What's the difference between the GMAT and the GRE?

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While the GMAT is used solely as an entrance exam for MBA programs, the Graduate Record Examination (GRE) is accepted on many differing masters programs. Because of this, not as many business schools accept the GRE compared to the GMAT.

However, some MBA applicants will have previously taken the GRE in their educational career, and so may not wish to take another exam. Also, some applicants may not have decided between taking an MBA or a masters degree, and therefore wish to keep their options open.
You should always check with the business schools that you wish to apply to before committing to take either test. However, you can find more information on each school's application procedure on TopMBA.com's business school profiles.