Preparing for the GMAT/GRE for Accounting Programs Degree Programs

Pursuing a graduate degree in accounting frequently requires applicants to submit scores from standardized tests such as the Graduate Management Admission Test (GMAT) or the Graduate Record Examinations (GRE). These tests assess abilities crucial for achievement in graduate-level business and accounting programs. Preparing adequately can significantly impact your application and acceptance into your desired program.

This article provides a detailed examination of how to prepare for the GMAT/GRE for Accounting Programs Bachelor's Degree Programs, covering test formats, content, study strategies, and available resources. We will explore the importance of these exams and how they relate to your success in accounting studies.

Understanding the GMAT and GRE

The GMAT is a standardized test designed to assess skills relevant to graduate business programs. It is administered by the Graduate Management Admission Council (GMAC). The exam includes sections on Analytical Writing Assessment, Integrated Reasoning, Quantitative Reasoning, and Verbal Reasoning. Each section tests distinct skill sets needed for business school success.

The GRE, administered by the Educational Testing Service (ETS), is another standardized test accepted by many graduate programs, including accounting. It consists of Analytical Writing, Verbal Reasoning, and Quantitative Reasoning sections. Many accounting programs now accept the GRE as an alternative to the GMAT.

GMAT vs. GRE: Which Test Should You Take?

The decision between the GMAT and GRE often depends on the specific requirements of the accounting programs you are targeting. Some programs may prefer or require the GMAT, while others may accept both. Researching the specific admission requirements of each program is crucial. Consider the following factors:

  • Program Preference: Check the websites of your target schools to see if they express a preference for one test over the other.
  • Personal Strengths: Evaluate your strengths in math and verbal skills. The GMAT quantitative section is generally considered more challenging for some, while the GRE verbal section might be more vocabulary-intensive.
  • Test Format: Familiarize yourself with the format of each test. The GMAT features Integrated Reasoning, which is unique to that exam.

Test Content and Structure

GMAT Structure

  • Analytical Writing Assessment: Evaluates your ability to analyze an argument (30 minutes).
  • Integrated Reasoning: Measures your ability to evaluate data presented in multiple formats (30 minutes).
  • Quantitative Reasoning: Assesses your mathematical skills, including arithmetic, algebra, and geometry (75 minutes).
  • Verbal Reasoning: Tests your reading comprehension, critical reasoning, and sentence correction skills (75 minutes).

GRE Structure

  • Analytical Writing: Assesses your ability to articulate and support complex ideas (60 minutes, two essays).
  • Verbal Reasoning: Measures your reading comprehension, vocabulary, and analytical skills (60 minutes, two sections).
  • Quantitative Reasoning: Assesses your mathematical skills, including arithmetic, algebra, geometry, and data analysis (70 minutes, two sections).

Effective Study Strategies

Creating a Study Plan

A structured study plan is crucial for GMAT/GRE success.

  • Assess Your Baseline: Start with a diagnostic test to identify your strengths and weaknesses.
  • Set Realistic Goals: Establish target scores based on the average scores of admitted students at your target programs.
  • Allocate Study Time: Dedicate sufficient time each week to cover all sections of the test. Aim for at least 2-3 months of preparation.
  • Schedule Regular Practice Tests: Simulate the test environment by taking practice tests under timed conditions.

Utilizing Study Resources

A variety of resources are available to help you prepare for the GMAT/GRE.

  • Official Guides: Use official guides from GMAC (for the GMAT) and ETS (for the GRE). These guides include practice questions and explanations.
  • Test Preparation Courses: Consider enrolling in a test preparation course offered by companies like Kaplan, Princeton Review, or Manhattan Prep.
  • Online Resources: Utilize free and paid online resources, such as Khan Academy, which offers free GRE preparation materials.
  • Practice Questions and Tests: Regularly practice with sample questions and full-length practice tests to assess your progress.

Focus on Weak Areas

Identifying and addressing your weak areas is essential for improving your score.

  • Review Fundamental Concepts: If you struggle with specific mathematical or verbal concepts, review the fundamentals before attempting practice questions.
  • Analyze Mistakes: Carefully analyze your mistakes on practice questions to understand the underlying concepts and avoid repeating errors.
  • Seek Help: Don't hesitate to seek help from tutors or online forums if you are struggling with specific topics.

Test-Taking Tips and Strategies

Time Management

Effective time management is crucial for maximizing your score.

  • Pace Yourself: Allocate a specific amount of time to each question and stick to your pacing strategy.
  • Don't Dwell: If you are stuck on a question, make an educated guess and move on. You can always return to it later if you have time.

Reading Comprehension

Improve your reading comprehension skills by practicing regularly.

  • Read Actively: Engage with the text by highlighting key points and making notes.
  • Identify Main Ideas: Focus on identifying the main idea and supporting arguments in each passage.

Quantitative Reasoning

Strengthen your quantitative reasoning skills by reviewing fundamental concepts and practicing problem-solving.

  • Master Formulas: Memorize important mathematical formulas and concepts.
  • Practice Problem-Solving: Solve a variety of practice problems to develop your problem-solving skills.

The Importance of GMAT/GRE Scores for Accounting Programs Bachelor's Degree Programs

GMAT/GRE scores are a significant factor in the admissions process for accounting programs. They provide a standardized measure of your abilities and potential for success in graduate studies. A strong score can increase your chances of admission and may also qualify you for scholarships or other financial aid opportunities. Many programs consider Preparing for the GMAT/GRE for Accounting Programs Bachelor's Degree Programs to be a crucial step.