GMATPrep 710 - when to book exam? Round 3 app?

[--JTL--]

I just started my prep on GMAT. I took the OG12 diagnostic earlier this week and came out with the following results:

Quant - 21/24
Quant Data sufficiency - 15/24
Verbal RC - 15/17
Verbal CR - 16/17
Verbal SC - 17/18

On that basis I thought it was worth giving the GMATPrep Test 1 a shot this weekend and was surprised to get a 710 (Q47 and V40). Particularly surprised as I wasn't very focused when I sat it.

It seems I need to spend some time on Quant and I think this is something I should be able to improve significantly through revision of concepts and learning techniques. I haven't used a lot of this maths for many years!

Drilling down further into the detail it is clearly Data Sufficiency where I struggle - of the 17 questions I got wrong on the GMATPrep Test, 15 were Data Sufficiency. I suspect this is down to bad technique or rushing the questions.

Given these results I want to ask what peoples opinions are on when I might be able to sit the GMAT (I haven't booked anything yet but was thinking end of February) and whether I should start seriously thinking about a Round 3 application to the top schools? I'd like to try and hit 750+.

I have included a brief background profile below to help. A couple of areas of concern are my undergraduate degree (2:2) and the fact I'm just coming up to 30 so would be 31 - 33 depending on when and where I complete my MBA.

Thanks to anyone, in advance, who has advice or comments.

Background profile

Academic and Work Experience:

· GMAT: Assume 700+.
· CFA Level II candidate.
· Qualified Corporate Financier - CF (ICAEW Advanced Diploma).
· BEng (Hons) 2004 - Top 10 Global university.
· Academic Scholar - High School.
· Work experience:
- M&A Manager at Big-4 firm with 4 years Corporate Finance experience and 1 year Management Consulting primarily based in London.
- 4 month secondment in Middle East/GCC.
- 12 months secondment in North Africa.

Key projects:

· Managed fire sale of leading, global metals brokerage as part of a Special Administration (one of the largest bankruptcies in US history).
· Provided analysis of implications of re-financing of major UK infrastructure asset (c. £450m) and advised consortium of local authorities invested in PPP on possible courses of action and funding scenarios.
· Assisted in the sale of UK infrastructure asset (£100m+).
· Managed key work stream in modernisation of a Land Registry Department of North African government leading deployment of Phase 1 new offices and teams, including flagship office. Total project - c. 3,000 staff / 70 offices.
· Provided analysis, comparison and recommendation of bids for Middle East/GCC Infrastrucutre project (c. $100m+).
· Advised two African governments on possible nationalisation of downstream Oil & Gas assets ($100m+).
· Participated in, and contributed to, 20+ M&A transactions (completed and aborted).
· Consistently "Exceptionally" rated leading to two early promotions to date.

Extra-curricular:

· Conduct Stage 1 graduate interviews for Transaction related service line of firm.
· Deliver training sessions for graduates on M&A - general M&A process, Valuation methods, DCF modelling and merger modelling.
· Voluntary interview preparation for high school senior level students in advance of University interviews.
· Voluntary 'Dragons Den' mock panel for school children to promote entrepreneurial spirit and basic understanding of running a business, marketing, profitability etc.
· Keen, novice sailor - participation in Round Island Race 2012 and numerous inshore Solent races.
· Keen sport climber and snowboarder.
· Alpine Expedition to climb Aretes des Cosmique and Mont Blanc in 2010.
· Currently exploring start-up venture with two partners - electrical engineering completed, product designed and CAD modelled and now in prototype manufacturing phase.
· Actively spread bet and manage small equity portfolio.

Objective:

My objective is to enhance my existing M&A experience leading to a role advising on larger, more complex transactions, on a global scale. In the medium term, my primary focus will be on attaining and cementing a position with a reputable, bulge bracket investment bank still in an M&A adviser role, with a longer term view to transition to big ticket private equity with responsibility for investment decisions, and an active role in operational improvement and strategic direction of portfolio assets. My secondary, or alternative, area of focus would be a position with an active/acquisitive major global 'Industrial' in an M&A / Corporate Development role.

[Jim@StratusPrep]

Honest response is to take time to study and apply next year. Round 3 is kind of a dud and even though you are starting at a high level you still want to spend time with the GMAT to ensure the score you want...

[--JTL--]

Thanks Jim.

Why does Round 3 exist if it is perceived to be a waste of time? Additionally, if everybody takes the view that it is a waste of time doesn't that potentially reduce the level of competition? I appreciate that there may be fewer spaces available in Round 3 than in Round 1 and 2, but from what I see on here it suggests people would rather wait for the next year, suggesting next to no-one applies! Finally, if the school considers the "application rather than the applicant" what is the issue with applying in Round 3, potentially being knocked back due to limited space and then applying again in Round 1 (also potentially with improved GMAT)?

I'm considering INSEAD as an option and they have a Jan 2014 course, with Round 1 deadline of 03 April, which was one of the reasons for looking at getting GMAT within next 2 months and doing Round 3 for US schools. INSEAD would get me graduated earlier and cheaper, but my current perception (rightly or wrongly) is that if I want to work in the US in the future or for big US Banks/PE then a US school is better regarded.

Any further thoughts appreciated.

[--JTL--]

Sat the second GMATPrep test today and scored 740, but whilst my score improved on the Verbal (V47) it declined on the Quant (Q45).

Does anyone find that the questions in the Official Guide are a lot easier than those on the GMATPrep tests?

I did 40 Data Sufficiency questions from the book before I sat Test 2 and scored 37/40 (and for all the Quant Problem Solving and Data Sufficiency questions I've answered so far I've scored 132/143).

Looks like I'm rusty on some of the math concepts / rules and need to learn them again properly rather than sitting tests cold! I'm also thinking about reading through the Answer Explanations for the OG questions I got right to see if there are techniques and improvements to method I can learn and apply, and I have the GMAT800 book which I've yet to look at so that might help.

I still intend to sit the exam at the beginning of March with a target of 750. If I hit that then I'm thinking of late applications for September 13 intake. It would give me a month until Round 3 Harvard and Stanford, I'd miss Round 3 Wharton, but could add Columbia, plus INSEAD which would both effectively be Round 1.

If I score 700-750 I think I'll wait until Round 1 applications for September 14 intake and consider whether to retake in the summer depending on where on the scale I sit. Unfortunately March, April, May and June are unavailable for study.