You're hard at work preparing for the GMAT, but when should you schedule the actual test? There are many factors to consider, and all of them hinge on the timing of your business school application. Here are a few questions to ask yourself when deciding when to schedule your test.

Am I ready?

This is the definitive question. If you aren’t ready for the GMAT, clearly it’s not a good time to take it. Experts suggest setting aside 2-3 months to study. That's the equivalent of 80-100 study hours minimum. If you’re hoping to apply for Round 1 at your top choice schools (the next question deals more with this), this would mean that your study time and exam would be in the spring and summer. Later application rounds would push your timeline by about 3 months.

Where am I applying?

If your top-choice school or schools are in the top 20 in the nation, submitting your application in Round 1 is far more important than it is for lower-ranked schools. Regardless, a first-round application shows that you are serious and highly motivated. It also enables you to apply to your second-tier choices in Round 2 or 3 if your top picks don’t work out. Having your GMAT completed well in advance of the fall deadline allows you to strengthen other aspects of your application for the highly competitive Round 1.

Remember that unless you are open to the application process spanning many months, plan to apply to all of your choice schools in one round. That way your interviews, deadlines, and selections will all take place around the same time.

When are the application deadlines?

Look at the application timelines for your top schools and work backward to schedule your GMAT. Give yourself plenty of time to ensure your scores arrive before the deadline. The GMAT handbook recommends testing at least 21 days before your scores are due.

Do I want to take the GMAT more than once?

If you plan to take advantage of the opportunity to take the GMAT a second (or third) time, it’s important to build that into your timeline. The exam can be taken every 16 days, but some experts recommend giving yourself a full month to study before testing again. If you hope to apply in Round 1, this may mean taking your first GMAT in the spring to allow plenty of time to regroup, study, and retake the exam. Remember that GMAT scores are good for 5 years, so there’s no such thing as taking the test too early - assuming that you’re ready.

Do I have my best possible application?

Ultimately, the goal is to submit the best possible application. Sometimes, this means not applying until Round 3 or even waiting until the next term to guarantee your highest GMAT score and excellent essays and recommendations.

Fortunately, the GMAT is offered continually throughout the year. You can contact your local test center at any time and reserve a time to take the exam. It is wise to sign up for the exam about a month out from testing to ensure a spot is available.

Whether you’re planning to apply to business school in the upcoming Round 1, or waiting until the following term, you can relieve much of the pressure of the application process by taking the GMAT with your application timeline in mind. Answering the above questions takes the guesswork out of the process and allows you to focus on scoring to your highest potential.