Positively, around 1000 B-schools across world have accepted GRE Scores, say as from Harvard to the Rotterdam School of Management. ETS clearly discloses about the fact as an example of the diversity of candidates that take the GRE compared to that of GMAT. Which clearly means that B-schools have the advantage of selecting from even a wider pool of candidates.
However, such an expansive roster does not necessarily mean these schools weigh the GMAT and the GRE equally. Infact, not every admissions committee weighs the GRE the same as that of GMAT. With so many B-schools accepting GRE Scores there is surely a growing awareness and acceptance that the scores represent a valid measure.
Taking the GRE over the GMAT also provides an advantage of keeping the option of Graduate School open wide. Well, an increase in accepting GRE scores and applicants shows the increase in height of Competition in the Business field. As the GRE is less expensive and less deterring than GMAT, when students are applying at B Schools regardless the test they take then you shall be competing against more students.
What do you need to know from this? Its probably only a matter of time before the GRE is accepted at all business schools. Of course you should follow up with the programme you are interested in to know how they weigh the GRE. But, in case if the programme is very competitive or heavy in quantity then many of you might still want to take up GMAT. But make sure you study about the programme completely and measure it wisely. In case they say that GRE is fine, then don't step back from taking GRE, because it is the test that might show your potential even better.
What is GRE: The Graduate Record Examinations (GRE) is a standardized test that is an admissions requirement for many graduate schools in the United States, in other English-speaking countries and for English-taught graduate and business programs world-wide.
Created and administered by Educational Testing Service (ETS) in 1949, the exam aims to measure verbal reasoning, quantitative reasoning, analytical writing and critical thinking skills that have been acquired over a long period of time and that are not related to any specific field of study. The GRE General Test is offered as a computer-based exam administered by selected qualified testing centers.
In the graduate school admissions process, the level of emphasis that is placed upon GRE scores varies widely between schools and between departments within schools. The importance of a GRE score can range from being a mere admission formality to an important selection factor.