It is currently 12 Dec 2017, 05:34

Close

GMAT Club Daily Prep

Thank you for using the timer - this advanced tool can estimate your performance and suggest more practice questions. We have subscribed you to Daily Prep Questions via email.

Customized
for You

we will pick new questions that match your level based on your Timer History

Track
Your Progress

every week, we’ll send you an estimated GMAT score based on your performance

Practice
Pays

we will pick new questions that match your level based on your Timer History

Not interested in getting valuable practice questions and articles delivered to your email? No problem, unsubscribe here.

Close

Request Expert Reply

Confirm Cancel

Events & Promotions

Events & Promotions in June
Open Detailed Calendar

How Much Would You Pay for a Guaranteed 700+ Score?

  new topic post reply Question banks Downloads My Bookmarks Reviews Important topics  
Author Message
TAGS:

Hide Tags

Top Contributor
Senior Manager
Senior Manager
User avatar
S
Status: Professional GMAT Tutor
Affiliations: AB, cum laude, Harvard University (Class of '02)
Joined: 10 Jul 2015
Posts: 439

Kudos [?]: 516 [0], given: 58

Location: United States (CA)
Age: 38
GMAT 1: 770 Q47 V48
GMAT 2: 730 Q44 V47
GMAT 3: 750 Q50 V42
GRE 1: 337 Q168 V169
WE: Education (Education)
How Much Would You Pay for a Guaranteed 700+ Score? [#permalink]

Show Tags

New post 03 Nov 2017, 09:01
Top Contributor
Hi GMAT Clubbers,

As you might know already from my frequent articles on GMAT Club, I'm a Harvard grad and professional GMAT tutor since 2002. I have taken the GMAT 5 times, and achieved 700+ scores each time, with personal bests of 770 composite, 50/51 Quant, 48/51 Verbal, 8/8 IR (2 times) and 6/6 AWA (4 times). GMAT Club still considers me a "Top Contributor" instead of an "Expert," but in my strong opinion, I'm a GMAT expert: I've been tutoring this test for 17 years now--I began as a peer tutor in college--and I've guided hundreds of students to amazing GMAT scores.

I'm considering the idea of a "700 guarantee"--in other words, if you don't crack 700, then you get your money back in full--but I'm not quite sure how to price it, given the inherent risk involved. One thing I know for sure is that I would have to charge up-front, and include a well-written refund policy (with signatures) so that students feel assured that they will get their money back if they don't reach 700. I would also have to put some failsafes in place so that nobody tries to game the system by getting a 700+ score, but not telling me about it! :facepalm_man:

My question is: what would you pay for such a service? I'm trying to see whether it's worth trying a different pricing strategy from my usual flat hourly rate of $220-295/hr.

Thanks,
Brian

_________________

Harvard grad and 770 GMAT scorer, offering high-quality private GMAT tutoring, both in-person and online via Skype, since 2002.

GMAT Action Plan - McElroy Tutoring


Last edited by mcelroytutoring on 04 Nov 2017, 23:39, edited 1 time in total.

Kudos [?]: 516 [0], given: 58

1 KUDOS received
Manager
Manager
avatar
S
Joined: 30 May 2017
Posts: 109

Kudos [?]: 50 [1], given: 31

Location: India
GMAT 1: 760 Q50 V42
Premium Member CAT Tests
Re: How Much Would You Pay for a Guaranteed 700+ Score? [#permalink]

Show Tags

New post 03 Nov 2017, 09:07
1
This post received
KUDOS
mcelroytutoring wrote:
Hi GMAT Clubbers,

As you might now already from my frequent articles on GMAT Club, I'm a Harvard grad and professional GMAT tutor since 2002. I have taken the GMAT 5 times, and achieved 700+ scores each time, with personal bests of 770 composite, 50/51 Quant, 48/51 Verbal, 8/8 IR (2 times) and 6/6 AWA (4 times). GMAT Club still considers me a "Top Contributor" instead of an "Expert," but in my strong opinion, I'm a GMAT expert: I've been tutoring this test for 17 years now--I began as a peer tutor in college--and I've guided hundreds of students to amazing GMAT scores.

I'm considering the idea of a "700 guarantee"--in other words, if you don't crack 700, then you get your money back in full--but I'm not quite sure how to price it, given the inherent risk involved. One thing I know for sure is that I would have to charge up-front, and include a well-written refund policy (with signatures) so that students feel assured that they will get their money back if they don't reach 700. I would also have to put some failsafes in place so that nobody tries to game the system by getting a 700+ score, but not telling me about it! :facepalm_man:

My question is: what would you pay for such a service? I'm trying to see whether it's worth trying a different pricing strategy from my usual flat hourly rate of $220-295/hr.

Thanks,
Brian


I think the price that a person is willing to pay will be directly proportional to (700 - "his current score").
_________________

A kudo a day keeps the doctor away.

Kudos [?]: 50 [1], given: 31

Top Contributor
Senior Manager
Senior Manager
User avatar
S
Status: Professional GMAT Tutor
Affiliations: AB, cum laude, Harvard University (Class of '02)
Joined: 10 Jul 2015
Posts: 439

Kudos [?]: 516 [0], given: 58

Location: United States (CA)
Age: 38
GMAT 1: 770 Q47 V48
GMAT 2: 730 Q44 V47
GMAT 3: 750 Q50 V42
GRE 1: 337 Q168 V169
WE: Education (Education)
Re: How Much Would You Pay for a Guaranteed 700+ Score? [#permalink]

Show Tags

New post 03 Nov 2017, 09:31
Top Contributor
Sure, that makes sense. Someone who already has a 680 wouldn't be willing to pay much for a 700, but someone with a 580 certainly might, given the large improvement required.

I imagine that someone who is scoring in the 500s would be the perfect candidate for such a guarantee.

_________________

Harvard grad and 770 GMAT scorer, offering high-quality private GMAT tutoring, both in-person and online via Skype, since 2002.

GMAT Action Plan - McElroy Tutoring

Kudos [?]: 516 [0], given: 58

Manager
Manager
avatar
S
Status: NA
Affiliations: NA
Joined: 07 Jul 2017
Posts: 62

Kudos [?]: 29 [0], given: 7

Joseph: N
Reviews Badge
Re: How Much Would You Pay for a Guaranteed 700+ Score? [#permalink]

Show Tags

New post 04 Nov 2017, 21:47
Hi Mcelroytutoring,

Just a watch out from a fraud perspective, if someone would pay in the thousands for your service with a 700+ guarantee, they have a lot of incentive to con you out of money. It wouldn't be difficult for someone to falsify an unofficial score report, or even rewrite the exam after getting a 700+ score and purposely score poorly. Just think, if someone were to - 1.) score a 700+, 2.) cancel score, 3.) rewrite 3 weeks later and get a 580, 4.) submit to you their score report, 5.) cancel the 580 score within 48 hours, 6.) rescend their 720 - would you be able to catch them? When a lot of money is on the line, people may be willing to do deplorable things. Just something to watch out for when you are writing in the rules of the agreement. Best of luck with your new approach!

Kudos [?]: 29 [0], given: 7

Intern
Intern
avatar
B
Joined: 19 Jun 2017
Posts: 36

Kudos [?]: 7 [0], given: 27

GMAT 1: 660 Q39 V40
GMAT ToolKit User
Re: How Much Would You Pay for a Guaranteed 700+ Score? [#permalink]

Show Tags

New post 05 Nov 2017, 06:23
Well, risks of fraud aside, it would depend as DIII said, upon the person's current score.

From my perspective, back when I first started prepping for the GMAT and was scoring about 620 on the mock CATs I'd have been willing to pay about ~3000$ for a guarantee of over 700. (I'm from India, so that translates to quite a bit of money here).

I scored a 660 on the official attempt, so now, knowing that its within reach, I'd probably cough up 1500$ to get that guarantee because I'm familiar with how the test 'works' and am a lot more confident in my abilities.

Kudos [?]: 7 [0], given: 27

Top Contributor
Senior Manager
Senior Manager
User avatar
S
Status: Professional GMAT Tutor
Affiliations: AB, cum laude, Harvard University (Class of '02)
Joined: 10 Jul 2015
Posts: 439

Kudos [?]: 516 [0], given: 58

Location: United States (CA)
Age: 38
GMAT 1: 770 Q47 V48
GMAT 2: 730 Q44 V47
GMAT 3: 750 Q50 V42
GRE 1: 337 Q168 V169
WE: Education (Education)
How Much Would You Pay for a Guaranteed 700+ Score? [#permalink]

Show Tags

New post 05 Nov 2017, 13:00
Top Contributor
Thanks for the advice! I agree that I would have to be careful to avoid deception. I think what I would do is require the student to give me access to his/her personal GMAT score report, which is a secure PDF download that is accessible through a unique URL on the Pearson Vue website, and the student's Date of Birth. (This is also the system that GMAT Club uses to verify GMAT scores, because it cannot be faked.)

Unlike score reports that are sent to schools, the student score report shows all scores from the last 5 years, including cancellations, so it would be impossible to hide a 700-plus score...unless it was cancelled, but this would of course not be in the best interest of the student. Even if they were to cancel the score, if they ever tried to use the score, then I would be able to access it--and I would still require an ESR as proof, in the case that the scores were either temporarily or permanently canceled.

It is of course true that one could attempt to game the system through cancellations and score reinstatements, but again I would require an ESR as proof, as well as a printout from the test center (no cancellations on the day of the test). I doubt that this type of calculated deception would be worth the effort for someone with the capability to pay thousands for a GMAT tutor.

As far as the pricing of the guarantee, I would have to take it on a case-by-case basis, but $1,500 to take a student from 660 to 700+ seems reasonable, if a little low, given the inherent risk for the tutor. Going from a 500 to 700+, however, would be less likely and therefore would cost significantly more.


Image
_________________

Harvard grad and 770 GMAT scorer, offering high-quality private GMAT tutoring, both in-person and online via Skype, since 2002.

GMAT Action Plan - McElroy Tutoring


Last edited by mcelroytutoring on 14 Nov 2017, 23:27, edited 4 times in total.

Kudos [?]: 516 [0], given: 58

Top Contributor
Senior Manager
Senior Manager
User avatar
S
Status: Professional GMAT Tutor
Affiliations: AB, cum laude, Harvard University (Class of '02)
Joined: 10 Jul 2015
Posts: 439

Kudos [?]: 516 [0], given: 58

Location: United States (CA)
Age: 38
GMAT 1: 770 Q47 V48
GMAT 2: 730 Q44 V47
GMAT 3: 750 Q50 V42
GRE 1: 337 Q168 V169
WE: Education (Education)
How Much Would You Pay for a Guaranteed 700+ Score? [#permalink]

Show Tags

New post 09 Nov 2017, 10:40
Top Contributor
OK GMAT clubbers, thanks for the advice. I've decided that I am going to offer a 700+ score money-back guarantee, but only on a case-by-case basis, and the price will be negotiated depending on the students' overall improvements: 50 points improvement is relatively easy, 100 points improvement is significant but about average for my students, and 150+ points improvement is possible, but the chances are less than 50%, so my pricing will reflect that reality.

The 700+ score guarantee will include up to 25 hours of private tutoring with me via Skype. I will require students to send me the link to their official GMAT student score reports, in order to their prove prior scores, and I will require them to prove (via the same system on the Pearson Vue website) that they have taken the test at least 3 more times before I will issue a full refund. I will also require pre-payment, along with a legal contract that we will both sign.

If you're interested, then please contact me and let me know the specifics of your situation, along with your highest official GMAT score thus far. Happy studies!

_________________

Harvard grad and 770 GMAT scorer, offering high-quality private GMAT tutoring, both in-person and online via Skype, since 2002.

GMAT Action Plan - McElroy Tutoring

Kudos [?]: 516 [0], given: 58

Intern
Intern
User avatar
B
Joined: 17 Sep 2014
Posts: 41

Kudos [?]: 11 [0], given: 1

Location: United States
GMAT 1: 780 Q51 V45
GRE 1: 337 Q170 V167
How Much Would You Pay for a Guaranteed 700+ Score? [#permalink]

Show Tags

New post 14 Nov 2017, 22:53
Best of luck on your ambition, Brian. The GMAT tutoring score guarantee is a very difficult nut to crack. It is no coincidence that the big names don't offer them. If they could, they would.
_________________

Source: We are an NYC based, in-person and online GMAT tutoring company. We are the only GMAT provider in the world to guarantee specific GMAT scores with our flat-fee tutoring packages, or to publish student score increase rates. Our typical new-to-GMAT student score increase rate is 3-9 points per tutoring hour, the fastest in the world. Feel free to ask us a question!

Kudos [?]: 11 [0], given: 1

Intern
Intern
avatar
B
Joined: 24 Sep 2017
Posts: 16

Kudos [?]: 3 [0], given: 0

GMAT ToolKit User Premium Member Reviews Badge
Re: How Much Would You Pay for a Guaranteed 700+ Score? [#permalink]

Show Tags

New post 16 Nov 2017, 08:55
mcelroytutoring wrote:
OK GMAT clubbers, thanks for the advice. I've decided that I am going to offer a 700+ score money-back guarantee, but only on a case-by-case basis, and the price will be negotiated depending on the students' overall improvements: 50 points improvement is relatively easy, 100 points improvement is significant but about average for my students, and 150+ points improvement is possible, but the chances are less than 50%, so my pricing will reflect that reality.

The 700+ score guarantee will include up to 25 hours of private tutoring with me via Skype. I will require students to send me the link to their official GMAT student score reports, in order to their prove prior scores, and I will require them to prove (via the same system on the Pearson Vue website) that they have taken the test at least 3 more times before I will issue a full refund. I will also require pre-payment, along with a legal contract that we will both sign.

If you're interested, then please contact me and let me know the specifics of your situation, along with your highest official GMAT score thus far. Happy studies!


What’s your website address?



Sent from my iPhone using GMAT Club Forum mobile app

Kudos [?]: 3 [0], given: 0

Re: How Much Would You Pay for a Guaranteed 700+ Score?   [#permalink] 16 Nov 2017, 08:55
Display posts from previous: Sort by

How Much Would You Pay for a Guaranteed 700+ Score?

  new topic post reply Question banks Downloads My Bookmarks Reviews Important topics  

Moderator: HKD1710

HOT DEALS FOR NOVEMBER
Economist GMAT - Free Free 1-week trial + Free Test
Kaplan Courses - Save $475 $225 Discount + $250 Bonus
Target Test Prep - $800 $50 Discount + $750 Bonus [GMAT Club
Tests and Premium MBA Bundle]
EMPOWERgmat - $99/mo GMAT Club tests included 2nd month
GMAT Club Tests - Free Included with every course purchase
of $149 or more - Full List is here


GMAT Club MBA Forum Home| About| Terms and Conditions| GMAT Club Rules| Contact| Sitemap

Powered by phpBB © phpBB Group | Emoji artwork provided by EmojiOne

Kindly note that the GMAT® test is a registered trademark of the Graduate Management Admission Council®, and this site has neither been reviewed nor endorsed by GMAC®.