TOEFL and IELTS are interchangeable. I feel there is a slight preference for TOEFL as it is the older test of the 2 but there is no difference if programs accept both.
A few points about it:
1. It makes no sense to prep for it a whole lot separately and take it in advance. If you are doing well on the GMAT or GRE, you should do pretty well on TOEFL or IELTS, including the speaking section since you have to practice for BSchool interview anyway.
2. There is absolutely no gain, reward or benefit in getting a higher score. As long as you got the passing score, you are good. it is purely pass/fail since it is not considered for any kind of rankings or domestic applicant recruiting. Your GMAT/GRE scores are the important ones.
Lennor
Sorry if this has been asked, I could not find it.
Which test would be most widely accepted in the context of a MiM in Europe and MBA in the U.S.?
Also, does your scores influence your application even in the slightest?
Thanks