Nearly every year, the number of students applying to graduate MBA programs increases. The more applicants, the more competitive the business school admissions process becomes. And in turn, GMAT scores get more important.

Thus, students spend more time and money on GMAT preparation in hopes of gaining acceptance to the business school of their choice. There are hundreds of books and websites available to help students preparing on their own, but the traditional method of GMAT preparation is the in-person classroom course.

Several companies offer such courses. Most prominent among them are Kaplan, The Princeton Review, and Manhattan GMAT. Classes usually involve between 8 and 12 sessions, spread over 4 to 8 weeks. Class sizes are usually kept small, and most of these companies include course materials, such as books and online practice tests.

When shopping around for a GMAT prep class, the first thing that strikes most students is the price. Some courses are well over $2,000, and most classes are at least $1,000. Business school admissions are crucial to career development, but is a prep course really worth that much? It depends on the student.

Dozens of companies, including the three I've already mentioned, make some or all of their course materials available to students who do not sign up for the full classroom course. Thus, you can get a Kaplan GMAT book for $20 or so and learn much of what you would in the classroom. Whatever the benefits of a course, they must go beyond the content of the materials, since you don't need the course to get the materials.

All of these companies advertise the expertise of their teachers. Each firm has different standards for GMAT instructors, and even within each firm, the quality of teaching varies tremendously. While Manhattan GMAT has a reputation for fantastic instructors and The Princeton Review does not, you can find some excellent teachers at The Princeton Review and some mediocre ones working for Manhattan GMAT.

A great teacher can make a big difference in a student's quest for a high GMAT score, but as we've seen, it's tough to know what you're getting when you fork over your $2,000.

The most valuable, and predictable, benefit of a classroom course is the enforced schedule and homework. If you study on your own, it's easy to take a week or two off, promising yourself you'll make up the work later. If you have a class every Wednesday night, you're more likely to find time to do the work just to keep up. That may sound like a silly reason to spend thousands of dollars, but for some students with busy schedules, it is very valuable indeed.

But, of course, spending $2,000 on a prep course is easier for some students than it is for others. If it is a significant financial burden, I don't recommend signing up for a course. There are many great resources available for $50 or less; if you are particularly resourceful, you can prepare for the GMAT without spending a dime.

Ultimately, the value of a GMAT prep course depends on the individual student. Some people can afford and benefit tremendously from the experience. Others should stay away. When making the decision for yourself, consider whether you can afford a course, and whether the advantages of a skilled instructor and an enforced schedule are worth the money.

Jeff Sackmann is the author of Total GMAT Math, Total GMAT Verbal, GMAT 111, Total GRE Math, and a variety of other test-prep resources. He also created and posts free material at the GMAT Hacks website. He has been helping students prepare for the GMAT and apply to business school since 2000.

In his books, Jeff focuses two things: building solid content knowledge and providing extremely realistic practice material. Unlike many other resources on the market, his practice problems are virtually indistinguishable from the real thing, meaning that you are that much more prepared for the GMAT before you sit for the exam.

When he is not writing about standardized tests, you can often find Jeff on a tennis court or running through the streets of New York City, training for his next marathon

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