GMAT vs GRE: Comparison and Strategies

GMAT vs GRE: Comparison and Strategies


Are you confused about taking the GRE or the GMAT? In this article, we not only cover the basic comparison between the GRE and the GMAT, but also discuss the specific strategies you might want to employ. Let's quickly compare between the GMAT and the GRE. While the GMAT is accepted only at business schools, the GRE is for getting into grad schools but it can also be used to get into most business schools. 

Make sure to check with your prospecting B schools for the requirements. The GMAT focuses on logic, reasoning, and grammar. If your logic is strong, then you will do well on the GMAT. For the GRE, it focuses on academic skills and vocabulary. Remember that the GRE is for getting into grad schools, so it tests whether you are fit for academic settings. On the other hand, the GMAT is testing whether you are good with reasoning and if you can survive the first year of MBA. 

Let us look at the structural aspects of the GMAT and the GRE. For the GMAT, within a section, you cannot skip a question. For every question, you have to solve or guess it. You cannot skip, save, or come back to a certain question. For the GRE, within a section, you can skip a question. So it's actually possible to skip all certain types of questions and then come back to them later. 

Both the GMAT and the GRE have on-screen calculators. For the GMAT, it doesn't have a calculator in the quantitative section, but it has a calculator in integrated reasoning. For the GRE, you can use the on-screen calculator for all quantitative sections. So you can see that the GRE is focused more heavily on number senses, since it allows the calculator. What about retaking the exam? For the GMAT, you can retake after 16 days. 

For the GRE, you can retake after 3 weeks, or 21 days. The biggest difference would be the section ordering. For the GMAT, you can choose one of the three section orderings. For the GRE, you cannot choose the section ordering, and the sections are random. Let me elaborate more on this section ordering. For the GMAT, you have 3 options. Before beginning the exam, you are given one minute to select the section order. The first option is essay, integrated reasoning, 8 minutes break, quantitative, another 8 minutes break, and verbal. 

The second option is verbal, 8 minutes break, quantitative, 8 minutes break, essay and then integrated reasoning. The third option is quantitative, 8 minutes break, verbal, another 8 minutes break, essay and then integrated reasoning. So you can strategically select the most comfortable section order. Normally I recommend practicing starting with the verbal section first, because oftentimes the GMAT weights more on the verbal score than the quant section. If you are aiming for 700+, the verbal section is the key for high scores. For the GRE, you cannot choose the section ordering. The two essays will always be the first part of the exam. 

After writing these two essays, it will be randomly chosen either verbal or quant. But you will never get two consecutive sets of the same type. Therefore, it will be most likely in either of these two orders. Verbal, Quant, a break, and then verbal, quant, verbal. Or, you will have quant, verbal, a break, and then quant verbal and quant. 

One of the sections will be an unscored experimental section, but you will never know which one it is. So it is the best if you try your best for every section. Now, let us compare the focus between the GMAT and the GRE. For math, the GMAT focuses more on logic, reasoning, and word problems. It is interesting to note that recently the GMAT is on the trend of mixing two or more concepts. 

For example, a question might involve triangles, descriptive statistics, and fractions. You can see this multi-topic trend in the latest GMAT Official Guide 2019. The GRE focuses heavily on your ability of playing with numbers, geometry, and graphs. Since you can use a calculator for the GRE, the questions tend to be more focused on math techniques. For the verbal part, the GMAT focuses more on grammar. If you have a "native ear," then you can learn quickly the rules of grammar with logic and reasoning.

Of course, if you are weak with logic, you might do better with the GRE. The GRE focuses more on vocabulary. Have you heard of these vocabularies? Innocuous Garrulous Obsequious Specious Ephemeral Believe or not, these are the basic vocabularies that the grad schools expect you to know when you graduate from the undergrad. If you have never heard of these vocabularies, well, just know that GRE tests these kinds of vocabs! There are different sections for the GMAT and the GRE. 

The GMAT has an integrated reasoning section which tests your reasoning. The IR section is not that hard and you can master them easily with practice. You can even use an on-screen calculator for the IR. Also, you have Data Sufficiency for the GMAT when you do a quant section. Data Sufficiency is a question that asks whether a given piece of information is enough to calculate the data. 

The GRE has two essays. It has one Issue writing and one Argue writing. The GMAT, on the other hand, has only one essay writing. So, not sure whether to take the GMAT or the GRE? Take a look at the following sample decision making table. These are meant to be for reference only, so make sure you consider your context and situations. If you are a native English speaker, I think taking the GMAT is better.

You can use your "native ear" to tune to grammar errors. Unless you are terrible with logic, the GMAT is a good bet. However, if English is not your first language, I think taking the GRE is better. The GRE is focused more on vocabularies, and because it is likely that you are weak with reading comprehension, if you study vocabulary you will have a better chance at getting a higher mark in the GRE verbal part. 

If you are strong with math, stick with a test that gives you a clear advantage for the verbal part. Assess yourself with free prep software offered by both the GMAT and the GRE test institute. 


HOW TO BUILD YOUR RESUME FOR LAW SCHOOL

 You might have heard that having a professional and updated resume is important for getting into a career, but did you know that a resume can help you get into the law school of your dreams as well? Don't freak out; it's easier than it sounds and I'm going to break it all down for you today. Starting with the basics, your resume needs to look organized and thoughtful. Having too little or too much information is equally erroneous. 

The purpose of a resume isn't to get into law school. Let's face it: a great resume isn't going to make up for a low GPA, a lacking LSAT score, or a poorly written personal statement. But the resume does play an important role in the application process. Your resume is the only picture that an admissions team gets to see how you spend your time and what your priorities and passions are, so make sure that you select experiences that best convey those things.

For me, I wanted to highlight my academics first and foremost because that was my focus throughout undergrad and I would be going straight into law school after graduating. So the very first thing on my resume is where I went to school, my GPA, and the academic awards I received.

 

HOW TO BUILD YOUR RESUME FOR LAW SCHOOL


Next I featured a paper I worked on for six months and eventually had the opportunity to present at an academic conference. This was definitely one of my biggest achievements of my college career, or ever honestly, so I definitely had it up at the top so it wouldn't be missed.

 

Hold up! I know not everybody going to law school has written a big research paper or did pretty well on all of their classes in college. Now hear me on this - that's okay. Like I said the point of a resume is to show off what you care about and what you focused on.

 

 If that was an art project, super cool. If you worked with your admissions team, awesome. If it was a bunch of internships, that's great. If it was volunteering, fantastic! Feature it, be proud of it, and own it. My thing was academics, but yours could be different and still be an absolutely stellar resume. Okay, back in we go. Because this was for law school and I intentionally had built up legally related experiences throughout the past few years, I decided not to make my next section the typical one as "past jobs" or something similar. 

 

Instead I explained my growth in experience like mock trial, an internship with the Los Angeles District Attorney's Office, even an elective class I took with a respected attorney, all of which will hopefully be subjects for future article.Actual law school admissions counselors say that the resume helps them determine whether or not somebody will be able to hack it in law school and if that is a place that they're going to thrive. 

One admissions counselor said that he looks for three things in a law school applicant's resume:

1) do they know how to communicate, 

2) are they interested in the legal profession, 

and 

3) have they demonstrated commitment to public service? So you can see I made a clear effort to demonstrate all of these things in my legal experience section. Below that is the relevant work experience section. 

 

One of the biggest commitments and a huge influence on my time at college was my involvement with Phonation. Basically my entire time as an undergrad was colored by calling alumni and parents of my friends to update them on what was happening at Wheaton and asking if they'd like to be a part of it by donating, or, once I got promoted, making sure other people did that correctly. I made a lot of friends, learned a ton about communication and teamwork, and I think became a better person as a result of my time there. So I put that experience and other non-law-related positions I held throughout college, paid and volunteer, in my resume as well. 

 

Below this I included your typical resume end notes like skills and other similar things which I don't think particularly hurts or helps. Here's what can hurt, though: apathy, scattered structure, poor grammar and spelling, and a lack of active verbs. Keep it easily readable, informative, and most important of all, reflective of you and the perspectives that you're bringing to the table. Many College students and graduates already have a resume and/or access to a Career Center that can help them create or improve one. 

 

Take advantage of the resources that you have. You can see in a side-by-side comparison that my job hunting resume and law school resume look similar, and most of the experiences listed on them are identical, but I did tailor the structure of details for the different audiences.

Best Note Taking Strategies for Law School

 Are you worried that your notes aren’t great? Would you like to improve on your note taking skills? Today I will provide you with eighteen note taking strategies.

Note taking is an important skill, with you taking notes before, during, and after class. Success means mastering what, where, when, why, and how to take notes. If you're looking for the one way to take notes, you'll never find it. You are unique, different from the other people in your class. What I can provide you with are different strategies, some of which will work for you and others that won’t. The key is to try them and see what works for you. 

 

I will first discuss out-of-class techniques and then move to in-class techniques. Now, in no particular order, are the eighteen note taking strategies.

 

Best Note Taking Strategies for Law School

Out of Class Strategies Context

Come to class with a good command of what you are going to discuss. This means reading all assigned material, taking notes on what you read, and reviewing study aids. This will allow you to follow the classroom discussion at a deeper level, help expose gaps in your understanding, and reduce the amount of time you need to spend cleaning up your notes after class.

 

Standing

There is some evidence that taking notes while standing improves our notes. This is because it takes more energy to stand than to sit, requiring our bodies to pump more blood and to breathe more, resulting in more oxygen reaching our brains. Start with one hour a day, and alternate between sitting and standing as too much standing does result in fatigue. 

  

Schedule

Make a study schedule and stick to it, even when you don’t want to. When your schedule tells you it’s time to move to something else, do it. This helps your brain so you don’t fret about something else. For example, suppose you have scheduled 9 am to noon on Saturdays for studying, and you have an entertainment break on Friday night. Because you have scheduled a study time on Saturday, your brain can relax on Friday because it knows you have a study plan. If you don’t have a study plan, when you are trying to have fun on Friday your brain's going to start worrying because you know you have that test coming up on Monday. 

 

Breaks

Take breaks to avoid mind fatigue. I suggest you try the Pomodoro technique, which is a method where you work for 25 minutes, and take a quick five-minute break. Do a second set, just like the first, and the third set, you do a 25 minute study time with a 15 minute break. Your brain gets tired, just like the rest of you does. So you need to take regular breaks. 

 

Visualization

Most note taking strategies are designed for linear logical thinking. But some of you are more visual than others. One strategy that might work for you is to draw your thoughts on paper. I recall a student who would draw trees, with branches on the trees and then roots. She put the main issues on the branches, minor issues were the roots. Her drawings were works of art. If you aren’t an artist, try drawing circles, connecting them with squiggly lines to other circles. Maye a box will be a less important concept, connected to the circles with a squiggly line. The key here is to take notes in a non-traditional way, using diagrams that make sense to you. 

 

Outlining

After class, take your pre-class and your in-class notes and synthesize them into an outline form. This outline will only have what you need for the exam, not everything from both sets of notes. Throughout the semester, review the outline and make changes as you learn the material at a deeper level. 

 

Class recordings

You might have access to a recorded class session, but the problem is you will be tempted to listen to that class over and over again. This repetition might create the illusion of competency. When you realize that you generally only need about 10% of what is said in class, you will stop wasting time listening to a classroom discussion more than once. Take good notes once and use your time for more productive purposes, like creating outlines or taking practice exams. 

 

In Class Strategies Professor cues

Listen for important cues from your professor, and then write them down. For example, I will occasionally say something like this during class: “this topic has appeared in nearly every final exam I have ever given.” Write that down. Other important cues start with “this is important,” or “there are the four primary parts you need for the exam.” 

 

White Board or PowerPoint

If your professor writes something on the board or places it on a PowerPoint slide, pay attention on it. It might only be an illustration, or it might be something you should capture in your notes. 

 

Questions

When you encounter something you don’t understand in class, write down a question in your notes, or a question mark. After class, try to find the answer on your own, and if you can’t, then ask the professor. By the way, try to write down a few questions during each class session, as a means of improving your active engagement. 

 

Stories

A professor might provide a story to help keep you engaged and awake. You rarely have to take notes from a story. Part of note taking does understand what you don’t have to capture. 

 

Professor’s Notes.

If the professor takes time to look down at his or her notes and read something verbatim from their notes, it's probably important, so place that in your notes. 

 

Handwriting

Try to write your notes, not type them into a computer. Because you can generally type much faster than you can handwrite, you generally stop thinking when you type your notes, with your brain focusing on transcribing rather than active engagement. One possible blended technique is to get an app for a computer tablet, where you handwrite your notes and they are copied automatically into your electronic notes after class. 

 

Seating

Sit near the front of the class to avoid distractions from those who sit in front of you.

 

Excitement

If your professor gets excited about a topic, pay attention on that topic. This demonstrates interest from the professor, which means they might test you on this topic. 

 

Hunger & Bathroom

Don’t go to class hungry, otherwise you won't be able to focus. Eat a small healthy snack before class. For me, a small handful of almonds do the trick. As a professor, I don’t like teaching right after lunch because most students are in the middle of what I call a food coma—students aren't as thoughtful and some have trouble staying awake. Also, use the bathroom right before class. Nothing worse than getting towards the end of class, needing to rush to the bathroom. You can’t think well like that.

 

Lost

When you get lost during class, make a notation in your notes. That way you can come back to that after class and figure out why you were confused. 

 

Class Time

When you can, schedule classes at times that work best for you. If you aren’t a morning person, then don’t schedule a class for 8 am. I’ve taught night classes, and had students fall asleep during class. I understand that sometimes this isn’t under your control, so either goes to sleep earlier in the day or plan to take a quick 10 minute nap if you have a night class. 

How to give GRE test at home in this COVID-19 pandemic

The GRE course stands for Graduate Record Examinations, and it’s the online test that prospective graduate students as well as some prospective law students and business school students need to take. Due to the Covid-19 pandemic, test centers have been closed. So ETS, the company that creates the GRE, is offering a remote option as of March 27th. Same test with different settings. This is a welcome development for many graduate school applicants but it also brings challenges of its own. 

 

GRE test at home in this COVID-19 pandemic

For starters, you’ll need to ensure you have the right test setup. And this is especially important because when you register for the GRE, ETS does not offer a check that you meet the application requirements for testing at home, so it’ll be up to you to know and meet those requirements before you register. What are those requirements? Well: You must be able to use a laptop or desktop computer. No tablets or phones are allowed. Your computer must be a PC with Windows version 7, 8, or 10. No Mac computers are allowed. If you don’t have a PC with a Windows operating, you shouldn’t register for the GRE at-home test. You’ll also need to have a speaker, microphone, and camera. You’ll need to be able to move the camera (or move your laptop with its built-in camera) to show the remote proctor the area around your computer. 

 

Beyond those technical requirements, you'll also have to meet other general requirements: You’ll need to be alone in a well-lit room with no interruptions. You won’t be allowed to take the test in a public place, or in a space at home where a family member or roommate could walk in. It is very necessary to take the test in a closed door room so that other family members can not create any disturbance at the time of exam. You’ll need to take the test using a desk or table as well as a regular kitchen or office chair. You will not be allowed to sit on a couch, stuffed armchair, bed, or the floor. (You wouldn’t be allowed to have water on your desk during an onsite GRE, and you’re not allowed to have it there at home either.) 

 

You will definitely want to dress appropriately. Your picture will be forwarded to other institutions you send your scores. Also keep in mind that your ears must be visible the entire time, and you’re advised to avoid wearing any jewelry or other accessories. Paper is not allowed to do scratch work. Instead, you’ll need to use a small white board or plastic transparent sheet   (the ones that are often used in binders). You’ll need at least one functioning dry erase marker as well as some sort of eraser. You are allowed to use a tissue as your eraser.

 

Now, once your setup is set up, you’ll need to register. You’ll need to create an ETS account, and then select the option to test at home. The test fee is the same as for an in-person test. After you’ve registered and paid, wait until you receive an email from ProctorU, which will allow you to choose your date and time. This can take thirty  or more minutes to land in your inbox. Don’t try to create an account on ProctorU until you get that email, though. If you require accommodations, unfortunately GRE is not providing those for the at-home test right now. If you have already submitted your paperwork and qualified for accommodations, we advise that you call GRE to get the most up-to-date information about the availability of accommodations for the at-home test. 

 

When your test date and time arrives, you’ll see the option to start the session. So, no need to arrive “early”! on test day But do ensure in advance that your workspace is clear, and that you have your white board, markers, eraser, and ID ready to go. You have to show your mobile to the proctor as part of the check-in process. Note that it is OK if you have shelves above your desk with items on them but your desk does need to be clear. You’ll also need to close all other programs on your computer and turn off any notifications. Be sure you’re using Chrome when you go to the ProctorU website. 

 

Now, at your scheduled time, the check-in process will begin. It should take about 10 minutes. Then, you must allow your session to be recorded, and the software takes your photo, as I mentioned earlier. Next, you are matched with a proctor, which you are told about in a chat window. You won’t see or hear the proctor, but the proctor will be able to see and hear you throughout the entire test. The proctor will let you know in the chat box what you need to do. You’ll use your camera to show the area around your desk and the space around the room, and you’ll hold up your white board (front and back) and any other items you are using for the test. 

 

Then the proctor will ask to see your cell phone, and to show that it is off and that you are putting it somewhere you can’t reach it. Now your computer screen is under the control of the proctor, you have to download the ETS software, and a code is required to enter to log you in to your exam session. Then, the proctor will relinquish control and let you know through the chat that you’re ready to start the test. Now, the test you’ll be taking is the same in content and format as the in-person test, just on your home computer. If you need help, ask your remote proctor in the chat box (rather than raising your hand). 

 

Keep in mind that you may not leave the room except during the 10-minute break. After completing the text, you will return back to the chat box on your computer screen. The proctor will give you instructions for finishing up. Then, you’re done! Be sure to close out of all windows to ensure that you don’t continue to be recorded. Overall, this is very faithful to the typical GRE test-taking experience. 

 

One of the questions we’ve heard from students is whether programs will know that you took your GRE general test at home (and not in a test center). You may be worried that it won’t “count” the same. But do not fear! Your score report does not show any indication that you took the test at home. Now of course, schools will see a photo of you taken during check-in, so they’ll likely be able to infer that you took the test at home. 

 

Because the test is identical and GRE has test security measures in place, we don’t anticipate at-home testing will have any effect on admissions decisions.


what kind of profiles do get accepted at deferred MBA programs?

 One question I frequently get is what kind of profiles do get accepted at deferred MBA programs. Now it is no surprise given the popularity and the competition of deferred MBA programs, it is quite difficult to get into these programs. The competition is extensively high and you need to prepare well in advance but I'll try to highlight some key things that you can do to improve your odds of getting through these programs. 


The first and foremost you should try to get strong internships. If you are looking for strong internships don't just simply pursue an internship with no-name companies or companies in which almost all of your classmates are doing an internship with trying to get strong brands on your resume. 

For example you can aim to do a management consulting internship with firms such as BCG Bain McKinsey, you can aim to get an investment banking internship or a private equity VC type of internships or if you want to do internships with smaller companies at least try to go abroad and do an internship. 

Now you might say that hey my college doesn't offer such an option where I can go abroad and do an internship and firms such as BCGBain McKinsey do not come on to our campus, I do understand that but see please try to understand that deferred MBA programs are very selective so we need to make things happen. If we just depend on our college and expect college to provide us with all the resources that McKinsey will apply, it's not going to work out. You need to be proactive in terms of reaching out to people on LinkedIn, you need to write to multiple firms at the very least even if you cannot do an internship with a big brand company, try to write to companies abroad. Try to do unpaid work, try to build your profile in some way that is going to be extremely extremely important. 

The second important component and this goes without failure us maintain a high GPA and get a high standardized test score. 

The third important component is that you need to have some kind of unique factor on your profile. Now this could be that you have started a business of your own a small business does not make any revenue it's fine it could be that you write on forums like Quora, it could be that your partnered or worked with some kind of nonprofit it could be that you have written a book it could be any of these things but it needs to be unique selling point on your profile. 

Now how do you identify a unique selling point,it's very simple. Now how do you identify a unique selling point? A unique selling point basically means that you need to do things that are very very unit compared to what other people usually do. For example if everyone in your college is volunteering with a non-profit then doing that activity will not make you unique. You need to find something else to do right. So just try to identify what that USP can be on your profile and try to develop that. 

So let's look at some of the frequently asked questions around the deferred MBA applications.

The first common question that I get is that I'm not from an IIT, can I still get into a top tier deferred MBA program? So the short answer is absolutely YES. You can get into a top tier deferred MBA program,provided that you develop your profile in the right direction. 


The second question is that is it better to do a deferred MBA program abroad or is it better to do an MBA from an IIM in India. Now honestly this is not an apples to apples comparison.


In my opinion you should do a deferred MBA program if 

1. You require a higher brand equity on your profile. So schools like Yale Harvard Stanford generally have a better brand recognition and brand equity compared to IIMs globally. So whether you want to work in India or abroad this brand equity really helps.


2. This brand equity also helps you target really top level jobs. For example if you want to work with a top tier VC firm or if you want to work in a certain office of McKinsey, this brand equity can help you a lot. The second point is that if you want to work outside India, then a deferred MBA program is the way to go, in India, IIMsare very well known. If you want to have a very India specific career then definitely IIM A,B, C can give you a very decent job. 


Scholarships and Financing. 

So of course in terms of expenditure if you are applying to a deferred MBA program, the expenditure is going to be on the higher side. You would have to incur an expenditure of approximately 1.3 crores if you want to go to Yale or Stanford but you need to see this in a holistic manner. What I mean by that is if you actually analyse the number of people who receive some kind of financial aid from a school like Harvard Or Stanford, close to 50% of the class ends up getting some sort of scholarship. So which significantly offsets your costs. 

Additionally, there are multiple other kinds of scholarships that you can apply for. Even if we assume that you don't end up with any scholarship, you can still finance your MBA and let me tell you how. So there is a company called Prodigy Finance. It gives upto 80% of the loan amount that you require to pursue your MBA. So that can significantly bring down the cost that you need to incur in order to pursue your deferred MBA option. So this is the way to go, and if you are okay with taking that kind of loan, you can definitely do it. 

A lot of people then ask me if it is worth taking a loan, if I want to pursue an MBA abroad. Now my question to you would be that why would a company give out a loan unless they know for sure that after graduating from these programs you would end up with a good job and would be able to repay them back. Their entire business model would fail right. But a company like Prodigy Finance is growing significantly because of the fact that they are backing up candidates who are getting into top tier MBA programs and are still getting great jobs which offsets the cost. So keep these points in mind. 


What is the Deferred MBA Program? Its Benefits and Application Process

A lot of students from India want to apply abroad for MBA programs. However, they work with the misconception that in order to apply abroad, they need years and years of work experience. Now this is something not true there is an option called a deferred MBA program option if you apply via that option, you don't need many years of work experience whatsoever. So in this article I am going to discuss what the meaning of deferred MBA programs is and how they can apply to these programs. 

 

Deferred MBA Program

Deferred MBA programs are MBA programs and these programs are open to final year undergraduate or graduate students who do not have any work experience. Let's try to understand this statement from an example. So let's say you're a final year undergraduate student from IIT Delhi and you want to apply abroad to Yale silver scholar which is a deferred MBA option you can apply and you will qualify for this program. However if you graduate from IIT Delhi, work for one year and then pursue a masters program from the US and then if you want to apply for a deferred MBA program you would not qualify for that program. So just keep that in mind and plan your deferred MBA application strategy accordingly. 

Now the second important point to note is that the degree that you get after you graduate from a deferred MBA program is that of an MBA. So if you graduate from let's say Stanford MBA vis a vis if you graduate from Stanford deferred MBA you would get an MBA degree at the end of the coursework. So even from the course structure or teaching point of view there is essentially no difference. 

However, an important point to note is that different deferred MBA options would have different different formats. Let's Compare two formats. So one is of Yale silver scholar format. So what happens there is, once you graduate from your undergraduate program and you get accepted to Yale's deferred MBA option you will go to Yale directly after your undergrad, you will complete one year then you will work for 1 or 2 years and then you will come back to Yale and complete your complete degree and get an MBA. 

 

If you compare this to Stanford deferred MBA option what happens there is that you get accepted to a deferred MBA program at Stanford In your final year then you work for 2 years and then you go and complete your degree at Stanford and then get an MBA. So essentially the program formats are different but at the end of which you will still get an MBA degree. So a lot of top tier MBA programs offer deferred MBA options. For example there is Harvard 2 + 2, Stanford, Yale silver scholar, Darden.

In Europe you have schools like IESC which offer a deferred MBA and recently a lot of schools have started offering the deferred MBA option. For example Columbia has it, MIT has recently started offering it, Chicago Booth has started offering it

 

Benefits of applying for a deferred MBA program

There are three key advantages if you are applying for a deferred MBA. So the first advantage is the flexibility. Imagine this, if you are a final year undergraduate student and if you get accepted to a deferred MBA program, you would get to know the result even before you graduate. So Harvard or Stanford, whichever deferred MBA you have applied for they will tell you the result even before you graduate. So then you can plan your career accordingly. So if you want to pursue certain kinds of jobs you can do that, if you want to run your own business you can do that if you want to travel the world you can do that. 

 

The second key advantage of applying for a deferred MBA program is that deferred MBA programs have the highest ROI (Return on Investment). Now you can understand this from the fact that people make most of their salary, or most of their post MBA salary is much higher than their pre-MBA salary. Now since deferred MBA students graduate quite early with just 2 years of full time work, they will end up maximizing their ROI.

 

Now the third key advantage is the leverage you get by getting accepted to a deferred MBA. For example if you get accepted to a deferred MBA program in your final year of your undergrad, then you can write to firms such McKinsey, BCG, Bain, or if you want to work in private equity your VC capital firms then you can write to them saying that you have been accepted for program like Harvard or Stanford and you can try to get a leverage out of it in terms of better jobs or internships. So that is always an advantage for you. Now this leverage can translate into running your own business or getting support from Stanford or Harvard, wherever you have been accepted even before going there. In essence, if you get accepted to a deferred MBA program you can use that brand equity to get better jobs, maximizing your ROI and also gaining a lot of knowledge along the way by experimenting with your career. 

 

Application process of a deferred MBA program

The application process of a deferred MBA program is divided into three parts. The first part is standardized testing. Here you can take GMAT or GRE. You don't need to take both. It doesn't matter what exam you are taking whether GMAT or GRE. What matters however is that you need to have gotten a threshold of at least 95th percentile plus score because the deferred MBA programs are extremely competitive. So aim for a 95th percentile either on GMAT or GRE. 

 

The second part of the application process is the written application. Now the written application is very very extensive. A written application comprises elements like resume, letter of recommendation, application form you have a video interview component, you have essays. So it's very extensive and it's a very cumbersome process, so get started with your application as soon as possible and at least give yourself 8-12 months to complete the entire application process. So on the application, you will need to speak about your profile or write the essays around your profile. This indirectly depends on the kind of activities you had participated in your college or what kind of internships you might have done. So make sure that you pursue the right kind of internships during your college and you participate in extensive activities so that you get some fodder material to write on your essays. Because this is not a component or an element that you can develop in the last 3 months before applying to a deferred MBA option. 

The final stage is the interview stage. Once you have taken your standardized test and you have compiled your application you just submit your application and if your application is shortlisted then you are invited for an interview. Now what all is covered in what type of questions are asked in the interview, What are the components of the interview. 

Which one is better: the CMA or an MBA?

This article will break down the difference in cost, time and what kind of earning potential you have whether you get a CMA certification or become an MBA.

If you have a high ambition and want to get into a great career in management accounting, there are a few common paths you could take. Many people weigh the difference between getting an MBA, or becoming a CMA. An MBA is a Masters of Business Administration. A CMA is a Certified Management Accountant. These are two different paths, with different timelines and different outcomes. So, let's look at all of those differences, and help you figure out which one is right for you.

Which one is better: the CMA or an MBA?


An MBA is a Master's Degree in Business Administration. You are eligible to pursue this degree in any business school after you have an undergraduate degree. Depending on where you go to school, you may need a high GPA and recommendations as well to get into an MBA program. If you want a career in finance, you can get an MBA with a concentration in accounting. Examples of careers as finance or accounting oriented MBA in Finance are things like Investment Banking and Financial Services. With some additional credentials, you could become a Chief Financial Officer.  There are also various job opportunities in this field. 

 

CMA is a certification you receive from the Institute of Management Accountants. To get it, you need to have a four years degree, pass the CMA exam and have two years of work experience. As a CMA, you can hold leadership positions in finance and accounting. Examples of careers as a CMA are things like CFO, VP of Finance, Corporate Controller and Accounting Manager.  CMAs are considered as finance professionals or business leaders in the financial management and management accounting fields. 

 

I'll talk about the key differences between an MBA and the CMA in a second. But first, are you more inclined to pursue higher education or a certification that lets you get to work right away? These are both highly esteemed and respected pursuits. They open very similar doors. But let's talk about what those doors are and how to decide which one you want to walk through. The courses of action you take to get an MBA versus a CMA are very, very different. 

 

So first, is the huge difference in your investment of money and time. An MBA is a postgraduate degree that has an average cost of $60,000 and takes about two years to complete. In 2019, only 60% of students who entered an MBA program, finished it successfully. Students must have a bachelor's degree before they can apply for an MBA program. Experts estimate that it takes about two years for someone with an MBA to start making average income in a financial or accounting field. 

 

I'll talk more about earning potential in a second. But first, let's contrast what I've said with the process to getting a CMA. A CMA costs on average about $3,000.Candidates have up to three years to complete the exam. But with a program like CMA Exam Academy, students finish within only eight months. The global CMA exam pass rate is 45%. And once you pass, you have to work for two years before obtaining a certification. A bachelor's degree is a must before earning this certification. But, candidates can take the CMA exam before or after completing their undergraduate degree. 

Immediately upon having the certification, you can step into a high earning potential. So, let's talk about income, because I know that's one of the big considerations. MBAs with an accounting emphasis do have a high earning potential. An average salary as a CFO with an MBA is $151,000 a year. This important point is that this can vary significantly, depending on where you went to school. For example, people with an Ivy League degree, can make much more than that. But, of course, an ivy league MBA from Harvard for example, runs at $72,000 per year. So, it costs a lot more. 

 

CMAs also have a high earning potential. An average salary as a CFO with a CMA,is $143,000 a year. And there are regular increases to this base number. CMAs regularly establish themselves in the C-Suite of a company, and can be leaders in any business. The investment, in contrast, is only $3,000 compared to an MBA of $60,000 per year. For many people, the decision of which of these to pursue comes down to cost and time. 

An MBA costs 30 times as much as a CMA, but both can land you in similar jobs with similar earning potential. That doesn't mean an MBA is not for you, but it's worth thinking over in terms of your return on investment.

 


How to prepare for the 3 types of job interviews?

So you have a job interview coming up, and you've been preparing for it. But how do you know you have been preparing the appropriate way? How do you know that you're not over preparing? Or under preparing? How do you even know that? In this article, I'm going to be talking about the three types of interviews – HOT, WARM & COLD and the exact strategies you need to use to prepare for these interviews for the best advice on how to gain unstoppable confidence in your life & in your career.

When it comes to preparing for interviews, it is the most daunting process, especially when you have multiple interviews. Sometimes you have panel interviews. But what would be easier and less stressful is if you knew exactly how to prepare for the different types of interviews. Now, in this article, I am not going to be about case interviews versus panel interviews versus behavioral interviews. This article is going to be all about hot, warm and cold interviews.


The first type of interview to prepare for is the Hot Interview. To me, I find this to be the easiest one to prepare for. And I also find it the least time in the least time consuming to prepare for the reason why is when you're preparing for a hot interview. You basically already know the person. The person already knows you. They may not know you like super duper intimately, but they've had conversations with you already before about your career. They may have met you through another network, but they're very clear on whom you are, and what you do and what your skill sets are.

Job interview preparation


By inviting you into the company to interview they are already convinced that you were qualified for the job. Your job, when you go on to this particular type of interview, is to be able to ask questions about where the landmines are ask questions about what the strategy is going forward, and be able to present how you would add value to the company and how excited you are to add value to the company and the role. In addition to that, when you're preparing for this kind of interview, make sure that you have done your research on what's going on globally for this company, what's in the news. Because when you're interviewing for this job, you want to be able to add that kind of context to why it is that you want to work in this particular company and in this particular role.

The second job type to prepare for is warm interviews. So warm interviews are those interviews that you get when you pass your resume along to a friend, and then they pass it on to the hiring manager. In this particular scenario, just imagine that your friend has already talked to the hiring manager and primed the hiring manager, your friend has already told the hiring manager all these great things about you what you've done in your past job. Your job in this particular interview is to get to know the person who's interviewing or the people who are interviewing you.


And the way you do that is you ask your friend who passed your resume along if they can give you information on how this person is, what their interests are, what kind of projects they're working on. I know I know. I know. It probably sounds like you're cheating. But the best advice I can give you when you are interviewing is to have enough information when you have this information, and you don't have to be sneaky about it when you are in the interview.


You can just say oh well I talked too especially if it's not confidential, you can just say something like, Oh, I talked to my friend. And my friend indicated that you guys are working on this, that's interesting, because in the current role that I'm in right now, I'm doing the same thing. What that shows is that you are inquisitive, and you really want to know about the job, you're demonstrating your interest.


The one, the one thing that I want to make very clear, and you'll see this throughout my article, is that I don't agree with people getting jobs just for money, and status, you are going for the job, if you're here to learn confidence, you're going for that job, because you really, really want the job. So and you really want to make a difference. And what better way to show that you want to make a difference by asking your friend, what they're working on, get to know what they're working on. If that's at all possible, go on LinkedIn, look at their past work experiences, look at articles that they've written, be inquisitive about these people, you want to be able to get to know who it is that you're interviewing with. Because guess what, they're looking you up and trying to figure out who you are, they are looking at your LinkedIn; they're looking at your social media.

 And if they know if they found it, if they have a connection with somebody who works in the company with you, or some order some sort of other connection, they're going to be asking those questions. So be ready for that. Be and don't feel so be ready for that. And don't feel bad, or feel sneaky, about you getting the intelligence that you need to get through the warm interview.

 

The third type of interview and the final one is the cold interview. This is the interview that you're going to be spending the most time preparing for. I didn't mention earlier, but for the hot interview, you're really not spending an exorbitant amount of time preparing for that interview, you're just really making sure that you're you are prepared, however long it takes you to prepare to be able to demonstrate that you're really interested in this role, and that you really want to make a difference in that role.

 

It's similar for the warm interviews, you're going to be spending a little bit more time in your preparation process, trying to figure out who it is that's interviewing with you and getting and gaining the intelligence that you need to be able to, again, demonstrate that you are excited about this job demonstrate that you are ready to make a difference in the job and in the company. The last, so going back in the cold interviews, this is going to be where you spend the most time preparing. Number one, you're going to want to do your research on the people that you are interviewing.

 

LinkedIn is just as LinkedIn is a great place to look at the people who are interviewing you. read their profile, read any articles that they've put together, and be prepared to talk about that and stay. I looked you up on LinkedIn, there is nothing more weird when somebody quotes something from your LinkedIn page. But they didn't actually disclose that they looked at you on LinkedIn, look at their social media pages to see what they're into.

It's so that you have it gives you the information that you need, like do I really want to work with this person, it gives you some context about how they would particularly be as a boss or a colleague. It just gives you more information and that's what you need is more information to be able to make a better decision on if you even want to go forward with the interviews.


Next when you're preparing for these cold interviews, you want to spend hours preparing the question and answer the strengths and weaknesses & about yourself. It's all out there Google the list of questions that People will ask you, and you spend if you really want this job, you spend hours preparing for this. You can either do this by recording yourself, so that you can see where it is that you are making mistakes, or if you're not coming off genuine, or you can actually have a friend, do mock interviews with you.


You need to practice those interview questions, especially if you want the job. In addition, just like in preparation for warm interviews, also make sure that you were aware of the global climate of this particular company, what's going on in the news with this particular company, and be able to incorporate that information in the interview. Because the interviewers want to be clear that you know about this company, you know what you're getting into, and that you want to be there, remember, or not going to jobs solely for money, and status.


That is something that you will get compensated for, obviously, but when you put that ahead of whatever your mission is, or whatever your passion is, or whatever it is that you want to do, you won't be in that job that long. 


What are the benefits of MBA in India?

 Following are the benefits of MBA in India: - 1. Better Job Safety: However, job security is not as important as it was before. Many want...