How Top Consulting and Finance Firms Use the GMAT Exam

Key Takeaways

• Top consulting firms such as Bain, BCG, and McKinsey often look at GMAT scores as part of their hiring process. It can be especially important for those coming from a non-quantitative background
• In finance, major banking firms appreciate the consistent data point that a GMAT score can be for potential recruits
• Though GMAT score is important after business school, factors such as communication, international experience, and leadership potential are all likely to be taken into account by consulting and finance firms.
  

A GMAT score is a key component of your business school application, but it will also benefit you throughout your career.

The GMAT exam measures your quantitative and problem-solving abilities, which are vital in the business school classroom but also after you graduate.  

Recruiters in the two most popular graduate business career routes–consulting and finance–will be looking at your GMAT score when assessing job applications. A strong GMAT score can make your profile stand out, help to secure an interview, and prove that you would be a capable member of the team.

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

How consulting companies use the GMAT exam

If you’re thinking of studying an MBA, there’s a strong chance you’re also considering a career in consulting. And your GMAT score is a vital aspect of both journeys.

Top consulting firms such as Bain, BCG, and McKinsey 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’Neill, careers mentor at the University of Cambridge.

It’s worth bearing in mind that GRE scores are not assessed in the same way by recruiters. 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 has plenty of parallels with the GMAT exam.. 

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

“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,” says Margaret.

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

“[GMAT test scores] remain a part of the application to most companies today,” notes Christy Gunville, managing director of cohort recruiting for the full-time MBA  at 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. “At that level, firms focus on who you are as a professional: your experience, leadership potential, communication skills, international exposure, and ability to work in diverse, high-performing teams,” explains Ana Serzedelo, career, corporate & program affairs director of The Lisbon MBA. 

“The GMAT is a plus for individuals who may not come from a quantitative background, but it is not a deciding factor in recruitment for consulting or finance.”

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 for a career in finance. Many major banks will take your score into account when 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 Darden.

“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 candidates.

However, a strong GMAT score alone is not enough to pursue a career in finance. You’ll also need to display leadership experience, industry knowledge, and excellent communication and teamwork skills.

“The GMAT is a plus for individuals who may not come from a quantitative background, but it is not a deciding factor in recruitment for consulting or finance,” adds Ana of The Lisbon MBA.

“At that level, firms focus more on who you are as a professional: your experience, leadership potential, communication skills, international exposure, and ability to work in diverse, high-performing teams.”

Still, having a high GMAT score remains an effective way of signalling 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.

“Even as AI automates certain technical tasks, the ability to understand what sits behind an analysis remains essential,” says Ana. “A strong GMAT score signals solid reasoning abilities and quantitative skills, which are not just relevant in consulting and finance but non-negotiable assets as well.”

Position yourself for career success in finance and consulting by registering for the GMAT.