For those of you who are considering business school but are still uncertain whether the GRE has as much clout as the GMAT, this press release should somewhat allay your anxiety. Apparently, over 1,000 schools worldwide accept GRE scores—from Harvard to the Rotterdam School of Management. ETS trumpets this fact as an example of the diversity of candidates that take the GRE compared to the GMAT. Meaning business schools have the advantage of selecting from even a wider pool of candidates.
Nonetheless such an expansive roster does not necessarily mean that these schools weigh the GMAT and the GRE equally. That question is perhaps answerable on a case-by-case basis. Meaning that not every admissions committee will weigh the GRE the same as the GMAT.
The good news is that with so many schools accepting GRE scores there is surely a growing awareness—and acceptance—that the scores represent a valid measure. Especially if a business school website advertises the fact that it accepts GRE scores, you should be anything but leery about submitting a GRE score. Taking the GRE over the GMAT also provides the advantage—as the press release mentions—of keeping the option of graduate school open.
Something not mentioned, but an interesting consequence of the growing acceptance of the GRE for business school is that an increased applicant pool means more competition. As the article notes, the GRE is less expensive and less daunting than the GMAT (even ETS concedes that the scroll-feature makes things far less anxiety-inducing). So if you are applying to business school, regardless of the test you take, you will be competing against more students.
The takeaway from all this is to know it probably only a matter of time before the GRE is accepted at all business schools. Of course you should follow up with the program you are interested in to see how they weigh the GRE. If the program is very competitive or quant-heavy, then you may still want to take the GMAT. But ask the program directly and gauge their response. If they say the GRE is fine, then by all means take the GRE, if you feel it is the test that will better show your potential.
Check out this GRE to GMAT score conversion to see where you stand.