—to the tune of $250 million. (Quartz)
What are you talking about in MBA news? Share your comments with your fellow aspiring business students below. Kick off your good life by signing up for a free GMAT practice test.
The post MBA News: Top Business Schools Maintain Narrow Acceptance Rate appeared first on Kaplan GMAT Blog.
