When to take the GMAT test and other related queries

Question

I have done by Bachelor of Engineering in Electronics and Communication in June 2013 and have one year of industrial experience.I have been practicing for GMAT for about 1-1.5 months but I don't know where I stand as I haven't taken any mock tests.I'll be taking them in about 10 days(Manhattan's and Kaplan's).I just want to know answers for my following queries:

1.When should I take the test to get admission this year itself or early 2015 in a good & accredited college in Europe,Ireland or UK?
2.My budget is around 300,000 INR(including bank loan).Will it cover the total tution fees,hostel/residential fees & others?
3.I'll be taking TOEFL in the same month as GMAT,should I take GRE too to increase my chances of getting in?
4.I have got 63.2% in my post-graduation i.e B.Tech,is it enough to get in?
5.Please suggest some good and safe but accredited colleges that accepts GRE/GMAT in the countries mentioned?
6.With that budget,can I go to US considering the colleges have a 2 year program?

Thank You.

bb · Answer

Hi and welcome to GMAT Club!

1. It depends for which deadline you apply. Usually R1 (Round 1) is recommended but often there is little difference between R1 and R2. Which brings us to: R1's are between Sept 15th and Nov 15th. R2's are between Jan 1 and Jan 31 (more or less)
You can see more here: all-mba-deadlines-for-157075.html?fl=menu
you can also get a better handle on timing here: mbatimeline - interactive MBA Timeline

2. No idea how much that is and I think you should start thinking in Dollars and Euros if you are planning to go to school there... right?

3. Eh.... I cannot think of a reason to

4. No idea about India GPA

5/6 - No idea how much money that is. I don't think they take INR's here.

ajinkya246 · Answer

Thank you sir for your suggestions and answers to my queries.

I am still confused about how these rounds work.
1.Does the application need to be submitted prior or during these rounds in the colleges the student is applying to.
Do they both lead to the same session/semester?I mean if I submit my application for either R1 or R2,when is the session/semester going to start for accepted applicants of both the rounds?

2.If I go for R2,then can I postpone my GMAT exam further so that I can prepare more during this time and give my best shot?If this is the case then when do you advise me to take the test?.

3.I know there's lot to do after getting a good score like college essays,recommendations,transcripts.How much time will they need?Do they need to be completed before or after the exam?

4.300,000 INR is equal to $50000 approx,what are your suggestion then for previous questions?Should I have US in my list?

Sorry for asking too many questions at once,its just that I'm very confused about all these exams,rounds,applications,fall-spring session,but eager to learn everything about them.

Thank You.

gmatbugsme84 · Answer

I'll give it a shot. 1. Applications need to be submitted by the deadline for the Round. For example, if you want to apply in Round 1 (R1) and the deadline happens to be 15th of September (say...) then your application needs to be complete in all respects, submitted and paid for on or before the deadline. Some schools allow your recommender slightly more time to submit the recommendation. You will have to check with each school individually for this. If any part of your application is not received by the deadline, then your application gets pushed to the next round. R1, R2 or R3. Or what ever round you apply in (some schools follow rolling basis too), lead to the same semester (be sure that all rounds correspond to the same cycle). Some european schools have fall (around Aug/Sept) as well as Winter(or Spring!) sessions (~Jan). 2. You can push your GMAT to a later date if you apply in R2, however, please be aware that almost all schools "advise" you to apply early. Usually, R1 and R2 have no difference. Here's the caveat, I know that some folks will disagree, but for Indians R2 is late and almost like R3. Chances do get dimmer because of the sheer number of applicants. Ideally, GMAT should be done with at least 6 weeks prior to the application deadline as you will need good amount of time to work on essays, ensure good LORs etc. 3. You can work on recommendations, transcripts, essays before the exam as well. Depends on how well you can do multiple jobs at the same time without compromising on quality. I know some folks like to have the GMAT out of the way first. But, do whatever you are most comfortable with. 4. You either have 300,000 INR (3 lacs) or approx $50,000. 300,000 INR is $5,000 not $50,000. On the other hand $50,000 equals ~ 3,000,000 INR (Thirty lacs). There is only one order of magnitude difference here

. Oh, how I wish 300,000 INR would equal $50,000 , but it is not and I don't see it happening any time soon. Tuition, living, travel etc for a US MBA would cost around ~$150,000 (I know that some folks will disagree and I would agree to + or - of around 10% on the figure). If you have $50,000 saved up and are OK for a loan for balance then, I'd say go for it. If you have $5,000 and are not willing to go for a loan then I'd say, stay away. You'll end up spending ~$1500 - 2000 on applications alone (GMAT + application fees + maybe GMAT coaching). BTW, I do not think that even in India, attendance cost at any B-school (or at least the most reputed ones), is as low as ~300,000 INR. Do read more on every MBA schools website on the attendance cost (they usually list it for one year. Roughly multiply this by two.) Some small amounts of scholarships are also available (sometimes big amounts also), but these vary very much and depend on many factors (like merit, or need etc.). Sometimes schools will go out of the way to offer scholarships to candidates who will really bring in something very special to the school. In many cases you need to apply for scholarships through foundations that offer to cover upto alomost 100% of the attendance cost (such as the Dhirubhai Ambani scholarship for Stanford). Take things one step at a time (purely my suggestion!), or you might end up getting overwhelmed and demotivated. Remember, Rome wasn't built in a day. Hope this post quenches some of your thirst.

ajinkya246 · Answer

Thank you sir/madam for your answers,the budget is indeed Rs.3,000,000 or $50,000 including the bank loan(Rs. 2,000,000),my mistake.The cost of US MBA is disheartening though,I don't have that much money

.So then should I look towards Europe or UK,considering they have 1 year program?Will this budget suffice for tution and residence cost? As per your answer,I am indeed going for round 2 'cause I am still not prepared enough,just want to get a good score so I'll take it in November(15-20) 2014,and that leaves me december+1 week approx for others preparations.Is it correct? On a side note,why is the avg. age of MBA students 28-30yrs. in foreign countries while it is very much low here in India?Just curious.

MBAIvy · Answer

"Ideally, GMAT should be done with at least 6 weeks prior to the application deadline.."

This is absolutely what I tell all of my clients and yes, the test should be taken before the Round deadline. If you can't make Round 1, then apply with your test scores for Round 2. For U.S. students, Round 1 & 2 are the same in my opinion, in terms of admissions.

Jillian
President & Founder
MBA Ivy League

www.MBAIvyLeague.com

gmatbugsme84 · Answer

Couple of more points:
1. US banks give out higher loans, even to international students. This is sufficient to cover 90% of the cost of the MBA. If you target the top programs, then the banks don't even ask for a Co-signer for the loan.

2. You are very early in your career and many top US B-schools will not accept you into the MBA program, which is usually meant for people with higher experience (quantity wise, 4-6 years). You might look into the Masters in Management program. Our you could wait and apply to full time MBA when you have higher experience (this will allow you to get more out of the MBA program).

3. There are a few US schools which offer a one year option. Such as Cornell , Kellogg (there are more but I can't recall the names right now). But these too require higher experience AND require you to complete certain pre requisite courses before even accepting you into the program. Each program website can tell you more. I know that many Indians who apply to these programs complete these pre-reqs from IGNOU. Another option for fulfilling the pre-reqs is through MOOCs (google it), but check with each individual program whether the option that you select, will count towards satisfying the pre-req.

3. Choose the time for applying, when you are most certain of submitting your strongest application. Even if you miss R1 and R2, apply in the next application cycle. Trust me, it may seem that it is a year away, but it is really not. You will start preparations much before you apply.

4. The age difference between applicants to Indian programs and US programs is because of the requirement of work experience before entering the program. Most regular full time Indian programs dont require any work experience. Check out ISB for an example of an Indian program with higher applicant age.

Final piece of advise, find out all the information you need before you start applying. Don't get rushed into applying. An MBA is a life decision.

All the best!

sshrivats · Answer

ajinkya246,

First thing, In India most MBA programs are tailored to new graduates, who are fresh out of their undergraduate studies, except may be for ISB. Most MBA programs( at least the reputed ones) around the world though require at least 3 years of work experience, unless you have a really extraordinary profile, and the programs are also designed in such a way that only people with reasonable work experience can get the most out of the program. Even if you do get an admit, you might still have a very hard time finding internship and a job, if you have limited experience. If you are looking at MBA outside India, I'd suggest that you continue to work for a couple more years before you start applying.. I think you should target Fall 2016 admissions.

cheesebob · Answer

Hey all.. I just gave my gmat.. And at the it asked me to select my university from which I did my graduation. I did my graduation from IGNOU, whic is Indira Gandhi national open university. But, this was not listed in the gmat portal, leaving me with no option I selected delhi university, n eventually the screen timedout because there is limited time that one would have on that screen.. How is going work?

plz help..

Posted from my mobile device

gmatbugsme84 · Answer

Most probably this is going to tear a massive hole in the space time continuum and reality will be altered as we know it. :lol:

Relax. The question you are talking about is part of their survey where they collect data. This has no bearing on your score/ MBA applications, target schools etc. What you specify in your applications is more important. I don't think that schools even look at this information on the GMAT scorecard. If anyone ever asks you, you can give the same clarification that you gave here. So, I think its going to work out fine. Hope you did well on the test. And all the best for applications.

gmatbugsme84 · Answer

Now these typos will further widen the tear in the space time continuum!!!

cheesebob · Answer

Err this phone and the typos, just felt like i wrote a page long essay.. And it all disappeared. Ok, let me redo it again..

hey, thanks for the super quick reply. That helps.

coming to my gmat, it wasn't my day at all. Got 600.. And I used to score 700 in all my gmat prep mocks. Anyways, my target school has a deadline in 32days. And i cant retake my gmat untill after 31st days,leaving me jus one day as an option. Super confused, not sure whether to invest $250 or not. Sorry to gmat fans but this seems like such a gamble to me..

Posted from my mobile device

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