Everything You Need to Know About GMAT 2024

We live in a competitive world. Professionals work hard to gain an edge over others and advance their careers. An MBA has become a crucial tool for these hardworking individuals. Employers view candidates with a master’s in business administration more favourably than their peers. However, pursuing an MBA requires learners to complete the Graduate Management Admission Test (GMAT). If you intend to pursue an MBA in 2024 or later, let’s discover what you need to know about GMAT 2024. 

Understanding the GMAT Entrance Exam

The GMAT exam tests your quantitative reasoning and analytical skills. GMAT exam questions test the mathematic concepts and English-language skills most students learn in high school. The idea is to measure the ability to make complex decisions by relying on critical thinking, information analysis, and problem-solving skills.

The GMAT Exam Structure

Before 1 February 2024, students could choose between the GMAT Standard and the GMAT Focus Edition. Since then, only the GMAT Focus Edition has become available as the standard GMAT exam. Let’s understand the exam structure.

The GMAT Focus Edition has 64 questions across three sections – Quantitative Reasoning, Verbal Reasoning, and Data Insights.

Quantitative Reasoning

The GMAT quant section determines the candidate’s mathematical ability and numerical literacy. It tests the ability to reason and solve problems. The section has 21 questions and takes 45 minutes.

Verbal Reasoning

The verbal reasoning section evaluates the candidate’s critical reasoning and reading comprehension skills. Individuals must draw inferences from the written material to evaluate arguments through multiple-choice questions. Candidates must also identify logical relationships between content elements and make conclusions based on short arguments. The section has 23 questions and takes 45 minutes.

Data Insights

In the data insights section, candidates must interpret data in multiple formats, including tables and graphs. The section mimics real-life business scenarios where managers must evaluate data from various sources to identify patterns and solve business problems. Question formats include two-part analysis, table analysis, multi-source reasoning, data sufficiency, and graphics interpretation. The section has 20 questions and takes 45 minutes.

New Features of the GMAT Exam for 2024

The new GMAT Focus Edition offers candidates the following features to help improve their scores:

Question Review & Edit

Candidates can move through each section quickly, bookmarking questions they want to review later. Once students complete all questions in the section and if they have time remaining, they can proceed to the Question Review & Edit page. Candidates can click on the bookmarked question numbers to review the question. They can edit up to three answers before going to the next section.

Section Order Selection

Students can personalise the test experience by selecting the order of the three sections and scheduling the optional 10-minute break at their convenience. The test empowers candidates to give their best by putting them in control.

GMAT Exam Eligibility

Candidates hoping to take the GMAT must fulfil the eligibility criteria for GMAT. Individuals should be over 18 to apply. There are no other age and nationality restrictions. However, candidates must have a bachelor’s degree to attempt the GMAT. Individuals can attempt the GMAT up to five times a year and eight times overall. Those who exhaust the five-test limit within 12 months must wait five years before the next attempt. Additionally, candidates must have a gap of at least 16 days between consecutive attempts.

GMAT 2024 Exam Date

Candidates can take the GMAT throughout the year. Individuals must identify the GMAT exam centre closest to their residence and check the available dates. Students should select a GMAT exam date 2024 that works with their application deadlines. They should give themselves adequate time to re-take the GMAT to improve their score.

GMAT Qualification Registration

Students can register for the GMAT six months before the scheduled exam. The GMAT registration last date is typically 24 hours before the test. However, centres may get full before the GMAT last date to apply. So, it’s best to apply as soon as possible instead of waiting for the GMAT application last date and risking missing your opportunity to complete the test on time.

GMAT Exam Price

Candidates will pay USD 300 or INR 25,000 for the online test or USD 275 or IND 23,000 to take the exam at the test centre. Students can cancel or reschedule the exam at an additional cost.

Understanding the Role of Student Loans

Preparing for and taking the GMAT can seem costly. However, educational loans in India may provide the finances to cover the cost of exam registration fees. Education-focused lenders like Avanse provide up to 100% financing, covering the cost of tuition fees, living expenses, exam registration costs, and more. They also offer a proof of funds certificate, empowering learners to secure their seats quickly without worrying about their finances.

The GMAT exam enables aspiring professionals to embark on a journey towards an MBA. Understanding the exam structure and how to apply helps students complete the test on time and get the best possible score. An education loan provides financial support, leaving these individuals free to focus on their education.