Frequently asked questions
The project:
- How was the study conducted?
- Who conducted the study?
- How were the members of the task force chosen?
- Why did GMAC® sponsor the study?
- What were the aims of the study?
- To whom are the recommendations in the report directed? How will they get them?
The Graduate Management Admission Council (GMAC®):
- What type of organisation is GMAC®?
- Where does GMAC® derive its revenues?
- How does GMAC® use the proceeds of the GMAT®?
- What is the membership base of GMAC®?
1. How was the study conducted?
Firstly, GMAC® recognised that it needed a specially-selected task force from, and located in, Europe. In November 2003 the group met for the first time and the framework and scope of the report was agreed and the initial areas of research decided.Over the course of the following year the group met every 3 months to discuss the results of the research to date and set the tone for further study or discussion. The process by which the document was produced was therefore an iterative one and aimed to capture the different perspectives of the task force and ensure that these were reflected in the final document.
To build a comprehensive picture, existing literature was reviewed, personal informal interviews with key stakeholders were conducted and additional content was written by the task force.
2. Who conducted the study?
The study was conducted by a task force organised and supported by GMAC® with the intent to distribute the findings to a much wider audience. The task force was selected for their breadth of experience and diverse backgrounds and one of their primary remits was to work closely with the project manager-secretariat in order to produce the report.3. How were the members of the task force chosen?
The members of the task force were chosen to represent a diverse group of scholars and business leaders from across Europe with deep interest in the future of graduate management education.The process was initiated by Kai Peters, who was at the time a GMAC® board member, along with David Wilson, President and CEO of GMAC®, who saw value in a study focusing on the pragmatic impact of the Bologna Accord for management education.
4. Why did GMAC® sponsor the study?
For more than 50 years, GMAC® has been committed to creating and improving access to graduate management education around the world. The organisation’s governance includes graduate management education programs in North America, Europe, Asia, Latin America and Africa. Studying the challenges and opportunities presented by the Bologna Accord is therefore a natural extension of our core mission.GMAC® views this report as an opportunity to create value for graduate management education programs through furthering a conversation between the interested parties - educators and management education organisations, business, and governmental institutions.
5. What were the aims of the study?
The primary objective of this study was to look specifically at the implications of the Bologna Accord on graduate business and management education. Our aim also was to provide a thought provoking document that would serve as a catalyst for debate and take discussions surrounding the Bologna Accord outside the purely educational domain and bring it to the attention of a wider audience.The GMAC® task force has made specific recommendations for government funding agencies, university administrators, students and employers. If just one idea or suggestion improves the outcomes of Bologna, GMAC® will have achieved a positive return.
6. To whom are the recommendations in the report directed? How will they get them?
The focus of the document is on business and management education. The content addresses the specific audiences that need to understand the impact of the Accord: university administrators, government funding agencies, students and employers. The intention is to provide a catalyst for debate and to emphasise the need for concerted effort to maintain the impetus stimulated by the signing of the Accord in 1999.A summary version of the report (pdf file, 169KB) itself is being sent, free of charge, to these stakeholders and we are happy to post a printed version of the highlights, or full version, to those who wish to plunge into the full detail. Please contact us if you wish to receive it. Alternatively, download the report from this site.
-> Highlights of the report (pdf file, 169KB)
-> Volume 1: The future of graduate management education in the context of the Bologna Accord (pdf file, 975KB)
-> Volume 2: Supporting appendices (pdf file, 284KB)
1. What type of organisation is GMAC®?
The Graduate Management Admission Council is a not for profit organisation whose sole purpose is to provide support to institutions of higher business and management education around the world.In addition to the GMAT®, GMAC® also serves the entire management education community through a variety of products, services, and industry initiatives. These include:
- professional development programs for people who work at business schools
- products for schools, such as the GMASS® (Graduate Management Admission Search Service) and Applicant Finder "names products"
- recruiting services for prospective students such as MBA Pathfinder® school search database and Recruiting Calendar on www.mba.com
- pre-MBA career assessment (CareerLeader) for students that can be of mutual benefit to them and the schools to which they apply
- a Validity Study Service to help schools determine how well the GMAT® predicts the success of enrolled students
- survey information from our surveys of business school students, business school graduates, employers of MBAs, and business school admissions officers, among other groups
In 1953, the organisation now called the Graduate Management Admission Council (GMAC®) began as an association of nine business schools whose goal was to develop a standardised test to help business schools select qualified applicants. In the first year it was offered the Graduate Management Admission Test®, or GMAT®. Initially used in admissions by 54 schools, the GMAT® is now used by approximately 1,500 schools and 1,800 programmes worldwide, including 341 in the signatory countries to the Bologna Accord.
Please visit the GMAC® website for further information.
2. Where does GMAC® derive its revenues?
The dominant revenue source for GMAC® is the GMAT® exam. The organisation also generates revenue from its participation in a student loan program and through the sale of GMAC® products for schools and prospective students.3. How does GMAC® use the proceeds of the GMAT®?
The GMAT® exam is a very expensive test to develop and administer, particularly because of the need to stay on the leading edge of security measures that are employed to ensure the integrity of the exam. Therefore, a significant portion of the proceeds of test are used to support the development and administration of the exam. The proceeds also support a host of other activities, including:- conferences and professional development opportunities for business school administrators,
- an applied research program, including surveys of graduating MBA students worldwide, corporate recruiters, and MBA alumni
- two Web sites - one for prospective students (mba.com) and one for school administrators and the general public (gmac.com)
- philanthropic support for organisations with similar missions
- the Validity Study Service to help schools determine how well the GMAT® predicts the success of enrolled students
4. What is the membership base of GMAC®?
Nearly 40% of our client base is located outside the US - of the approximately 1500 schools that use the GMAT®, 37% are non-US.© 2005, GMAC® Bologna Project