According to an article in Businessweek, starting August 1st the GRE will include a number of changes, including a new scoring scale (130-170 with 1-point increases), a harder quantitative section, an on-screen calculator for complicated calculations, and a verbal section that assesses reasoning skills and not only vocabulary. The new test will take an hour longer than the old one. you can read about it on Magoosh.
ETS, the company responsible for the test, relayed that applicants who need the test results before November must take the test by July, since those that will take the new version in August, September, and October will not receive their results before the middle of November. This may cause difficulty in adhering to the deadlines of 2012 programs and obviously finding time to improve the score when necessary.
The reason for the delay in reported results with the new version in the first months is that the company must gather enough data in order to achieve statistical significance in result analysis and to ensure precision. Starting from December, results will be sent within 10-15 days (or within 6 weeks for the paper-based test).
There are currently 400 full-time MBA programs that accept the GRE test.
Put Me in Business (applying in less than a year)
Put Me in Business (applying in more than a year)