by Peter Johnson, Senior Recruitment and Admissions Manager, MiF
Wondering if you’re eligible for a GMAT/GRE waiver for your Masters in Finance (MiF) application? Read our new guidelines below. If you have any questions after reading through, please get in touch with our recruitment team.
The GMAT and GRE are one of the ways the Admissions Committee can assess whether you have the ability to do well on an intensive Masters programme. It is important to note that for the MiF programmes, test scores are only one factor in the overall evaluation of your application – strong scores do not guarantee you a place, and weaker scores don’t rule you out, especially if there are other strengths in your application, for example your previous grades or a professional qualification like the CFA.
The Admissions Committee has no preference for GMAT or GRE. The choice of test is up to you.
What is a good score?
For GMAT, if your total score is below 600 we generally encourage you to consider resitting the test. In the range 600 – 650, your GMAT score is a neutral factor – fine if there are significant strengths elsewhere. Above 650 GMAT becomes a positive factor and at 700 and above it becomes a significant positive factor.
For GRE, we suggest you should be aiming for a quantitative score of 155 and a verbal score of 145.
You can apply to the MiF programme before taking a GMAT or GRE test.
Information on GMAT/GRE waivers for the MiF
We offer waivers for GMAT/GRE to a small number of applicants. To qualify, candidates will need to exhibit previous academic excellence. GMAT/GRE waiver decisions are made at the discretion of the MiF Admissions Committee.
A GMAT/GRE waiver will be granted automatically to all candidates who have passed CFA Level II at the time of application.
When the Admissions Committee are considering whether or not to grant a waiver, they will be looking for strong grades in previous university studies from a top university, especially in quantitative subjects, and outstanding professional experience in finance. In addition, professional qualifications (e.g. CFA I) will add weight to the case for a test waiver.
If you are a non-native English speaker, we will also be seeking to establish that you are fluent in English.
It is important to note that having insufficient time to prepare for GMAT/GRE (for example, due to work commitments) is not one of the grounds on which a waiver will be granted.
So what does this mean in practice?
You are welcome to submit your application without a test score. After reviewing your complete application we will advise you that:
1) we have decided to waive the GMAT/GRE requirement, OR
2) we have decided to move forward to interview, but our offer may still be conditional on a strong GMAT/GRE score, OR
3) we have decided to wait for a test score before making a decision to call you for interview, OR
4) we have decided not to consider you for this intake.
In all cases the Admissions Committee reserves the right to require a strong score in GMAT or GRE before confirming a place on the programme.
The earlier you apply, the more time we will be able to give you to take the test, if we make a conditional offer. Conversely, if you apply very late in the cycle, you will have a shorter time frame to meet the test requirement of a conditional offer, and it will be unlikely that you will be given the option to resit if your first test sitting does not go well.
Can I ask for a waiver before I apply?
As a first step, you should submit your CV for review. If we believe the programme is a good fit for you, we may then give our view on your test options, however in most cases we will need to assess a full application before making a decision on whether to grant you a GMAT/GRE waiver.
How do I apply for a waiver when I submit my application?
All applications submitted without a GMAT/GRE score will be automatically considered for a waiver. There is a question in the application form where you can make the case for a waiver.
Important consideration on GMAT/GRE waivers
If you are offered a GMAT/GRE waiver you may still wish to take the test in order to make your application more competitive to the Admissions Committee. We receive a large number of applications for the programme and it is a highly competitive selection process.
A high test score is important to some recruiters, so you should be prepared to take it to maximise your future employment potential.
Begin your application for the MiF full-time or part-time programme today. If you have any questions, please get in touch with our recruitment team.