How hard is it to crack 700 on the GMAT?

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This is a stupid question.

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Depends - are you stupid?

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720 is the new 700

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^thats pretty oversimplified. It's understanding math constructs, properties of different types of math problems and shortcuts to solving them, understanding how to quickly break down verbal problems into what is being asked, what is wrong with the information given, etc. yes the time limit underlies everything but it's not enough to say "manage your time well and you'll do well"

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It's as hard as you make it...

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^the content based comment is to illustrate that GMAT, SAT are aptitude based. IE how smart you are and how logically you can think

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I'm not saying there's no math or verbal. But none of the questions are actually that hard. None of the math is anything you wouldn't have learned in a standard high school math class and I'd argue the same for the verbal section. It's the timing that makes it difficult. All the test prep "resources" will tell you the same thing. Having a strong understanding of the fundamentals is absolutely important, but they don't count for anything if it takes you 5 minutes to answer one question. Having a strategy for each type of question is crucial. The GMAT is a test that tests how well you can take the GMAT.

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Where'd you go undergrad?

MCAT (and DAT) exams, for doctors and dentists, are far more content based. The GMAT is like the SAT - however well you did on that, and the effort you needed to get that score, is correlated with how you'll do on the GMAT and how "easy" it will be. I had a 2300+ SAT with a weekend of dedicated studying, and got a mid 700s GMAT with similar effort. All depends on you...

It's not a math test or a verbal test. It's a time management test.

I had a similar experience to @Deloitte's - scored highly on the diagnostics and it wasn't worth my time to really study. That said, I found the Kaplan and GMAT Prep practice exams to be indicative of my test day performance and what I needed to skim over before taking the real thing.

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