Yo! GMAT

The GRE changed in 2011 with an overhaul in content and structure, making the test more reasoning based. Close on its heels comes the GMAT (admission test to majority of global MBA programs) change with the addition of a new section, aptly called ‘integrated reasoning’.

This new section replaces one of the essays and comprises 12 questions to be answered by analysing, synthesising, integrating and evaluating given data. The data to be integrated appear as maps, spreadsheets, codes, numbers, charts, texts, audios and graphs. Both multiple choice and highlighting statements or dragging data points constitute the questions.

The new section thus tests the candidates ability to examine and manage complex, multiple format data and draw conclusions from them. The integrated reasoning section will thus generate a measure of a candidate’s decision making skills.

The new GMAT from June 2012

Duration Raw score Final score

Argument essay (1 topic)

1 prompt

30 min

Grade 0-6

Quant ability

37 qns

75 min

0-60 raw score

Verbal ability

41 qns

75 min

0-60 raw score

Integrated reasoning*

12 qns

30 min

To be announced in April 2012

*new addition

What doesn’t change?

The content, format and scoring of the verbal and quantitative sections remain unchanged; the argument essay also remains the same. The issue is replaced by the new section.

GMAT , in the present version itself is projected as a test that examines a range of skills that are prerequisites to participate in and benefit from a rigorous MBA curriculum. It already has a strong emphasis on reasoning. With the addition of the new integrated reasoning section, the test advances to another level of competence.

Test of decision making skills

The integrated reasoning section gives students an opportunity to demonstrate decision making skills- analysing, synthesising and evaluating data in different forms- numbers, flow charts and words to draw logical conclusions. In today’s data-intense business space, effective decisions are taken by drawing intelligence and insights from various sources and information of various forms.

The introduction of such competency assessment in the business school intake stage presents a reasoned prognosis of one’s candidature to the world of competitive global business.

How to prepare

The verbal and quantitative sections are not changing in content patterns and scoring, thus test aspirants can continue to prepare for these as before. One has to familiarise oneself with the new section by practising on such problem sets as well as by reading graphs, maps and accompanying texts in business publications.

Since a good number of business schools take GRE score, instead of a GMAT score, applicants can research on colleges and find out which test to take. Some students may be more comfortable with the GRE test.

Test aspirants starting preparation post-March 2012 may have to take the new GMAT administered form June 2012. Good preparation will be the key to success.

Article contributed by

Dr.M.P.Vijayakumari

She can be contacted by email -vijaya@semanticslearning.com

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Which business schools have produced the most entrepreneurs?
A recently published LinkedIn study examined the backgrounds of members who identify themselves as startup founders and came up with the leading schools for entrepreneurs.
The results dramatically differ from the two most-cited yet deeply flawed rankings of leading entrepreneurial programs by Princeton Review and U.S. News & World Report. By sifting through its more than 120 million member profiles, LinkedIn has produced the ideal “put up or shut up” analysis. It’s the kind of data that calls out schools that have made entrepreneurship a marketing or promotional vehicle vs. those that have produced actual startup entrepreneurs.

LinkedIn membership data shows these five schools produced the most startup founders:
• Stanford,
• Harvard,
• MIT Sloan,
• Berkeley’s Haas School, and
• Dartmouth College’s Tuck School.

The next five are Wharton, Columbia, Babson, Virginia Darden, and the Johnson School at Cornell University.

Why the results are surprising
Babson, which has long been number one in both rankings, does no better than eighth place. Tuck, which fails to make the U.S. News list of 27 schools or the Princeton Review list of 25 schools, is firmly in the top five.
Columbia Business School, which doesn’t make the Princeton Review list and comes in at 19th on U.S. News, has the seventh largestnumber of startup founders in LinkedIn’s database. Chicago Booth, which is ranked second by Princeton Review, doesn’t make the LinkedIn list at all. Neither does Michigan, Brigham Young, or the University of Arizona, all schools in Princeton Review’s top five.
A side-by-side comparison (below) of the LinkedIn list with the two other rankings tells the story well. Seven of LinkedIn’s top ten schools don’t even warrant a mention in the Princeton Review ranking. LinkedIn’s number one school, Stanford, ranks a mere eighth on the Princeton Review list. Two of LinkedIn’s top ten schools don’t make the U.S. News list even though it rates 27 schools.

LinkedIn Rank & School U.S. News Rank Princeton Review
1. Stanford 2 8
2. Harvard Business School 4 NR
3. MIT Sloan 3 NR
4. California-Berkeley (Haas) 6 NR
5. Dartmouth (Tuck) NR NR
6. Pennsylvania (Wharton) 5 NR
7. Columbia Business School 19 NR
8. Babson 1 1
9. Virginia (Darden) 14 7
10. Cornell (Johnson) NR NR
Source: LinkedIn study, U.S. News, and Princeton Review

Of course, not every entrepreneur may have a LinkedIn profile and even those that do may not fall within the parameters of the professional network site’s methodology. LinkedIn counted members who identified themselves as founders or co-founders of U.S. companies created after 2000, with a LinkedIn company profile, and that currently has between two and 200 employees. LinkedIn excluded small law, consulting and real estate firms, as well as LLCs. Using these guidelines, LinkedIn came up with a pool of more than 13,000 entrepreneurs for its survey.

The LinkedIn ranking is not based on raw numbers, but rather on “how ‘over-represented’ those schools are among entrepreneurs,” according to Monica Rogati, a senior data scientist at LinkedIn who did the analysis. “This levels the playing field for small schools, as you have noticed but it makes it less surprising, which is why I wanted to mention it.”

This compares with U.S. News, which simply asks b-school deans and MBA directors, to rank schools on the basis of their entrepreneurship programs—even though they have no direct knowledge of those programs. Princeton Review, meantime, may as well pull its results out of a hat. Its methodology is so unclear and unspecific that it is hard to say exactly how the ranking is put together. It supposedly attempts to measure “academics and requirements,” “students and faculty,” and “outside the classroom.” (Our critique of the ranking was published last year.)

That’s why the new LinkedIn list has more gravitas–because it is based on real results—not what a few deans think about programs for which they no knowledge or some voodoo methodology by an organization that refuses to properly disclose how it comes up with a ranking.

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1.ARRANGMENT
N terms can be arranged in N! factorial ways, if each position can be occupied by one term.
N terms can be arranged in N^M where. Each position can be occupied by 1 term or 2 terms or ……     N terms.  M stands for the number of positions to be filled.

2. COMBINATION
M terms can be selected from P terms in PCm ways.
In certain situations it is required to first choose the terms and then arrange the terms. i.e. PERMUTATION.

3. Permutation = combination x arrangement.

4.When N objects are distributed among P positions such that each position can get any number     of objects (zero, one, two ……N) then the number of ways of arranging the items is N+P-1Cp-1

5.When N objects are distributed among P positions such that each position can get atleast one     objet (one, two ……N) then the number of ways of arranging the items is N-1Cp+1

5 crucial points while solving a probability based problem.
1.Calculate the numerator {Nos. of foverable terms} and the denominator {Total number of terms}     separately using the concepts of arrangement, permutation and combination.
2.TAKE IT PERSONAL : Always imagine you are arranging / selecting the items. The action of taking     the object and placing it in the relevant position is the key.
3.When two or more items are picked it is easier to compute the probability of picking one     element at a time than computing the probability of picking many items at a time.
4.When A and B are selected relate the respective probabilities with multiplicataion. When either     A or B is selected relate the respective probabilities with addition.
5.When the multiple outcomes are possible the probability of atleast one of them happening is computed by calculating the reverse probability = 1 – probability of event not happening.