12-12-2025
For students around the world, the path to graduate school usually starts with the Graduate Management Admission Test, or GMAT. This computer-based assessment evaluates a candidate's readiness through three core sections: Quantitative Reasoning, Verbal Reasoning and Data Insights. Together, these sections measure a student's ability to analyze data in various formats, use mathematical concepts to draw conclusions, and demonstrate critical reasoning skills. Once this assessment is completed, the resulting scores are sent to the schools chosen by the student as part of their application.
Today, the GMAT is one of the most popular pre-admission tests taken globally, with over 93,196 exams written by prospective business school students in 2025, according to the Graduate Management Admissions Council (GMAC). These figures create the impression that every aspiring student must take the exam to get into their top graduate program. This pressure is often felt most acutely by students targeting competitive finance graduate programs to achieve their long-term career goals. However, is this universally accurate?
Explore the MS Finance program.
With 20 years of experience in higher education, John Gibson, the associate director of admissions at Purdue’s Mitch Daniels School of Business, emphasizes that successful finance master program applications do not rely solely on GMAT scores. They require a variety of components to be considered holistic.
Prospective students might see their application as just numbers in a binder. However, Gibson explains that non-numeric factors matter too. Letters of recommendation, work experience, personal statements and statements of purpose speak strongly of an applicant's identity and character, making a strong impression.
“Our team thoughtfully weighs and reviews these components, and we strive to have a balance between quantitative and qualitative measures to create a diverse and well-rounded cohort,” clarifies Gibson.
According to GMAC, the demand for specialized master's degrees is surging. Master of Finance programs remain a top choice, with 55% of U.S. programs reporting application growth in 2024. This trend aligns with a broader resurgence in business education, where Master of Accounting programs also hit a five-year high. For prospective finance professionals, this rising popularity highlights the strong value these degrees hold in today’s job market. To identify the most promising future leaders in this growing field, admissions committees are now taking a comprehensive approach to understand the unique potential of each applicant.
With high demand across multiple business disciplines, choosing the right path is essential. If you are still weighing your options, read our guide on Finance vs. economics: Which master’s is right for you?
Take the next step toward your future in finance. Discover the STEM-designated MS Finance Program.
“For our MSF program, we accept both the GMAT and the GRE, both in-home and test center editions, but we use the score as a piece of the holistic overview of the applicant,” says Gibson.
As part of the Master of Finance prerequisites, the admissions team at Daniels School of Business generally looks for a minimum GMAT score of 500 (or GRE equivalent), though a score of 600 or higher is recommended. A strong score helps validate a candidate's potential and can even help balance out other areas of an application that might need strengthening.
When preparing for the exam, it helps to know the benchmarks. “The average class GMAT score over the past five years has been 630, while the average GRE is 320–322. We typically like to have a total score of 600–650 on the GMAT and 312–318 on the GRE. However, aiming for at least the 60th percentile on the quantitative section of either test is a great goal to strive for.”
But the score is just one piece of the puzzle. The outcome of any application in finance also depends on other qualitative factors like letters of recommendation, resumes and work experience. Recognizing that talent comes in many forms, the Daniels School supports this diversity with a flexible application process, allowing eligible candidates to apply for a GMAT/GRE waiver.
From GMAC: Holding certifications such as CFA Level II, CPA or equivalent, strong grades in quantitative coursework, STEM major and background from a known institution, and demonstrated professional experience are all things the committee will want to see for a waiver.
Applicants can qualify for waivers in multiple ways, such as having extensive relevant professional experience or holding advanced degrees and professional certifications like the CFA. These demonstrate their ability to succeed in the graduate degree program. The waiver may be available to domestic applicants or U.S. military personnel with a 3.5 GPA from a U.S.-accredited institution or equivalent degrees.
Upon qualifying for the waiver and submitting an application to the master's office at businessgradadmissions@purdue.edu, applicants can access the waiver form and proceed to the next steps. It is critical to keep in mind that candidates receive a waiver only on a rare, case-by-case basis and that all waiver requests are granted at the discretion of the admissions committee.
To learn more about the MSF application requirements, visit this checklist.
Remember, your application is more than just numbers — it is a reflection of your holistic self. Your GMAT and/or GRE score will remain a recommended part of your application, but there will be more components that will weigh in on the final verdict.
At the Daniels School of Business, learning is comprehensive, and prospective MS Finance students take their next leap confidently as they explore various careers in corporate finance, fintech, financial analysis, investment management and more.
Within this program, ranked #5 by Eduniversal (2024), students engage in global, team-based environments that strengthen their critical thinking skills. This 10-month, 36-credit-hour residential program also gives students the ability to access and manage the Student Managed Venture Fund (SMVF).
This 10-month, 36-credit-hour residential program also offers a standout opportunity to access and manage the Student Managed Venture Fund (SMVF). Contributing to this one-of-a-kind fund creates avenues for students to make financial decisions in real time, collaborate with early-stage investors, interact with firms and co-invest with partners.
Learn more about getting involved with the SMVF.
If you would like to receive more information about pursuing a business master’s at the Mitch Daniels School of Business, please fill out the form and a program specialist will be in touch!
