GMAC meaning in Business ?

The Graduate Management Admission Council (GMAC) is an international non-profit organization of business schools that provides products and services to academic institutions and prospective graduate management education students. The organization owns the Graduate Management Admission Test (GMAT), a standardized assessment that is widely used by graduate business administration programs (e.g. MBA, Master of Accountancy, Master of Finance, Master of Science in Business/Management, etc.) to measure quantitative, verbal, analytical and integrated reasoning skills in applicants.

GMAC is based in Reston, Virginia. In 2007, the organization opened an office in London, its first international location. GMAC also has offices based in Hong Kong and Gurgaon, India. The Graduate Management Admission Council has 212 member schools from 22 countries, including Australia, Canada, China, France, Great Britain, India and the United Kingdom. In 2007, the organization embarked on an effort to increase its membership outside North America. GMAC is governed by a 15-member board of directors that includes representation from business schools and private industry.