Just starting to think about applying. Wanted to take the GMAT to have a baseline but was told I shouldn't waste it as there is a limited amount of times you can take it and all scores are reported. Is this true?

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Take the practice GMAT

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Take it. I took my first one and scored 500. I was good on quant and very poor on verbal (International here) and scored 710 after focusing my efforts in my weaknesses.
The first test is a very good baseline.

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Take it. You will know where you stand. By the time you take the next one, you will forget most questions.

There are 6 official gmat practice tests which I think you can take up to two times each before you start getting too many repeat questions so there is some validity to that statement BUT I think it would be good to take one anyways to understand where you’re at. If I were to give my past self a guide to gmat study this is what I would suggest

1. Take a practice test
2. Buy TTP and follow everything they say to do
3. Purchase the rest of the practice tests/ OG guide and keep at it until you’re hitting 700+ consistently

The first real GMAT was a good baseline for me since I would score in the 720+ range with the practice GMAT exams, and true enough, I did not get 720+ on my first real exam

You can cancel scores you're unsatisfied with at the end of the exam

Wait you have to report all scores? And do they care about all gmat scores or just the highest?

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