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Universities generally say that they accept both exams, but you see the percentage of people who have given GMAT and GRE in a particular course. An inclination is towards GMAT. Also, these exams are not only for the admission purpose but also for the job after graduation. Companies prefer good GMAT score to hire an employee. GMAT is the best exam I've come across as it tests one's analytical ability in the real sense and hence, companies look at it to make a call on their future employee.
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