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The basic difference between the two is All India Council for Technical Education (AICTE) conducts CMAT while IIMs conduct CAT I . IMs, FMS, MDI, IITs, SPJIMR and other top MBA colleges in India do not accept CMAT score. They accept CAT score. CMAT is of low difficulty level exam as compared to CAT exam. CMAT has 25% negative marking while CAT has 33% negative marking for wrong answers. No candidate in CMAT is disqualified and is eligible for shortlisting, however IIMs shortlist the candidates on the basis of minimum qualifying sectional score. CAT has 3 sections, whereas CMAT has 4 sections. Also, the no. of questions varies.
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