What is GRE? What does it test?
The GRE (Graduate Record Exam) is required for admission to U.S. and Canadian graduate schools. Most students attend graduate school for a master or doctoral degree. The GRE exam does not test any specific knowledge in certain subject. Rather, it tests the "mental intelligence" as well as the ability to make decision under time pressure. GRE is now only available as a computer-based test. Format of the exam is as below:
 

GRE - Computer Adaptive Test (CAT)
The computer based GRE is a test in which the computer actually adapts to your performance as you're taking the test

Details of the CAT
At the start of each section, you are presented with test questions of average difficulty. Based on your responses, you will be presented with questions of increasing difficulty if you've answered correctly. Otherwise, if you answer incorrectly, you will be presented with questions of lesser difficulty. As you go along, your next question will be the one that best reflects both your previous performance and the test design.

Answering of questions
You have to answer each question in turn, so you cannot skip a question to move to another. When you select an answer, you are allowed to change it as long as you haven't moved on to the next question. Therefore select your answers carefully since you cannot come back later to modify your previously selected answers.

Scoring of answers
Your score on each section depends on the following

Number of questions answered in allotted time
Performance on questions answered
Level of difficulty of questions answered
You receive a scaled score from 200 to 800 on each of three scored sections.


What score should I obtain?
What score you should obtain depends on which school you are going to apply to. Generally, the higher the school is ranked, the higher score you must obtain. A score of 1400 and above would help you to get in good universities

How long are the GRE scores valid?
The GRE score is valid for five years; however most of the universities insist on a GRE score not more than 2-3 years old.

Can I cancel my scores?
Yes. You can cancel your scores immediately after you take the GRE. This is the only time you can cancel your scores. Unfortunately, you must make the decision to cancel at the testing center before you see your scores. In addition, the fact that you cancelled your scores will be noted on your official GRE score report.

I am in a big dilemma actually I heard that GRE goes on tough side as the end of the year reaches, is it true?
These are just rumor.

How long does it take to prep for GRE?
Time needed to prepare for GRE varies from student to student, but it generally takes 3 months in order to achieve a satisfactory score.

How do I get to know my GRE score?
Unofficial scores appear on screen following the test for verbal and quantitative section. The essay scores will come to you along with the official score reports. You will receive official score reports within 10- 15 days of taking the test.

Generally when do the semesters begin?
Universities abroad have basically four semesters as follows
Summer Semester : Starts in June
Fall Semester : Starts in August
Winter Term : Starts in December (Trimester system)
Spring Term : Starts in January (Semester) and March (Trimester)

When is it advisable to apply?
You need to apply to semesters/terms beginning in August/September as they have
The largest in-take of students.
Acceptance rates for international students are also higher.
The chances of getting financial aid are better

As an international student your chances are best during the July-August intake. The Spring semester, on the other hand, is usually aimed at part time students, re-applicants, delayed cases or students transferring between universities.
It is advisable that you apply in the first application deadline, because an early application demonstrates strong interest and motivation on your part. It also manifests your proactive ness and organizational capacity.
Indian students must apply by the second deadline for better chances of admission and financial aid. Check the school application carefully to find the application deadlines. Some universities also have separate deadlines for international students. In case these are mentioned then you need to follow these deadlines.

What is rolling admission system?
Rolling admissions means that applications are reviewed on a first-come, first-serve basis, beginning from a certain date. Therefore, you have to send the application materials as early as possible to be considered first.

What is Early Decision Deadlines?
A few schools like Columbia have an early decision deadline. This basically means that if you get through this decision you should accept this school and forego other acceptances if any.

What is Rounds System?
In such a system there are usually 3-4 rounds of application deadlines. Usually majority of the class capacity gets filled up by the first and the second deadline. Applications are reviewed at the end of each round.