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The Graduate Record Examination (GRE), used by many as an entrance exam to graduate degree programs and increasingly accepted by business schools as an alternative to the Graduate Management Admissions Test (GMAT), will be completely revamped for 2011, according to a recent report in the Financial Times.

Billed as the most significant changes in the test’s 60-year history, the revisions are aimed primarily toward making the test more relevant to business students, the FTreports.

Working in direct competition with the GMAT exam, ETS, which administers the GRE, has spent the past year marketing its GRE test to aspiring business school students.

For students, the most noticeable changes will appear in the verbal reasoning section, which calls on test takers to read and understand relevant material. According to theFT report, there also will be changes to the quantitative reasoning and analytical writing sections of the examination. These changes will impact the more than 600,000 students who take the GRE globally every year.

As far as business schools are concerned, the biggest change will be in the scoring system employed for the exam. Today, the GRE results range from a minimum of 200 to a maximum of 800. The new test results will range from a minimum of 130 to a maximum of 170 points.