Do I need GRE or GMAT or GRE & GMAT for Finance Ph D?

[Hocking]

I can say that nearly every Finance PhD program's website that I have looked at either requires the GMAT, or prefers the GMAT even if they will accept the GRE. If you haven't taken either test yet, and you are thinking about applying to a PhD program in Business Administration with an emphasis on Finance, then take the GMAT without a doubt. The reason why is because everybody else in those types of programs have taken the GMAT, and this is the only way to compare you to others.

If your goal is to apply to Economics PhD programs, then take the GRE. In this case, it is the reverse. Most Economics Programs require the GRE, and prefer the GRE even if they will accept the GMAT. All for the same reasons listed above.

Overall, neither test is good at predicting the abilities of the people who take them. It is just an easy way for PhD programs to eliminate hundreds of applications to their programs. Kind of a shame that the smartest people in the world depend on test scores from a silly timed test to determine who gets in and who doesn't. Why don't they just save us all money and eliminate everyone below a certain GPA, and then just do "inney-minney-miney-mow" on the rest of us.

[desimba]

Originally Posted by Hocking

I can say that nearly every Finance PhD program's website that I have looked at either requires the GMAT, or prefers the GMAT even if they will accept the GRE.

While I recognize the point that you make Hocking, I have a different impression and have facts to back me up. I just went to the website of Chicago GSB and this is what I find:
"Q. Do I have to take the GRE or GMAT to apply? A.Yes. Depending on the intended dissertation area, applicants for the PhD program MUST take either the GMAT or the GRE.


• For Economics — the GRE is required.
• For Finance — the GRE is preferred; GMAT is acceptable.
• For all other areas — the GRE or the GMAT are accepted."

The link if anyone wants to verify is: PhD Program: Frequently Asked Questions - University of Chicago Graduate School of Business

And this is what I have seen on the websites of most schools.
SB