Late last week the Graduate Management Admission Council (GMAC) announced a new partnership with the nation's Historically Black College and University (HBCU) business schools to attract more African Americans to MBA programs nationwide. The partnership will include more recruiting efforts by schools, more marketing of the value of an MBA to black students, and fee or significantly discounted GMAT preparation services for those students.
GMAC President David A. Wilson, in his keynote address at the annual HBCU Deans Roundtable Summit, noted significant increases in African American students taking the GMAT exam. According to GMAC, the number of African American test takers has doubled in the past decade, with a 26 percent increase in just the past four years.
As part of this partnership, GMAC will offer GMAT fee waivers (currently worth $250) for each of the HBCU business schools to use at its discretion to make sure that no student is denied access to the exam for financial reasons. In addition, GMAC will provide each school packages of test preparation materials, including copies of the new 12th edition Official GMAT Guide and GMAC's own GMAT Prep software on CD.
If you are just starting to prepare for the GMAT, see what GMAT prep options that Veritas Prep offers, and try a free practice GMAT exam.
Showing posts with label GMAC. Show all posts
Showing posts with label GMAC. Show all posts
Wednesday, June 10, 2009
Friday, February 6, 2009
GMAC Appealing to Army Reserve Vets
The Graduate Management Admission Council recently announced that it has partnered with the Army Reserve to attract Army Reserve officers and senior enlisted soldiers to business school. With the war in Iraq possibly winding down soon, thousands of military vets may soon apply to business school, so the timing of this announcement is perfect.
"We are excited and honored to join with the U.S. Army Reserve in this effort," said GMAC president David Wilson in a press release. "Education can change someone's life. No one deserves that opportunity more than those who serve our country. Moreover, officers and other leaders are among the very best candidates for business school. Their experience in managing resources and developing strategy enrich the dialogue in the classroom, a cornerstone of the MBA program. Their discipline prepares them well for the rigors of the program and for management upon graduation."
The program, which has been referred to as "Operation MBA," will give soldiers access to unique information and tools to help them prepare for the GMAT and the MBA admissions process. They will also have access to a list of schools that have agreed to waive the admissions fee for military personnel, make financial aid available, or grant deferments based on soldier's service commitments.
If you are in the military and are considering business school, know that schools love the kind of experience and leadership you can bring to the classroom. As we write in Your MBA Game Plan, business schools are hungry for applicants with this kind of background!
"We are excited and honored to join with the U.S. Army Reserve in this effort," said GMAC president David Wilson in a press release. "Education can change someone's life. No one deserves that opportunity more than those who serve our country. Moreover, officers and other leaders are among the very best candidates for business school. Their experience in managing resources and developing strategy enrich the dialogue in the classroom, a cornerstone of the MBA program. Their discipline prepares them well for the rigors of the program and for management upon graduation."
The program, which has been referred to as "Operation MBA," will give soldiers access to unique information and tools to help them prepare for the GMAT and the MBA admissions process. They will also have access to a list of schools that have agreed to waive the admissions fee for military personnel, make financial aid available, or grant deferments based on soldier's service commitments.
If you are in the military and are considering business school, know that schools love the kind of experience and leadership you can bring to the classroom. As we write in Your MBA Game Plan, business schools are hungry for applicants with this kind of background!
Tuesday, November 18, 2008
GMAC's New MBA Alumni Survey Results
According to the results of a new survey published by the Graduate Management Admission Council, most business school grads agree that an MBA is well worth the investment.
In the 2008 MBA Alumni Perspectives Survey, nine out of 10 grads from the Class of 2008 reports that their graduate business education met or exceeded their expectations. Additionally, 80% of MBA grads in the workforce believe that they couldn't have obtained their first job without their degree.
Even more encouraging are the numbers regarding job satisfaction. According to the survey, two out of three alumni reported that their first job was the one they wanted, which actually represented a rise in job satisfaction vs. previous years.
Another point of interest was the average number of job offers that each Class of 2008 grad received -- 2.7 job offers per person. Unfortunately, this number will likely trend down as the economy suffers, but the survey overall confirms the value of an MBA, regardless of whether a grad receives one, two, or ten job offers.
If you're applying to business school this year, be sure to check out the Veritas Prep MBA admissions resources page.
In the 2008 MBA Alumni Perspectives Survey, nine out of 10 grads from the Class of 2008 reports that their graduate business education met or exceeded their expectations. Additionally, 80% of MBA grads in the workforce believe that they couldn't have obtained their first job without their degree.
Even more encouraging are the numbers regarding job satisfaction. According to the survey, two out of three alumni reported that their first job was the one they wanted, which actually represented a rise in job satisfaction vs. previous years.
Another point of interest was the average number of job offers that each Class of 2008 grad received -- 2.7 job offers per person. Unfortunately, this number will likely trend down as the economy suffers, but the survey overall confirms the value of an MBA, regardless of whether a grad receives one, two, or ten job offers.
If you're applying to business school this year, be sure to check out the Veritas Prep MBA admissions resources page.
Tuesday, October 28, 2008
In the Media: The GMAT vs. GRE Question
Inside Higher Ed's Scott Jaschik just wrote a story about the Educational Testing Service's push to replace the GMAT with its own GRE exam as the standardized test for business school admissions, and he turned to our own Chad Troutwine for his take on this budding competition:
Chad Troutwine, CEO and co-founder of Veritas Prep, a high-end test-prep service for the GMAT, said that the the news from ETS could be significant. Troutwine said that ETS has faced "two big liabilities" in trying to promote the GRE. One has been a fear that minority test takers do not perform as well as white students — something that is expected to change with next year’s addition of the non-cognitive tests. The second problem was the lack of "hard data that the GRE was as predictive as the GMAT," Troutwine said.
If the ETS data stand up, he said, many business schools are likely to be "agnostic" on the two tests, seeing the flexibility as a "costless way" to attract more applicants. "The tests are very similar," he said. "This could be very big news."
At the same time, Troutwine said that the key question is whether business schools accept the ETS comparisons as valid: "Will the business schools accept that calibration? It’s one thing for ETS to say that a score on the GRE equates to a score on the GMAT, but will the business schools accept that in the same way ETS does?"
Click here to read the whole story. While the number of business schools that accept the GRE is a drop in the bucket compared to the number of schools that require the GMAT today, ETS is sure to keep pushing to sign up more schools. Even if the GRE never catches up to the GMAT, this push could ultimately force the Graduate Management Admission Council to respond in some way.
Speaking of the GMAT, if you're preparing for the test now, try our free practice GMAT test.
Chad Troutwine, CEO and co-founder of Veritas Prep, a high-end test-prep service for the GMAT, said that the the news from ETS could be significant. Troutwine said that ETS has faced "two big liabilities" in trying to promote the GRE. One has been a fear that minority test takers do not perform as well as white students — something that is expected to change with next year’s addition of the non-cognitive tests. The second problem was the lack of "hard data that the GRE was as predictive as the GMAT," Troutwine said.
If the ETS data stand up, he said, many business schools are likely to be "agnostic" on the two tests, seeing the flexibility as a "costless way" to attract more applicants. "The tests are very similar," he said. "This could be very big news."
At the same time, Troutwine said that the key question is whether business schools accept the ETS comparisons as valid: "Will the business schools accept that calibration? It’s one thing for ETS to say that a score on the GRE equates to a score on the GMAT, but will the business schools accept that in the same way ETS does?"
Click here to read the whole story. While the number of business schools that accept the GRE is a drop in the bucket compared to the number of schools that require the GMAT today, ETS is sure to keep pushing to sign up more schools. Even if the GRE never catches up to the GMAT, this push could ultimately force the Graduate Management Admission Council to respond in some way.
Speaking of the GMAT, if you're preparing for the test now, try our free practice GMAT test.
Monday, September 22, 2008
New GMAC Survey Explores Women's Interest in MBA Programs
According to a recently released survey by the Graduate Management Admission Council (GMAC), the growth in applications from female applicants continues to be strong.
In this year's survey, 65% of full-time MBA programs said application volume from women grow vs. last year, compared to 57% of programs saying this in 2007. That growth was especially strong in several core disciplines, including part-time master's programs in accounting and master's programs in finance.
The gender gap in graduate management education still remains, however. Men outnumbers women by more than two to one in applications to executive MBA programs, and women only represented approximately approximately 30% applications to full-time, part-time programs, and accelerated MBA programs. And while the overall number of full-time MBA applications grew 10% in the past year, the number of applications from women only grew by 8.5%.
Interestingly, while the average number of applications to part-time MBA programs overall was flat vs. last year, the average number of applications to part-time programs from women grew by more than 13%. Now, more than 40% of applications to part-time MBA programs come from women. These self-paced programs are more flexible, which likely drives their appeal for women seeking to get back into the workforce or trying to manage their work/life balance.
Also, many of these programs have been making an increased effort to reach out to women over the past several years. It looks like it's starting to pay off, which we're glad to see!
In this year's survey, 65% of full-time MBA programs said application volume from women grow vs. last year, compared to 57% of programs saying this in 2007. That growth was especially strong in several core disciplines, including part-time master's programs in accounting and master's programs in finance.
The gender gap in graduate management education still remains, however. Men outnumbers women by more than two to one in applications to executive MBA programs, and women only represented approximately approximately 30% applications to full-time, part-time programs, and accelerated MBA programs. And while the overall number of full-time MBA applications grew 10% in the past year, the number of applications from women only grew by 8.5%.
Interestingly, while the average number of applications to part-time MBA programs overall was flat vs. last year, the average number of applications to part-time programs from women grew by more than 13%. Now, more than 40% of applications to part-time MBA programs come from women. These self-paced programs are more flexible, which likely drives their appeal for women seeking to get back into the workforce or trying to manage their work/life balance.
Also, many of these programs have been making an increased effort to reach out to women over the past several years. It looks like it's starting to pay off, which we're glad to see!
Saturday, May 17, 2008
Recruiter Demand for MBA Grads Remains Strong
This month the Graduate Management Admission Council released a report showing that demand for business school graduate remains strong even as the economy shows signs of weakness.
The report, produced by GMAC in partnership with the MBA Career Services Council and European Foundation for Management Development, shows 6% growth in the percentage of employers making offers to MBA grads, and an 11% increase in the average number of hires by each hiring company.
The results for compensation growth also looked encouraging. Three-quarters of employers reported that they expect to increase the annual base salary of 2008 grads vs. last year's hiring class. The projected starting base salary for all business school graduates is $89,621, about 4% more than last year. Not surprisingly, consulting (over $111,000) and finance (over $110,000) offer the highest average total compensation.
What does this mean for you? Most of all, it suggests you should stay the course. No radical changes to the hiring outlook suggest that you, if you've been planning to apply for business school, don't stop now. If you haven't been planning on doing so, then these numbers probably won't change your mind.
It will be interesting to see what next year's numbers look like, and what impact the overall economy has to the number of people applying to business school in 2008-2009.
The report, produced by GMAC in partnership with the MBA Career Services Council and European Foundation for Management Development, shows 6% growth in the percentage of employers making offers to MBA grads, and an 11% increase in the average number of hires by each hiring company.
The results for compensation growth also looked encouraging. Three-quarters of employers reported that they expect to increase the annual base salary of 2008 grads vs. last year's hiring class. The projected starting base salary for all business school graduates is $89,621, about 4% more than last year. Not surprisingly, consulting (over $111,000) and finance (over $110,000) offer the highest average total compensation.
What does this mean for you? Most of all, it suggests you should stay the course. No radical changes to the hiring outlook suggest that you, if you've been planning to apply for business school, don't stop now. If you haven't been planning on doing so, then these numbers probably won't change your mind.
It will be interesting to see what next year's numbers look like, and what impact the overall economy has to the number of people applying to business school in 2008-2009.
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