Within minutes of researching admissions criteria for MBA programmes around the world, it became clear that in order to study an MBA at a top-ranked University, one needs to have a good score on the GMAT.
Whilst the GMAT appears to test a narrow area of quantitative and verbal skills, business schools tend to view GMAT scores as an indicator of future performance on the MBA. As admissions tutors will tell you though, it is not the end of the world if you're just a few points short of the average GMAT for your chosen school (as you will have scored higher than at least some of those currently admitted to the school) - the rest of your application (including references and essays) is equally important, if not more so.
To balance this it is also worth noting that if you've scored 770 on the GMAT you're not guaranteed a place in your chosen school, so make sure the rest of your application is as polished as it can be (but congratulations on the score anyway - that's a great achievement!!!).
Official GMAT site:
For a basic overview of the GMAT, the first source of information to call upon is the official GMAT website: http://www.mba.com/ . Here prospective students can learn about all the individual sections, as well as receive notification of any upcoming changes to the exam*.
One book I have personally found useful is the Official Guide (12th ed.), which contains pretty much all of the information you need on the exam as well as 800 questions written by the same people who write questions for the exam. Some of the large tuition providers will include a copy of this book in their study materials, so check with them if you are planning to buy one of these packages - it doesn't make sense to pay twice.
In addition to the books on offer (you may find cheaper copies through local bookstores or Amazon), I would definately recommend downloading a free copy of the GMATprep software which allows you to sit two mock exams on their own PC - giving you a basic idea how the questions will be presented to you on the day, as well as providing you with an opportunity to get a basic idea of your scoring potential..
As you are provided with two practice tests, one useuful suggestion would be to take the first as a baseline at the beginning of your GMAT preparation; the experience gained during the first practice GMAT will help identify any areas to focus on during your studies, with the second to be taken later on in your studies when you feel you've got the material understood.
Training providers
In addition to the home-study option there are literally hundreds of training companies out there offering courses, and as with any course of tuition it is down to the individual student to pick a style of study that is appropriate.
The two big names that I have come across, Kaplan (http://kaptest.co.uk/) and Manhattan (http://www.manhattangmat.com/) provide a range of home/class study options, as well as free online materials that you can take full advantage of, whether you decide to buy anything or not.
As with anything, there is an option out there to suit pretty much any budget and learning style.
Free materials
I will post links to any more free materials I come across as time passes. For now, enjoy Kaplan's youtube offering, which links to 20 short videos covering a number of GMAT basics:
http://www.youtube.com/user/KaplanGMAT
My route:
I have chosen the home study option for now, and have bought a copy of the Official Guide to work through. This will be of course aided by any free materials and library books I can find, and suits my budget and preference for studying in starbucks with a grande classic hot choc + hazelnut :)
Incidentally, I took my GMATprep baseline test the other day and got 600 - aside from a few mistakes, I lost focus on the timing and failed to answer a chunk of the later questions - hopefully I can get quicker once I've had time to re-learn the material. (One lesson here is that missing a question on the exam is penalised harder than getting a question wrong).
For me, the studying starts now.....
* At the time of writing this entry it is expected that a new section to the GMAT exam will be added in June 2012, but any scores obtained prior to this date will remain valid for the usual five years post-award. Updates relating to the new section will be found on MBA.com
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