Efficient test taking is useful when you have 15 minutes to answer a 50 question reading comprehension portion of the SAT, but I've never had a test in college where I thought the testing style was limiting me. If I ever stayed until the end of a test period and submitted a test that wasn't entirely complete, it's because I didn't understand everything and tried to BS instead. Granted, I go to a mediocre school so maybe at MIT they test all of their students with really tricky 100-problem multiple-choice exams to ensure that they graduate only the perfect.
		
		
	 
That's mostly true for every engineering exam I've ever taken. If time is a constraint, it's because you didn't know what to do and had to bullshit your way through. Engineering requires quite a bit of bullshitting though to get part marks if you don't study as hard as you should, so more time is usually appreciated.
Have a B.A.Sc., working towards an M.Eng. right now. I took the bachelor because my parents said I had to go to university, I'm taking my masters because I have too much free time. The masters is only $3k a year, so that's not too bad. 
Considering an MBA in the future from a non-Ivy league school. I'm not looking for a quick and easy way to a corporate, high level job, and to be able to kiss ass with the best, so don't want to pay $50k for a program.