How Top Consulting and Finance Firms Use the GMAT Exam

A GMAT score is a key component of your business school application, but it can also come in useful well beyond graduation.

The GMAT exam measures your quantitative and problem-solving abilities, which are vital not only in the business school classroom but also after you complete your degree.  

Recruiters in two of the most popular graduate business career routes – consulting and finance – regularly draw on GMAT scores when assessing candidates. A strong GMAT score can help your profile stand out among other applicants.

Here’s how recruiters in consulting and finance make use of your GMAT score.

How consulting companies use the GMAT exam

Top consulting firms like Bain, BCG, and McKinsey often look at GMAT scores as part of their hiring process. These companies typically prefer candidates to have a score in the 710+ range under the previous GMAT scoring system. This roughly translates to around 655-665 in the scoring system of the updated version of the GMAT.

“A good GMAT score demonstrates the candidate has the critical thinking, problem-solving, written, verbal, and numerical skills companies expect from their MBA recruits,” explains Margaret O’Neil, careers mentor, Entrepreneurship Lab, University of Cambridge.  

It’s worth bearing in mind that GRE scores don’t get used in the same way. The GMAT is designed specifically for business school admissions, while the GRE is a more generalist entrance exam. The GMAT is a better indicator of the strategic problem-solving skills that are essential for consulting—a career path that relies heavily on business acumen. 

If trying to pivot into consulting from a non-quantitative career, your GMAT score may be even more important, Margaret adds.

“If a candidate is looking to switch into a more analytical role from a liberal arts or otherwise non-traditional background, a good GMAT score can be helpful to demonstrate they have the core business-critical skills employers expect, and we’d encourage them to include it in an application,” she explains.

Although they’re a useful measure, it’s important to remember that a good GMAT score is just one component of your profile when you apply to consulting roles. You’ll also need to demonstrate that you can collaborate and communicate effectively, while conveying a solid understanding of the specific company you’re applying to. 

“[GMAT test scores] remain a part of the application to most companies today,” notes Christy Gunville, managing director, Full-Time MBA careers and consulting sector lead, at the University of Virginia’s Darden School of Business.

“[But] scores are one aspect of many that are taken into account when consulting firms are considering a candidate’s application.”

Other factors include your undergraduate GPA, major, leadership abilities, and the quality of your work experience.

Several consulting firms also use their own computerized tests to assess whether you are a good fit for the role. 

How finance companies use the GMAT exam

A good GMAT score can also serve you well if you’re after a career in finance. Many banks, for instance, will consider your score while assessing your profile.

“Standardized tests such as the GMAT provide investment banks with one, consistent data point on how analytically minded and quantitatively competent a candidate might be,” explains Ed Yu, senior director for investment banking careers at the University of Virginia’s Darden School of Business.

“These are skill sets that are highly valued by banking employers when considering MBA level candidates.” 

He adds that several bulge bracket banks (the world’s largest investment banks, including the likes of CitiGroup, Credit Suisse, and Morgan Stanley) have been requesting GMAT scores for years, and continue to use them as an important data point when assessing a candidate.

Whatever area of finance you choose to enter, you’ll need to pair a strong GMAT score with leadership experience, industry knowledge, and excellent communication and teamwork skills.

Having a high GMAT score is a surefire way to signal to consulting and finance employers that you’ve got the problem-solving, data-handling, and lateral thinking abilities it takes to make it in these demanding, exciting, and fast-paced industries.