ColoHox has hit it on the head. GMAT is business graduate focused.
It is very dependent on what your goals are. At the time I took the Exam, the GMAT was the gold standard across the top twenty programs, and if you wanted to go be a corporate strategy consultant (McKinsey, Booz, Bain, BCG) you must attend a top 20 program. My program was 26th, I was a night student, and I live in Cleveland so I couldn't even land interviews. But then again I didn't even know I wanted to be be a strategy consultant till I was in the MBA program.
On the other hand, if you goals do not include relocating for your dream job, Find out what the local programs require, and also find out how successful their career offices are are getting people jobs \ internships \ whatever you are looking for.
If you are looking at going past an MBA, an AACSB accredited school is a must, as is a regionally accredited school.
Ultimately, do not sign up for 30K per year to go to a private school unless you really think it will pay off. Local state schools can be just as effective in getting a job locally. Unless you work in financial services or for a bank and they pay 100% tuition reimbursement, then by all means get the biggest brand name degree possible. So many people I went to school with had it covered 100%, it almost made me want to get a bank job.