Should I take the Common Admission Test (CAT) conducted by the
IIMs or the GMAT? This question is the perennial butter-scotch/ black forest dilemma that any Indian MBA aspirant faces today. Other major dilemmas students face are, Which exam will I stand a better chance at? Which exam will give me more bang for the buck? Which test will give you access to MBA programs that are commensurate at your experience level? And finally which exam will open my gates to the best management programs in the world. We analyze some important points on the eternal CAT vs GMAT debate, to help you decide:
Factor #1:The Number of Aspirants
Over the last five years, both the CAT and GMAT have shown a consistent rise in the number of applicants but for last year. The number of aspirants for both the exams actually declined last year. However, even after considering the decline the number of test takers for CAT is almost three times as much as the number of test takers for GMAT. Here is a brief illustration What does this mean for you? Less competition, less pressure which directly leads to More Opportunities!!
Factor #2: The ability to improve the score:
One of the major factors as far as the CAT is concerned, is that it is like a bullet from a gun, once shot it cannot be recalled. Similarly, you only have one shot at the CAT in a given academic year. You have a bad headache or a fight with your girlfriend on the day of your CAT or suffer from Delhi Belly, CAT will just say BhaagBhaag DK Bose.. However, as far as GMAT is concerned, there is no cap on the number of times that you can take the test. In an academic year, you are allowed to take the GMAT five times, with an interval of one month. These repeat attempts do come at a price, but then that critical option to improve your score exists and is used favorably by many candidates Target CAT/GMAT Score Number of Attempts
What does this mean for you?
This means if you have a bad day or something crops up at work, you can shift your GMAT date to take it when you are ready. Infact you can reschedule your GMAT dates online up to a week before the test date.
Factor #3:The validity of the Score
Your CAT scores are valid only for that particular year. If you take CAT in 2013, you can use the score to apply for programmes starting in 2014 and not after that. However, some institutions do give you the leeway to use your previous CAT scores when applying, but then they are very few and far in between. On the other hand, GMAT scores are valid for 5 years. What does this mean for you? That means, you take your GMAT now and manage to get an awesome score but for some reason do not apply, you can use the same score to apply to any program even when: 2014GlasgowCommonwealthGames 2014FIFAWorldCup 2014Twenty20worldCup 2015CricketWorldCup 2016RioDeJaneiroOlympics 2016Twenty20WorldCup 2017AucklandWorldMastersGames
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Factor #4:The institutions covered by GMAT
CAT scores in its current form, can be used only for admissions in the IIMs and other affiliate Indian b-schools. Though it has been conducted for many years, it is still a very Indian test for Indian MBA programs. Taking the GMAT opens up the gates to the best institutions,both abroad and in India. Harvard Business School, Wharton and Stanford amongst other schools in the USA, INSEAD in France and Singapore, London Business School are ome of the prestigious institutions that consider GMAT scores for admissions to their management program. Top Indian B-schools such as the Indian School of Business (ISB) in Hyderabad, Great Lakes Institute of Management (GLIM) in Chennai andSP Jain in Mumbai also have started considering GMAT scores for entry to their programmes. What does this mean for you? Well, we are certainly asking you to Think beyond the IIMs . Not in the ponytail way, but know that GMAT will open up a lot more prestigious doors, than what CAT will.
Factor #5: The relative ease of admissions
Acing the CAT is just the first step in what is an arduous and a highly competitive admission process. Group discussions, essays and personal interviews are the next in line before you bag the coveted admit. And worsening your already difficult task is the fact that Each step has a high and arbitrary cut offs.You will have meet the daunting sectional cutoffs, 10th marks, 12th marks, Graduation marks ..phew!before you finally convert it. Also the competition is unbelievably high. For about 1000 seats in the top five IIMs, you are competing with 200,000 people with similar aspirations. And do not forget the ubiquitous reservations! Simply put, only 0.5 percent of the total number of applicants make it to the IIMs.
Most b-schools abroad have a streamlined system for admissions
which is also very subjective. Once you take your GMAT, you would need to send out your essays and recommendation letters, In which there is a lot of scope to explain certain gaps in education and experience. Heck, the schools abroad dont even look at your 10th or 12th standard marks! It is all about how you are as a person and not just meeting some arbitrary cutoffs which in all probability you dont even know. The conversion ratio is almost 10 percent for b-schools who consider GMAT.
Conclusion: Encapsulating the five factors mentioned above, I give you a side by side comparison of CAT and GMAT