Your Score

GMAT scores—valid for five years—are used by business schools to provide a common yardstick to compare candidates for admission. Believe it or not, you will actually receive four scores on the GMAT.

• An overall score, ranging from 200 to 800
• A math subscore, ranging from 0 to 60
• A verbal subscore, ranging from 0 to 60
  
• A score for the Analytical Writing Assessment, ranging from 0 to 6

Percentile Rank

Each of the aforementioned scores is accompanied by a percentile rank. The percentile rank highlights what proportion of test takers scored lower than you on the test. The higher the percentile rank, the better you did. For example, if you received a percentile rank of 56, you did better than 56 percent of test takers. This number tells business schools exactly where you fell with respect to other candidates who took the GMAT.

The Essay

Each essay is given a separate grade on a 0-6 scale by two different graders—a human and a computer called the "e-rater." These grades are assigned holistically, taking into account all aspects of content, writing style, and grammar. If the two grades for an essay agree, that score will be assigned. If the two scores are markedly different, then a third scorer, a person, will read the essay to determine its grade. In addition, business schools may receive copies of your typewritten essays.

So, What's Average?

Although the median score is approximately 540, the latest U.S. News and World Report guide to graduate schools reports that the average GMAT scores of the top business schools in the country—such as Stanford, Sloan (MIT), Kellogg (Northwestern), and Wharton (Penn)—hover around 707. As you can see, the environment is extremely competitive. In fact, 707 translates to a percentile figure of 93 and up.

What you consider a good score will depend on your own expectations and goals. Still, you should keep in mind that top business schools tend to consider a score of at least 600 as competitive. Information on average test scores at different schools is readily available. Research the schools on your list. Find out what their average GMAT scores are and then develop a preparation plan to achieve it.

(Source: USNews.com Best Business Schools Ranking, 2008)