For aspiring entrepreneurs and executives, pursuing a master’s degree can be an empowering move, which can also be overwhelming.
When applying to graduate schools, there are many factors to consider.
Candidates looking into an online healthcare MBA may be happy to know that many programs now have an option to waive the requirements for GMAT (Graduate Management Admission Test) and GRE (Graduate Record Examination) scores.
This option allows applicants to substitute test scores with work experience, degrees, or other proof of professional or academic experience.
The healthcare industry is facing rapid growth, and the BLS projects that employment rates in the industry will increase by 20% through 2026, a much higher rate than the national average.
To stay competitive in a dense job market full of knowledgeable applicants, those who hold a bachelor’s degree with different backgrounds are pursuing MBA degrees in healthcare to enter this lucrative field.
According to the Brandman University research of 2017, MBA holders will make $15,000 more than four-year degree holders in the next ten years.
The average graduate of an MBA program will earn as much in 20 years of work as bachelor’s degree graduates will make in 40.
This data shows that investing in a two-year MBA program can have a positive impact on salary over lifetime employment.
Unfortunately, many talented candidates choose not to pursue a degree due to the belief that all graduate schools require GMAT scores.
The GMAT test is known as one of the most challenging entrance exams, so it prevents the aspiring qualified applicants from enrolling in healthcare MBA programs.
Luckily, many programs today provide test exemption waivers to applicants whose potential and qualifications can be measured through relevant academic and professional experience.
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What Skills Does the GMAT Exam Measure?
The GMAT is a standardized test that assesses applicants’ readiness for business school.
The exam includes the four skill areas:
- Integrated reasoning: measuring information evaluation skills.
- Verbal: measuring the ability to comprehend, evaluate, and correct written arguments.
- Analytical writing: measuring critical thinking and communication skills.
- Quantitative: measuring data analysis and conclusive reasoning skills.
GMAT scores are a simple way for admissions committees to assess the academic and professional readiness of an applicant.
However, many schools recognize that GMAT can be a barrier for some to enter degree programs.
They also admit that the skills assessed through GMAT can be measured through other factors as well, such as professional and academic experience and performance.
When Can the GMAT Requirement Be Waived?
While there are some common features in the admission requirements, the admission process is unique at every school.
It includes determining whether to waive the GMAT in favor of experience or education or not.
When it comes to considering a GMAT waiver option, it is important to research the waiver requirements of every school thoroughly before applying.
One should assume that all MBA programs offer a waiver option, so it’s recommended to contact every school directly to learn more about their requirements.
Some common qualifications that can substitute GMAT scores include:
Automatic GMAT Waivers
Some schools provide automatic GMAT waivers to applicants with 5-7 years of professionals experience.
Sometimes, test scores aren’t required even with a minimum number of years of professional experience in the relevant field.
Work Experience
Wishing to demonstrate a diverse and well-rounded cohort of applicants, MBA programs are analyzing work experience thoroughly to rid seasoned professionals of the financial burden and time necessary for GMAT preparation.
The Poets and Quants blog reports that 86% of the recent class of students in online MBA at the UNC’s Kenan-Flagler Business School were admitted without GMAT or GRE scores because they had twice as much of work experience than students in the on-campus program.
The MBA@UNC program confirms the efficiency of their GMAT waiver option by comparing the performance of the students who submitted test scores to those who received a GRE/GMAT waiver over 18 months.
The program didn’t find any significant differences in the academic performance of the two groups.
When evaluating people with significant work experience, they take into account what they believe are more meaningful indicators of ability – success and career trajectory, quantitative experience, as well as previous academic performance.
Academic History
A school transcript review is another common aspect considered in a GMAT waiver.
The GPA of at least 2.75 to 3.0 or more is the minimum acceptable GPA when applying for a GMAT waiver.
The difficulty of the undergraduate program is another factor considered by admissions committees when considering official transcripts of coursework and academic performance.
The considered business-related disciplined include marketing, microeconomics, statistics, finance, and related courses.
Previously earned advanced degrees are also taken into account in the process of deciding whether an applicant qualifies for a GMAT waiver or not.
Professional Certifications
Some schools take into account professional certifications as a substitute for GMAT scores.
Such certifications include Certified Financial Analyst (CFA) and Certified Public Accountant (CPA).
Sample Online Healthcare MBA Programs That Waive the GMAT
Southern New Hampshire University
Southern New Hampshire University (SNHU) offers an MBA in healthcare management.
The program is fully online and has one of the lowest tuition rates in the country.
It is accredited by the AACSB, which is the leading organization granting an international standard of excellence.
The program is designed to train people to become influential leaders in the healthcare field.
- Location: Manchester, NH.
- Time to Completion: 15 months.
- Accreditation: Association to Advance Collegiate Schools of Business (AACSB).
- Tuition: $627 per credit.
The George Washington University – School of Business
The School of Business at George Washington University offers an online MBA in healthcare for students who want to excel in the leadership and business aspects of healthcare.
It has a GMAT waiver option for qualified applicants.
The program is ranked among the best MBAs by the U.S. News & World Report.
It is accredited by the AACSB and offers seven unique graduate-level certifications, which include healthcare quality.
- Location: Washington, D.C.
- Time to Completion: 24 to 60 months.
- Accreditation: Association to Advance Collegiate Schools of Business (AACSB).
- Tuition: $1,890 per credit.
Northeastern University – D’Amore-McKim School of Business
Northeastern University is located in Boston, Massachusetts, and offers a fully online MBA in healthcare.
The program is ranked eighth-best online MBA in the US by the Financial Times.
No GMAT scores are required for admission.
Students can access campus facility resources and support in the graduate studies full time.
- Location: Boston, MA.
- Time to Completion: 24 months.
- Accreditation: Association to Advance Collegiate Schools of Business (AACSB).
- Tuition: $1640 per credit.
Ohio University – College of Business
Ohio University College of Business offers an online healthcare concentration.
The program is fully online and doesn’t require GMAT for admission.
Courses are taught by the award-winning faculty who are active professionals and scholars in the healthcare administration industry.
- Location: Athens, OH.
- Time to Completion: 24 to 60 months.
- Accreditation: Association to Advance Collegiate Schools of Business (AACSB).
- Tuition: $1,047 per credit.
University of Alabama at Birmingham – Collat School of Business
Collat School of Business of the University of Alabama at Birmingham offers a fully online MBA program in health services.
It has a GMAT waiver option for applicants with the appropriate professional and academic experience.
The program is accredited by the AACSB and has been ranked among the top 10 universities in the US for diversity four years in a row by the Princeton Review.
- Location: Birmingham, AL.
- Time to Completion: 24 months.
- Accreditation: Association to Advance Collegiate Schools of Business (AACSB).
- Tuition: $1,088 per credit.
