50-point improvement or your money back??

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jkwan
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Topic: 50-point improvement or your money back??
PostThu Mar 26, 2009 9:33 am
Dear Knewton,

I'm taking my GMAT in 2 weeks, and I have learned about your prep course thru my tutor. He talked highly about your adaptive learning method, and he currently works for a different prep course all together, so that's what really got me intrigued about your company...

I took my GMAT 2 years ago and didn't do well, so I'm hoping I'll do well this time. Based on what I've read and heard about your company, I have recommended your course to all my friends who are thinking of signing up for a prep course, but a lot of them have not taken a prep course nor taken the actual GMAT, so how is this 50-point guarantee going to work in their case? Does this 50-point guarantee only work on people who have previously taken the GMAT, or do you make comparison between a person's practice CAT score on Knewton to their actual exam score to see if he/she has made at least 50 pts in improvement?

Thanks!
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Manhattan GMAT Adapative CAT (Taken Jan. 19, 09): 600 (Q-42, V-32)

Manhattan GMAT Adapative CAT (Taken Feb. 14, 09): 620 (Q-43, V-32)

GMATPrep CAT (Taken Feb 28, 09): 590 (Q-39, V-34)

Manhattan GMAT Adaptive CAT (Taken March 6, 09): 640 (Q-44, V-34)

800Score CAT (Taken March 14, 09): 630 (Q-41, V-36)

800score CAT (Taken March 20, 09): 600 (Q-41, V-31)

Manhattan GMAT Adaptive CAT (Taken March 22, 09): 600 (Q-39, V-34)

GMATPrep CAT (Taken March 28, 09): 570 (Q-37, V-31)

Knewton Diagnostic CAT (Taken April 3, 09): 640 (Q-45, V-33)
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Jose Ferreira
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PostSat Mar 28, 2009 7:32 pm
Hi jkwan,

Thank you for the inquiry and the kind words; we certainly appreciate them!

The baseline score for the Knewton Money-Back Guarantee is established by your actual GMAT score or the score from our diagnostic exam -- whichever is higher. You may want to take the diagnostic regardless, because if you score higher, then you are guaranteed an even higher score -- or you get your money back. In the case of your friends, they would certainly enjoy the benefits of the guarantee by taking our diagnostic CAT.

When you chart MBA programs and the average GMAT scores for their entrants against average starting salary for graduates, each 10-point gain on the GMAT results in approximately a $3,000 increase in salary. Therefore, you can think of our 50-point guarantee as a guaranteed ROI on the cost of the course, ten-fold!

Anyway, hopefully that answers your question. I want to wish you the best of luck on your test in two weeks and hope you won't need to become a Knewton student, but I certainly invite you to sign up for the free trial just to get in an extra practice CAT.

Best wishes!
Jose
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http://www.knewton.com/gmat
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mbaharvardream
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PostSat Jun 06, 2009 3:00 am
Hi Jose. I haven't taken the gmat or Knewton's diagnostic test yet. I've signed up in your free trial and took a sneak peak at your free archived class sessions 1 and 2. (about 5 minutes of each). In section 5 of your terms of agreement, I've read the following to qualify for a moneyback guarantee: "You must complete your Knewton diagnostic test before you access any Knewton classes or resources aside from the first class session and you must take an official GMAT within your Knewton membership period." As I've already accessed your free class sessions 1 and 2, (though did not complete it), will I still be guaranteed my money back if ever I buy your online course? Thanks and more power to your company.
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smcneilpkp
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PostThu Jun 25, 2009 8:51 pm
I'm in the same situation as you, mbaharvardream. Jose, please let us know the answer to this question.

Thanks!
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Jose Ferreira
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PostTue Jul 21, 2009 7:09 pm
Hi guys, we can see what things you've done in the system, and in the case that it was just some feeling around, we can certainly ensure that you'll still receive the guarantee. Additionally, we have further developed our trial since you wrote in, so it's easier for new students to play around and not worry about the guarantee. We have lots of things planned for it in the future as well, so stay tuned!

Best,
Jose
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Jose Ferreira
Founder and CEO, Knewton, Inc.
http://www.knewton.com/gmat
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ploy_j
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PostSat Sep 26, 2009 7:25 pm
Hi Jose,

May I check with you if the higher of knewton CAT vs. official GMAT still applies? I notice that the terms and conditions in your website is different! Thanks!

Cheers
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