•  Double major, magna cum laude. Check.
•  Three years at top consulting firm. Check.
•  Stellar references (two of which are from alumni). Check.

Now all you have left is the GMAT. Easy, right?

Get ready to nail it.

Yes, of course you are more than just a number. But in this case, if your number is at the low end of the range (or, gasp, not in the range) your enviable business experience and leadership skills may go completely unnoticed.

That is because GMAT scores are often the first criteria used to weed out applicants. This is especially true if you do not have a traditional business or finance background. For liberal arts majors, the GMAT score serves as an important indicator for quantitative proficiency. It is a way to reassure business schools that you can handle the required accounting and finance courses. For applicants with Wall Street or consulting credentials, a strong GMAT score helps to underscore your mastery of forecasts and balance sheets.

Strong GMAT scores are more important than ever

Historically, applications to business schools increase as the job market softens—a trend that is holding true in the current recession. In fact, some business schools are reporting a 30 to 40 percent increase in applications for the 2010 school year, compared to pre-recession numbers.

One reason for the increase is that professionals take a more critical look at their skills in a down economy. Whether someone is actively looking for a job or just watching a cohort struggle to do so, the question becomes, "How do I make myself as marketable as possible?" For many, business school is a way to round out business experience and add additional arrows to the professional quiver.

That was the case for Halle Tecco, first-year student at Harvard Business School. Previously a product manager for an Internet start-up by day, Ms. Tecco was also the founder and executive director of non-profit Yoga Bear by night. "I saw business school as a way learn leadership skills, build a strong network, and give me the tools necessary to reset my direction—so I could combine my interests in technology and healthy living."

As the number of applications is increasing, the quality of applicants is increasing as well. Superstars who once thought the opportunity cost of business school too high are sharpening their pencils. Entrepreneurs who either shut their doors or postponed their dream are bringing great stories and brass tacks experience to the classroom.

A responsible professional shelter during an economic storm (replete with beer and costume parties)? Sign me—and everyone else— up.

GMAT not your thing? Forget about it.

No, really. Forget about it.

There is a growing trend among top business schools to accept scores from either the GMAT or the Graduate Record Exam (GRE). While Stanford was the first top-ten business school to accept GRE scores, MIT Sloan quickly followed suit. And in 2009, Wharton, Harvard (HBS) and NYU Stern all announced they too would accept GRE scores.

The idea is that by accepting the GRE, business schools will broaden the pool of applicants. For example, liberal arts majors who are interested in fields like public policy or brand management might apply to Harvard's Kennedy School of Government or Northwestern's Integrated Marketing Communications program—both of which require the GRE. Business schools are hoping that these individuals will consider an MBA a viable option rather than a completely different path.

And they may be right. Sheryl Rosa, Sharpie senior brand manager, said, "I considered an MBA but felt like Northwestern's Integrated Marketing Communications program was a better fit for me and the career path I wanted. If I were applying today, I would consider business school especially if I only had to take one of the exams."

The addition of applicants like Ms. Rosa means more competition and, you guessed it, more pressure on applicants to deliver top scores on standardized tests.

I get it, test scores are important. But what about the rest of the application?

As we said at the beginning of this article, you really are more than just a number. Essays, recommendations, and interviews provide an important opportunity to differentiate yourself and let your personality shine.

In an attempt to standardize these character components, ETS launched a new tool in July 2009 called the Personal Potential Index (PPI). On its website, ETS positions the PPI as a way to "provide reliable, standardized information about the personal attributes that influence an applicant's success in graduate school."

The idea is that an applicant selects up to five people to rate them on six personal dimensions: Knowledge and Creativity; Communication Skills; Teamwork; Resilience; Planning and Organization; and Ethics and Integrity. The scores are averaged, comments are included, and a report is sent to the business schools of your choice.


Only time will tell if the PPI becomes a standard part of the business school admissions process but in the meantime, it can't hurt to ask those writing your recommendations to touch upon some of the attributes identified by ETS as critical success factors.

The keys to the kingdom

While standardized test scores are just one of many factors considered by admissions offices, a low score can be a deal breaker. In that light, think of a top score as the key that unlocks the door. You still have to convince someone to open it and let you in, but getting the door unlocked is the first crucial step.