GMAT (Graduate The GMAT (Graduate Management Admission Test) is an important test for graduate students in business, economics, and management at universities in the United States, Australia, and the United Kingdom, and is administered by the Graduate Management Admission Council (GMAC). The difference between the GMAT and the GMAC is that they are administered in different disciplines. The difference between the GMAT and the GMAC is that they apply to different disciplines;