Before going into the GMAT Study Plan, few frequently asked questions first.

GMAT- Frequently Asked Questions:
What does GMAT stand for?
The General Management Admission Test or GMAT is a computer-based adaptive test administered by the Graduate Management Admission Council (GMAC). Contrary to popular belief, GMAT does not grade an examinee’s business skill or intelligence. Rather, GMAT is used to determine the analytical skills, problem-solving capabilities, and critical reasoning abilities of the test taker.

Launched in February 1954, GMAT was first known as “The Admission Test for Graduate Study in Business” (ATGSB) and was administered to 4,228 examinees only. The name was changed in 1976 to GMAT.

Now, GMAT is a requirement by the majority of business schools and is taken by students who are interested in applying for a Master’s degree in Business Administration (MBA) or other programs in graduate management.

How much does the GMAT cost?
Taking the exam requires you to pay $250 globally. However, the materials for the test can be downloaded for free at mba.com.

If there is a need to cancel your application, you will be refunded US$80, as long as you cancel via online and the cancelation was processed more than seven full days before the exam. The same amount is given when you cancel by phone, although there is a service charge of US$10. Rescheduling costs US$50, only when it is done seven full days before the exam. Within seven days before the test, you are required to pay the full amount.

You may use your credit or debit cards to pay for the exam. Mailed forms include cashier’s check, money order, and personal check. Remember if you are going to use any of the enumerated mailed forms, you are required to use the Scheduling Form that is available at mba.com. Post-dated checks are not accepted.

How long is the GMAT?
The examination lasts for 3 hours and 30 minutes. Another 30 minutes is allotted for break time.
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