The Graduate Management Admission Test has for many years been a prerequisite for admission to accredited universities offering Master of Business Administration degrees and doctorates in business management. Many institutions have historically waived the GMAT for their executive MBA degrees due to the high experience level of students in the program, and more recently, several top-ranked business schools have joined the more than 220 institutions that no longer require GMAT scores.

Harvard University

In May 2009, Harvard University announced that applicants to its business school, which was number one in the 2010 "U.S. News & World Report" rankings, would no longer be required to submit GMAT scores. Instead, the Boston-based university gave students the option of submitting either the GMAT or the Graduate Record Examination. Harvard's decision was based on the belief that GRE results are sufficient to determine an applicant's suitability for the MBA program.

Stanford University

Stanford University in Palo Alto, California, was tied with Harvard as having the best MBA program in the 2010 "U.S. News & World Report" ranking. In an attempt to broaden its pool of applicants and admit a more diverse student body, Stanford has dropped the GMAT as a requirement. However, the GRE must be submitted in lieu of the GMAT. Stanford has not established a minimum required score on the GRE, but admitted students have generally achieved high scores.

Massachusetts Institute of Technology

The Sloan Business School at the Massachusetts Institute of Technology in Cambridge was ranked third in the 2010 "U.S. News & World Report" listing of best business schools. The program is highly competitive; out of nearly 5,000 applications received in 2010, only 500 students were admitted. Like Harvard and Stanford, MIT allows applicants to submit GRE scores in place of the GMAT. Admissions Director Rod Garcia said in a 2011 interview with Clear Admit that the school weighs test scores, grades, work success and demonstrated leadership skills when evaluating an application.

Northwestern University

The Kellogg School of Management at Northwestern University in Evanston, Illinois, was rated as the fourth-best business school in the 2010 "U.S. News & World Report" rankings. The program at Kellogg offers doctorates in accounting information and management, finance, managerial economics and strategy and marketing. A master's degree is not required for admission into the doctoral program; applicants holding bachelor's degrees are welcome to apply. While Kellogg's standardized test requirement is never waived, the school does allow applicants to substitute the GRE for the GMAT. No extra emphasis is placed on the GRE test score, nor is there a minimum score requirement; however, average applicants to Kellogg score in the 90th percentile on their standardized tests.

University of Michigan

The University of Michigan at Ann Arbor's Stephen M. Ross School of Business was listed 12th in the 2010 "U.S. News & World Report" ranking of best business schools. Applicants to the Ross School of Business are required to submit a resume, transcripts, two letters of recommendation and their scores on either the GMAT or the GRE. As with other top-ranked business school programs, there is no minimum required score on the standardized test, but the average submitted GMAT score is around 700. However, this is only one of many criteria the school uses to evaluate and admit students.