B-School Entrance Test Smackdown: GRE vs. GMAT
Inside Higher Ed -- One of the hot battles in standardized testing these days is over the M.B.A. market. The Graduate Management Admission Test (GMAT) has long been dominant. In 2003, the Educational Testing Service lost its contract for the GMAT exam to ACT and a Pearson division, and a few years later, ETS was talking about encouraging business schools to consider the Graduate Record Examinations (GRE) as an alternative to the GMAT and a growing number of top business schools have agreed to accept either test (Wharton, Harvard, Stanford, MIT, NYU, and University of Virginia).
Here's a comparison of the GRE and GMAT, showing that the GRE has many advantages over the GMAT: faster score reporting time (10-15 days for GRE vs. 20 days for GMAT), available in more countries (165 vs. 110), GRE is both computer-based and paper-based and GMAT is computer-based only, GRE is slightly shorter (3 hours and 15 minutes vs. 4 hours), and probably the most important difference: $150 for the GRE ($180 in most foreign countries) vs. $250 for the GMAT.
Here's another link with comparison data of the test questions.