You're also required to have extensive teaching experience (you don't need to be a certified teacher, but you have to know how to manage a classroom and how to convey information cleanly and concisely to your students). We also only hire about 10-20% of the people who do have a 99th percentile score and teaching experience - so that stuff, by itself, is not enough.
Part of the initial interview is teaching (I had to teach a question to an actual GMAT class when I interviewed while the founder of the company and the class's regular teacher sat there and critiqued me
). Typically there are several interviews, some in person and some over the phone.
Then there is the training process, which typically takes several months and involves 75-100 hours of
unpaid training. (We don't want people applying just because we pay a lot - we want to make sure our teachers really want to teach!) At the end of the training period, you have to undergo a couple of "teachbacks" in which some combo of the founder, CEO, curriculum director, and other instructors are your "class" and will throw anything and everything at you to make sure you know what you're doing. IF you make it through that, you will be assigned your first class. To keep the job (not just after your first class but any class you teach), you have to average better than a 4 out of 5 on the end-of-course student surveys (among other metrics).
It's kind of a grueling process, but those who make it through are very happy. Our voluntary turnover is zero. (That is, some people don't make it through the process or are let go at some point - but those who are great enough to continue to work for the company pretty much never leave.)
If the teaching position still sounds appealing to you, let me know and I'll put you in touch with the right person to start the process. (FYI I'm leaving for a 2-week vacation later today, so I'll respond to you when I get back if I don't see your reply before I leave. Or one of my fellow instructors trolling the boards can respond - hint hint.)
Good luck!