I make my living as a professional GMAT tutor who charges upwards of $200/hr, so I am obviously somewhat biased on this issue. However, I pride myself on my honest opinions, and and am happy to share them with you.
Obviously there is no one “right” answer to this question. Ask yourself a few questions:
1) What is my budget?
-If you don’t have extra money to spend, then you probably can’t afford a class, and you definitely can’t afford a private tutor.
-If you only have a moderate amount money to spend ($100-500), then self-study is probably the right choice…you should save your cash for quality practice materials.
-If you have a decent amount of money to spend ($1,000-2,000), then a class is probably the best option. I’ve heard good things about
Manhattan GMAT, but it’s really luck on the draw depending on your instructor.
-If you have a healthy amount of money to spend (>$2K), then a private tutor is best. A talented GMAT tutor will be dedicated to your success and will simplify your job by providing expert guidance at every step.
2) What is my motivation?
If you’re not too motivated, then a class or self-study might be the way to go…no reason to waste your money.
If you are motivated, then a tutor might work well, because you will maximize your investment.
3) What is my timeline?
-If you need results quickly, then a professional tutor is sometimes the only way to go.
-If you have 6-8 months, it probably makes sense to take a class / self study first, then check back in with 6 months to go.
-If you have 4-6 months, then you can still get away with taking a class, but you won’t have too much time for tutoring afterward.
-If you have 2-4 months or less, you can either take a class or find a private tutor, but you won’t have much time for both.
I would say that the ideal duration for GMAT prep is 3 months if you can dedicate at least 3 hrs a day, and 6 months if you can only dedicate at least 1.5 hrs a day (but 3-4 months is preferred).
4) What are the upsides/downsides?
-For certain students, higher test scores means more grant money and/or financial aid. For others, it means the chance to attend a school of high prestige, a springboard to future business opportunities.
-For most students with average scores, classes make more sense than private tutoring, because they are not Top 10 candidates and thus will not gain admission to "name brand" b-schools.
-For most students going for 650 or 700-plus on the GMAT, private tutoring is often needed to give them that final push before the test, what I refer to as the “fine tuning process” where students can go from about 650 to the 700s.
-Improvement on the GMAT does not happen magically. You need to work hard and work smart. Ultimately, it doesn’t matter whether you pay to be taught or tutored, only that you put in the work and paid what you thought was fair for the benefit you received.
-It’s hard to put a price tag on business school admission. Personally, I would say that paying $3K to attend the b-school of your dreams is a bargain. But it's all relative.
-GMAT tutoring doesn’t work nearly as well as it should if the tutor is the only person who works hard. Don’t sign up for GMAT tutoring unless you are willing to put in at least one hour of study, ideally 2-3 hours of study, for every hour with your tutor.