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Happytrojan
I took a professionally administered IQ test and scored in the 97th percentile. I think it essentially measures the same thing as the GMAT: your ability to think logically.
I'll put you this way:
How much time did you take preparing for your IQ test?
How much time did you take preparing for GMAT?
The first time I took an official GMAT-prep exam, without any preparation, I scored a 710. That is the 92nd percentile. And since the GMAT selection group is much more restrictive than the IQ-population, with a 95th perncetile GMAT being the equivalent of a 98th percentile then being in the 92nd percentile on the GMAT can safely be said to be the equivalent of the 93-95th percentile in IQ.
Now, I did prepare somewhat for the IQ test, so if we lower my score from the 97th percentile to only 94-95th percentile, saying that the preparation gave me a slight advantage, there is only a few percent difference between them, if any at all.
But I do not hold this for the entire truth, or a complete explanation (nor will I ever consider discussing such a thing); but if you want to take preparation and such into account, they are eerily close to each other in result, in my case.