GMAT test is like general aptitude test which enables to know about your intellectual sills set required to study Business, most of the engineering students dream to do MBA program from a top management institute, GMAT test includes questions drawn from GMAT Math [http://www.funnelbrain.com/mba/gmat-math], English and common Logic.
The test is designed well it does not really guarantee that you are fit for business school, because most of the curriculum is ready available in book format where you can read and memorize answers to the questions. There is no ideal test which can measure all aspects of human intelligence, no matter how well any admission test is designed, is inherently inadequate to measure certain human mind skills, agreed some form of entrance admission test is necessary, giving admissions solely on school grades earned can be misleading in our current school education system. Lot of leading professors and educationist suggest combination of several methods to test grades, but is well debated and yet to be implemented, so the current GMAT exam structure stays as it is. Preparing for GMAT is very easy in the internet age, several online practice GMAT classes are available from best institutes.
To give a quick overview for beginners, GMAT is must for joining any business schools worldwide, the test can be given year around on specific designated week days. Another question several students have - How really important is to GMAT score ?. it's very important to get good GMAT scores as vast majority of B-Schools offer admission based on two major criteria GMAT and GPA scores. Candidates who want to be successful in first attempt of GMAT test should focus on GMAT Grammar Practice and GMAT Verbal practice tutorials are available to gage the sills before you apply for exams, one of the recent survey suggests that by 2013 there will be steep hike in hiring MBA graduates by corporate world around and there would be shortage of MBA.