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For now, some top-30 schools have decided against accepting the GRE in addition to the GMAT. As a result, one of the first steps for applicants who are trying to decide which exam to take is to determine if the schools that interest them permit GRE scores. For instance, the Booth School has no plans to accept the GRE in the near future. Martinelli,associate dean of student recruitment and admissions at University of Chicago's Booth School of Business explains that the school has a long history with the GMAT, and the admissions committee knows exactly what GMAT scores mean and how to compare them from student to student and year to year. In addition, the GMAT provides security that gives business schools assurance that the person taking the exam is the one whose name is on the application. "The issues of quality and security in a competitive environment are important to me as an admissions professional," says Martinelli. After all, she adds, the MBA is valuable and opens doors to a lot of people. "People will do anything to get into top-tier schools," says Martinelli.

Many admissions counselors seem to believe that the GMAT holds more weight with admissions committees, even if that's not what admissions directors are saying. Although the material covered in the GMAT and GRE is similar, there are profound differences between the tests. For starters, the GRE does not include data sufficiency questions, which ask the test-taker to determine if a statement contains enough information to solve the problem. Such questions play a major role in the GMAT. The GRE includes more geometry and the verbal sections ask different types of questions, says Chad Troutwine, co-founder and CEO of Veritas Prep in Malibu, Calif. (Veritas Prep has quietly been tutoring GRE test-takers every year, but it primarily offers GMAT preparation courses and admissions counseling.) In general, Troutwine says, the GRE is not taken as seriously as the GMAT in the B-school world. He tells clients to take the GMAT unless they are applying to other graduate programs that require the GRE. "If you can take on the challenge of what may be a slightly more demanding exam, the score will have more value," says Troutwine.