Last Updated on October 2, 2023
So, you know you want to apply to top MBA programs, and you know you need a good GMAT score to stand out in the highly competitive business school admissions process. But what exactly is a good GMAT score when it comes to top schools?
In this article, we’ll take a look at the average GMAT scores for top business schools in the US, using the 2022 MBA rankings by US News & World Report as our guide for which schools currently make the top 10. We’ll also look at the GMAT score range for top business schools and discuss how to determine where you need to fall in that range in order to get your MBA application noticed.
First things first, let’s take a look at which schools ranked in the top 10 in US News’ 2022 list of the Best Business Schools (there are actually more than 10) and just how competitive these schools are.
- MBA Admissions at the Top Business Schools
- GMAT Scores for Top MBA Programs
- Balancing Your GMAT Score With Other Factors
- Setting Your GMAT Score Goal for Top Schools
MBA Admissions at the Top Business Schools
Getting a seat at a top-ranked business school is no easy feat, even for those who are used to being at the head of the class. The top schools in the US are — no surprise here — generally the most competitive, with low acceptance rates and all-star MBA classes boasting high GMAT test scores, near-perfect GPAs, and other stellar stats.
So, let’s take a look at just how stiff the competition was for a spot in the class of 2022 at a top 10 school.
The Class of 2022 at the Top 10 Schools
The table below provides key stats including each full-time MBA program’s 2022 US News ranking, the number of applications received for enrollment in fall 2020, the percentage of applicants accepted, and the average GPA and years of work experience of the enrolled class.
One thing you may notice right off the bat is that the “top 10” list is actually a list of 11. Furthermore, there are a few schools that tie for the same spot in the rankings, and as a result, US News, does not actually include a #6 or #8 spot.
More importantly, we can see that having a relatively low acceptance rate and a relatively high average GPA doesn’t necessarily place a school near the top of the list. Harvard Business School is a prime example: with a razor-thin acceptance rate of 9.2% and a top-notch GPA of 3.7, we might expect HBS to land in the #2 spot, right below Stanford, whose acceptance rate and average GPA of 8.9% and 3.8, respectively, are pretty comparable to HBS’s.
Yet, Harvard ties in the #5 spot with MIT, which has a significantly higher (though still formidable) acceptance rate of 22% and a somewhat lower GPA of 3.54 (note that this is a median, not an average).
The fact is, MBA rankings are not as cut-and-dried as whose acceptance rate is the lowest and GPA is the highest — though Stanford does beat the competition on both counts. MBA rankings are calculated taking numerous factors into account, everything from acceptance rates and academic stats to the average salaries of program graduates and even the perception of programs by peers in academia.
In short, these calculations are not straightforward, and these rankings are, to some degree, subjective. This point becomes quite clear if you’ve ever compared annual rankings from multiple publications — no two lists are exactly alike. Nevertheless, you will notice many of the same schools popping up on every list, though their ranks are likely to shift depending on the source.
For instance, the Financial Times’ 2021 Global MBA Ranking put Yale in the #5 spot; Yale sits at #9 on US News’ list. Similarly, NYU Stern, which ties with Dartmouth at #10 on the US News list, sits in the #4 spot on The Economist’s 2021 ranking of full-time MBA programs.
So, there are no hard and fast rules when it comes to MBA rankings. However, if you’re interested in applying to top business schools, whether top 5, M7, or top 10 schools, there is some useful information to glean from our table above. Let’s dive into some of the highlights to keep in mind before we get to the meat of our discussion: GMAT scores.
Evaluating Top 10 MBA Admissions Stats
There are a few important general conclusions we can reach based on the data we saw in the table above.
First, we can conclude that, generally speaking, top 10 MBA programs accept less than 1/3 of applicants. In fact, nearly all of these top schools accept less than 30%, with Dartmouth being the exception. (Note that according to the data we found, the average acceptance rate of the top schools was 22.34%). So, all else equal, we have a general sense of any student’s chances of gaining admittance to a top business school.
Secondly, all else equal, we can say that a GPA above 3.5, and between 4.5 and 5 years of work experience, is likely to put you in line with the average accepted student at these top 10 schools. These averages are especially important to keep in mind because if you fall below them, you will need to make up for those deficits in other aspects of your applicant profile in order to remain competitive.
KEY FACT:
All else equal, a GPA above 3.5, and between 4.5 and 5 years of work experience, is likely to put you in line with the average accepted student at a top 10 MBA program in the US.
Of course, one great way to put that extra shine on your application is with an impressive GMAT score. So, before we discuss how to set your unique score goal for a top business school, let’s take a look at what the GMAT score ranges and average GMAT scores for top schools are.
GMAT Scores for Top MBA Programs
Regardless of whether you have an average GPA or an outstanding one, your GMAT test score is likely to be an important consideration during the business school admissions process. So, before you set your GMAT score goal, it’s essential to have a clear sense of the average scores at the schools that interest you — in this case, the top 10.
Have a look at the table below, which contains the GMAT score data of applicants who enrolled in the class of 2022 (unless otherwise noted) at the top business schools we already discussed.
First, you’ll notice that different schools have different ways of reporting GMAT data. Some schools give the average GMAT score of enrolled students, some give the median score, and some provide both.
As for GMAT score ranges, some schools provide the range for all enrolled students, while others provide the range for the middle 80% of the class, or “mid-80%,” as it’s often called. The mid-80% is the GMAT score range within which 80% of people in a school’s class scored. In other words,10% of the class scored above that range and 10% scored below it.
So, because different schools report GMAT scores in different ways, we can’t necessarily do an apples-to-apples comparison for every school. However, once again, we can still draw some useful conclusions about what kind of GMAT scores may be expected for competitive applicants to top MBA programs. Let’s discuss.
Evaluating GMAT Scores for Top Business Schools
While average GMAT scores vary somewhat from one top school to the next, looking at our table above, we can pretty safely say that a GMAT score in the 720 to 730 range should put you in line with the median or average GMAT scores at the top 10 schools.
You’ll notice that, for the schools that provide a mid-80% GMAT range, that 720 to 730 score falls roughly in the middle of mid-80%. And for the school’s that provide the GMAT range of the entire class, that 720 to 730 score falls toward the higher end of the range.
Putting all of this data together, we can infer that the vast majority of enrolled students at these top business schools do not have GMAT scores that fall in the lower half of the range for an entire class. In other words, looking at the ranges and average scores at these schools, we can infer that most enrolled students score 700 or higher on the GMAT, and the proportion of enrolled students who score below 680 is relatively small.
KEY FACT:
A GMAT score in the 720 to 730 range should put you in line with the median or average GMAT scores at the top 10 US schools.
So, with everything we’ve learned so far in mind, should you confidently await your acceptance letters to all the top business schools as long as you apply with a 720 GMAT score, a 3.6 GPA, and 5 years of work experience? Not so fast.
As we’ve already seen, there is no “cookie-cutter” formula in MBA admissions. In fact, there are several factors you must balance when setting your GMAT score goal for a top business school. Let’s discuss.
Balancing Your GMAT Score With Other Factors
Whatever your background, impressive test scores can only help when you’re applying to highly sought after and top-ranked business schools. However, there are numerous factors that MBA admissions committees weigh when deciding who makes the cut. In other words, MBA applicants are evaluated holistically, both in terms of each candidate’s overall profile and the class profile as a whole. Furthermore, business schools generally seek to create a dynamic environment that reflects the real world, bringing together students with diverse backgrounds, perspectives, and experiences.
The point is, your GMAT is just one factor among many. So, determining what score you’ll need to be competitive at top schools is a matter of not only looking at GMAT averages, but also realistically evaluating the strengths and weaknesses in your individual profile.
Case in point: Some number of students that were accepted to the schools on the top 10 list scored well below the average GMAT score for top business schools. For example, we saw that the GMAT score range at the Wharton School, which ranked at #2, dipped as low as 540 — significantly lower than Wharton’s average GMAT score of 722. What explains this discrepancy?
The only explanation is that those students were exceptional enough in other areas to impress admissions. Perhaps they had noteworthy careers, advanced degrees, or certifications such as CPA/CA/CFA. Perhaps they came from underrepresented backgrounds or industries and had glowing recommendations and polished personal essays. All of these factors come into play when admissions committees are putting together incoming classes.
Thus, when you set your GMAT score goal, you have to consider what else you’ll bring to the table. Perhaps a GMAT score that meets the average at your target schools won’t be enough to get your foot in the door. If, for example, your work experience is lacking or your performance in quant-related undergraduate courses wasn’t up to par, an impressive GMAT score could be a key way for you to show admissions that you have what it takes to excel in a top MBA program.
TTP PRO TIP:
Determining what GMAT score you need to be competitive at top schools involves both researching class averages and evaluating your personal strengths and weaknesses.
So, how high is high enough? Should you shoot for the average? Try to hit the top of the GMAT range? Let’s explore how to decide.
Setting Your GMAT Score Goal for Top Schools
Generally speaking, a good GMAT score is one that is equal to the median or average scores at your target schools. However, as we just discussed, all MBA applicants are different, so what’s “good” for someone else may not be good enough for you.
When it comes to business school admissions, you must think of your direct competition not as the entire applicant pool but as only those applicants whose profiles are similar to yours. So, if “the pool you’re swimming in” is particularly deep, you may need a higher GMAT score in order to float to the top.
Are you coming from a background or industry that is typically overrepresented at top MBA programs? If you are, then shooting for a GMAT score that handily beats the average could be a smart strategy for standing out. In other words, if you want to gain admission to a top business school, you’re probably going to need to be exceptional in one way or another.
For example, let’s say you’re a white male with an undergraduate degree in business, about 5 years of work experience in finance, and a GPA of 3.7, and you’re planning to apply to the top 3 schools — Stanford, Wharton, and Booth. In that case, you would certainly fit the profile of a “typical” student, but you can bet that many, many other applicants would as well.
Thus, you might plan to shoot for a score that approaches the high end of the GMAT score range for top business schools, say a score of 770 or 780. A score like that would certainly help move you from the “average” column to the “exceptional” one.
On the other hand, let’s say you’re from an underrepresented group and have a relatively unique personal profile, with 5 years of experience in a less common industry, rockstar recommendations, and a 4.0 GPA. In that case, you may feel comfortable applying to the top 3 schools with a GMAT score of 710 or 700, for example. You may, in fact, be a highly desirable candidate in light of your overall profile.
TTP PRO TIP:
People in groups that are overrepresented in top MBA programs typically need to earn above-average GMAT scores in order to stand out among their peers.
Of course, none of these numbers are set in stone. The point is to research the programs that interest you and objectively evaluate your individual strengths and weaknesses in relation to those programs’ incoming classes. Then, set your GMAT score goal accordingly, keeping in mind that GMAT scores are a valuable tool for filling “gaps” in your profile and giving yourself the best shot at admittance.
If you’re from an overrepresented background or industry, your safest bet is probably to aim for a GMAT score that beats the averages. If, on the other hand, you’re from an underrepresented background or industry, your safest bet is probably to aim for a GMAT score that at least meets the averages.
Additionally, regardless of whether you come from an overrepresented or underrepresented group, if your GPA or years of work experience are notably below average, consider aiming for a GMAT score that approaches the top end of the GMAT score range for top business schools.
Luckily, a good GMAT score is one aspect of your applicant profile that is entirely within your control! If you work hard, have a smart GMAT study plan, and refuse to give up, you really can earn ANY GMAT score you desire. Need some inspiration? Many Target Test Prep students have fought against what they thought were insurmountable odds only to earn top-tier GMAT scores and seats at top schools. Read some of their stories here, and get started on the road to success!
And if you’re looking for information on how the release of the new GMAT version affects scoring, check out this guide to the GMAT Focus Edition for answers.
