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Hi Sharks,
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Hedge fund or VC route?
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No it does not, taking either of the test would not hamper your chances of getting an admit from ISB. This is, however, a personal choice depending on what you are more comfortable with - if it is quant that is your forte - GMAT would probably be a better option. If you are more confident in your verbal abilities, GRE would probably be the way to go!