Harvard, Wharton to accept GRE - is GMAT monopoly in Danger?

There's quite the business lesson here:<p>Up until recently, the GMAT exam had a virtual monopoly over business school standardized exams. That all changed on Jan. 1, 2006, when GMAC cut its ties with the Educational Testing Service (ETS), with whom it had a decades-long partnership to develop and deliver the GMAT exam, moving instead to a new testing administrator, Pearson VUE. The severing of ties meant that ETS no longer had to abide by a noncompete clause with GMAC, giving it the green light to court business school admissions officers and promote the GRE as an alternative exam. Under the previous agreement between ETS and GMAC, this type of activity was forbidden.<p>"Once they ended the contract with us, we were able to move into this market," says David Payne, head of the GRE program for ETS.

As a former GMAT and GRE (as well as LSAT and SAT) instructor, I would still recommend taking the GMAT for B-School admission. The GRE is much easier, so the curve is less forgiving, especially in math. A perfect 800 on GRE math is just 87th percentile. It makes it hard to differentiate yourself to admissions committees who value analytical thinking.

If you're curious how scores from the two exams compare, here's a table (released by ETS - the folks that run the GRE) that converts GRE scores to GMAT scores, and vice versa:<p><a href="http://www.ets.org/gre/2008/9934/tool.html" rel="nofollow">http://www.ets.org/gre/2008/9934/tool.html</a> (Excel Sheet)

I think this shows how more engineers are needed in business schools. Glad they realize this, and are taking steps to encourage engineers to apply.

It isn't really a monopoly if it is facing competition from the GRE now is it?