Top U.S. Schools That Don’t Require the GMAT/GRE
Applying to a full-time MBA program without a GMAT or GRE is hard to come by for the world’s best MBA programs. Most top U.S. business schools require a competitive GMAT/GRE score to be considered for admissions. However, due to COVID-19, there are a number of top schools that do not require the GMAT or GRE by offering GMAT/GRE waivers.
If you are an MBA candidate who’s not great at taking tests or earned a low GMAT score, don’t worry; you’re not out of luck. There are five programs in the U.S. that will accept your MBA application without the GMAT/GRE, as long as you meet certain specific other requirements.
These are the top U.S. schools that don’t require a GMAT/GRE.
The University of Virginia – Darden School of Business
At the Darden School of Business for select candidates, a standardized test may not be necessary. As a pilot for the 2020-21 application cycle (for the Class of 2023), Darden announced a standardized test (GMAT/GRE) waiver request.
For some candidates, particularly those who meet several of the criteria outlined below, a test score may not be needed for the Darden Admissions Committee to assess their preparedness.
Waiver requests will be evaluated on a case-by-case basis, and the Darden Admissions Committee will consider a number of factors when evaluating these requests. Particular regard will be given for indicators of academic and professional accomplishment, including but not limited to:
- A strong undergraduate and/or graduate record, including performance in analytical coursework or disciplines
- CPA or CFA designation or other professional certification
- Master’s or advanced degree in an analytical discipline
- Seven or more years of progressive, professional work experience in an analytical field
- Strong performance on a U.S. college admissions test (SAT or ACT) or a national exam administered for admission to bachelor’s study in other countries
These factors will be considered in combination with resume and transcripts for all degree-related coursework. Candidates who present a strong profile across several criteria (including supporting materials) are more likely to be granted a test waiver than candidates who meet only one criterion.
Candidates who believe they may qualify for a test waiver on the basis of the above criteria should submit a test waiver request.
Indiana University – Kelley School of Business
The Kelley School of Business Full-Time MBA program admits high-potential applicants for their academically rigorous curriculum. Kelley typically requires the GMAT or GRE as one demonstration of quantitative and analytic capability. In light of the recent challenges associated with taking standardized tests due to COVID-19, candidates may apply for a waiver of this requirement and submit other evidence of their academic qualifications. Kelley anticipates awarding GMAT/GRE waivers for a small percentage of their incoming class. In evaluating waiver requests, Kelley considers many factors, including rigor and achievement from previous undergraduate and graduate degrees, evidence of work experience requiring analytical and quantitative skills, and post–bachelor’s degree career growth including demonstration of leadership.
To request a GMAT/GRE waiver, you must complete the following two steps:
- Complete and submit the Kelley online information request form (to ensure that we have your most current contact information); and
- Submit via email (iumba@indiana.edu) a current professional resume, your unofficial or official undergraduate transcripts (and graduate school transcripts, if applicable), and a brief statement (500 words or less) summarizing why you believe you qualify for a waiver.
The University of North Carolina – Kenan-Flagler School of Business
The UNC Kenan-Flagler Full-Time MBA considers standardized tests such as the GMAT or GRE are a as a beneficial way for their Admissions Committee to evaluate the likelihood of academic success in their Full-Time MBA program, they recognize that some candidates can build a strong case for admission based on degrees earned, academic experience, professional milestones, or certifications. GMAT/GRE waivers are available for new applicants to the UNC Kenan-Flagler Full-Time MBA class of 2023.
Important points to consider before requesting a GMAT/GRE waiver:
- Be objective about your strengths and weaknesses in order to put together the strongest application! Consider whether a test score may help supplement your academic achievements.
- Candidates who present a strong profile across several criterion – such as five or more years of progressive work experience, earning secondary or terminal degrees (i.e. master’s, PhD, JD, MD), professional certifications with a quantitative focus (i.e. U.S. CPA or CFA Level III), or strong test results from the Executive Assessment, LSAT, or MCAT – are more likely to be granted a test waiver.
- Test scores are often a beneficial data point (but not required) for the Fellowship Committee when evaluating an admitted student for a fellowship award.
- Some employers use (or require) test scores during initial screenings, particularly in finance and consulting.
- Receiving a GMAT/GRE waiver does not guarantee admission to the program, and for some applicants, formal offers of admission may be based on the successful completion of Analytical Skills Workshop (ASW) prior to the start of the program.
The University of Texas – McCombs School of Business
The McCombs Full-Time MBA is providing the opportunity to petition for a special test score exception, if you have not been able to take the GMAT, GRE, EA, or TOEFL exams due to the following reasons related to COVID-19:
Applicants who meet both of the criteria below have the opportunity to petition for a special test waiver:
- You are unable to take an exam in-person at a designated testing center due to lack of availability in your region, or because you or someone in your household is immunocompromised, AND
- You are unable to take an exam online due to lack of availability in your region, technology or other test-taking requirements (e.g. device availability or compatibility, slow internet connection, testing environment)
If you do not meet both of these criteria, McCombs requires that you complete the standardized tests prior to submitting your application.
The University of Minnesota – Carlson School of Management
The Carlson School of Management continues to be one of the best MBA programs in the midwest. Candidates applying for admission to the Carlson Full-Time MBA program may be eligible for a GMAT/GRE waiver if they meet the following criteria:
- Must have one of the following:
- Previous undergraduate degree with 3.2+ cumulative GPA at an accredited institution using a 4.0 scale or better (domestic or international)
- Demonstrates quantitative ability through coursework (ex: Statistics, Engineering, Accounting, etc)
- Previous undergraduate degree in a STEM (Science, Technology, Engineering, Mathematics, etc) field with a 3.0+ cumulative GPA at an accredited institution using a 4.0 scale or better (domestic or international)
- Previous undergraduate degree with 3.2+ cumulative GPA at an accredited institution using a 4.0 scale or better (domestic or international)
- Must have one of the following additional requirements:
- 5+ years of full-time professional work experience
- Note: internships or co-ops cannot be included. Graduate assistantships and fellowships can be included.
- 4+ years of full-time military experience
- Graduate (masters or doctoral) degree
- Professional credential of CPA or CFA
- 5+ years of full-time professional work experience
Please note that a candidate must meet both areas requirements of the waiver process in order to be granted a waiver.
The Ohio State University – Fisher College of Business
The Fisher Full-Time MBA will consider your application without a GMAT, GRE, or EA test score as long as you meet the following minimum qualifications:
- Earned a 3.2 (on a 4.0 scale) undergraduate cumulative GPA or higher; and
- Achieved a grade of B or better in at least two college-level quantitative courses (algebra or higher); and
- Have a minimum of 4 years of post-baccalaureate work experience. You may not request a waiver if you have already taken the exam and requested your scores be sent to The Ohio State University.
The decision to grant the GMAT/GRE/EA waiver is made at the discretion of the Fisher Admissions Committee. Should the committee decide that a GMAT,GRE, or EA score is needed to fully evaluate your candidacy for the MBA program, you will be informed once your application has been initially reviewed.
In summary, if you are preparing your MBA application, be sure to review each schools official GMAT/GRE waiver process to ensure that you meet the requirements to request a GMAT/GRE waiver so you can attend a top-tier program. The U.S. schools that do not require the GMAT/GRE during COVID-19 may continue to expand, so stay up-to-date by registering with MetroMBA for more announcements.
Additional Resources:
MBA Programs that do not require the GMAT or GRE
MBA Job Profile: Equity Research Analyst
Many MBA students interested in a finance career think of working in corporate finance, commercial banking, financial planning, or investment banking. Rarely do they consider the more mathematically-inclined, analytical options. However, a career in equity research can be a top career choice for many finance students. It’s a valid career option for someone who is less interested in sales and communication and more interested in research, analysis, and strategy.
So, what exactly is an equity research analyst?
An equity research analyst helps analyze stocks so that portfolio managers can make better-informed investment decisions. They research companies, look at share prices, and issue recommendations on investments and M&A deals. Sometimes considered the un-glamorous and lower-paid cousin to investment banking, equity researchers are great problem solvers tasked with developing screening tools and investment models to help manage portfolios.
To be a great equity research analyst, you’ll need to be able to:
- Identify patterns in the marketplace.
- Interpret data to understand and predict a security’s behavioral outlook.
- Quantitatively analyze a stock’s statistical data compared to recent market activity.
- Create algorithms that identify stock investment opportunities.
- Understand the differences between international markets to cross-compare domestic and foreign stocks.
Equity research analysts begin their careers with a lot of financial modeling and analysis of a specific sector or group of companies. There is typically limited buy-side client interaction or interaction with top management. However, over time, your responsibilities will evolve to more report writing and formulating investment opinions and theses.
Equity Research Analyst Work/Life Balance
While an equity research analyst works long hours—typically 12-hour days—that’s nothing compared to investment banking. You may have busy seasons and times, but for the most part, your job will be relatively calm and offer some work-life balance.
Equity Research Analyst Career Advancement
However, the equity research analyst career path is less defined. You’ll generally start as an analyst for a few years before moving up to senior analyst, vice president, and then director of research. But that can be a slow process because you’re not considered as essential to the bottom line as the firm’s investment bankers.
Equity Research Analyst Salary Expectations
According to Payscale, the average equity research analyst salary is $77,901 a year with a $19,851 bonus. However, the actual range is between $53K and $143K with the largest and most prominent firms offering the highest salaries. Glassdoor’s average base salary is closer to $94,383 with analysts at J.P. Morgan earning $101,327 and Goldman Sachs analysts earning $99,699.
The majority of equity research analyst jobs are located in major metropolitan areas such as New York City, Chicago, Boston, and San Francisco, which means cost-of-living should be considered. You’ll find the highest-paid positions at private equity firms and other large financial services institutions.
Getting Started
At the minimum, you’ll need a bachelor’s degree to become an equity researcher and typically start out as an associate. Even then, a bachelor’s degree is typically not enough to get you a job at a top investment firm. Instead, you’ll need either a CFA designation or an MBA.
The CFA is mandatory for security analysis and can be earned more quickly and cheaply than an MBA. However, with an MBA you’re more likely to have the professional network you need to earn a position at a top investment firm.
Top MBA Programs for the Job
Since a career as an equity research analyst is closely linked to investment banking, the top MBA programs are fairly similar. A few solid MBA program choices include:
NYU Stern
NYU Stern is a top school for a career in investment banking and equity research. The banking specialization covers risk management and other related topics with classes such as credit risk, valuation, and risk management in financial institutions. There is also a quantitative finance specialization specifically for more mathematically-inclined finance careers. You’ll learn stochastic processes, statistics, and applied economics.
Columbia Business School
At the Columbia Business School, the Investment Banking Club provides an opportunity to learn investment banking and recruiting, helping students develop strong relationships in the industry. There is also a specific Equity Research Club, which is designed to educate, inform, and bring together Columbia MBA students interested in this career field.
University of Chicago Booth
The Investment Banking Group at Chicago Booth is equipped to help MBA students learn about the investment banking industry. The goal is to guide students to landing a successful career at an investment bank. There’s also an Analytical Finance concentration designed for students interested in risk management, equity research, and more. Classes include Advanced Investments and Advanced Models of Option Pricing and Credit Risk.
Top MBA Employers in New York State
It should come as no surprise that students who earn an MBA in New York have incredible opportunities for employment afterward. Whether you’re looking to work in New York City, Rochester, Buffalo, Ithaca, Albany, or Syracuse there are many great companies to work for. There are massive international corporations, local businesses, healthcare, governmental agencies, and more.
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Continue reading…Top Canadian Schools That Don’t Require the GMAT
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If you are an MBA candidate who’s not great at taking tests or earned a low GMAT score, don’t worry; you’re not out of luck. There are five programs in Canada that will accept your MBA application without the GMAT, as long as you meet certain specific other requirements.
These are the top Canadian schools that don’t require a GMAT. Continue reading…
Top MBA Recruiters: Evercore Partners
Since its founding in 1995 by U.S. Treasury veteran Roger Altman, Evercore has become one of the world’s top independent investment banking advisory firms. Its services include advisory of strategic transactions such as mergers, acquisitions, public offerings, and divestitures, among others. Which means Evercore jobs may be perfect for MBA students and graduates.
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