Take the GMAT well ahead of when applications are due. You need time to prepare, register and take the GMAT so that you get your score in time to meet the application deadlines. It will likely surprise you how far in advance of starting classes this timeline is.
For example, these are the application deadlines at Stanford for applying for the class of 2011 (classes start September 2009):
| Round 1 | Oct 29, 2008 | ||
| Round 2 | Jan 7, 2009 | ||
| Round 3 | Apr 8, 2009 |
Common advice is that you need 2 to 3 months to prep for the GMAT. I suggest you add a buffer of at least another month or two. The prep work becomes a grind. Work and life always find ways to interfere with your best intentions. Moreover, the GMAT is not something to cram for.
I found that my studying and test taking skills were terribly rusty because I had been out of school and in the workplace for 10 years, using much different skills. I needed extra time to re-learn how to study effectively and how to take standardized tests. This was a big surprise to me.
Cant decide which prep book to get. Buy one (tips for picking a prep book)
Crack open book
Get disillusioned
Read about GMAT prep on the web
Open book again and pick a section. Verbal or math? Look at a few questions from each section. Oh, boy. Where to start?
Read about business schools on the web; resolve to get back to prep
Work on verbal section. Realize that my study skills are out of practice. Discover that test questions are foreign to my brain.
Egads, work has gone crazy, no time for prep for 3 weeks
Try setting aside 45 minutes a day after work to study
Am so brain-dead after work that studying is minimally effective. Plan to set aside 3 hours on Saturday and Sunday for prep time. This proves to be such a drag, but is more effective. My brain is more engaged.
Sick of studying. Procrastinate, dont want to read anything about the GMAT or b-schools.
Lather, rinse, repeat.
Take some online GMAT sample tests
The holidays interrupt all good intentions. Thanksgiving, Christmas shopping, Christmas parties, Christmas travel.
After the holidays, get back to studying. Find that I have much better study skills and test questions are not so foreign.
Take sample tests; prep like a dog
Lather, rinse, repeat.
Assess my weaknesses and work on improving them. I also find that I need to work faster at some types of questions.
Finally, the day to take the GMAT arrives. If nothing else, at least I will be able to move on with my life.
My point is there are all sorts of stories. Go for it. Do not let my detailed timeline story derail you. I applied during a serious economic downturn. The b-school I attended accepted only 1 in 10 applicants then. When times are tough, many people want to go back to school. Do what you need to get your best score and beat out the competition.