Financing an MBA degree program is a common problem and is not restricted to only those who come from lower-income backgrounds. Even if you get into a top MBA program after cracking GMAT, financial issues can act as a hindrance in pursuing higher education. In such situations, applying for educational loans and scholarships can be the most suitable choice. However, with a high rate of interest and a long payback period, scholarships are preferred. In this blog, we will take you through various GMAT scholarships that can help you start your career abroad in top Business management schools!
This Blog Includes:
- Overview: GMAT
- What are the GMAT Scholarships?
- List of GMAT Scholarships
- Other GMAT Scholarships
- Most Popular GMAT Scholarships
- GMAT Scholarship For MBA
- What GMAT Score Guarantees an MBA Scholarship?
- Low Score GMAT Scholarships
- How to Find GMAT Scholarships in 2023
Before delving deep into GMAT scholarships, let us understand what this exam entails. GMAT, which is also known as the Graduate Management Admission Test is a computer-based adaptive exam conducted by the Graduate Management Admission Council (GMAC). The main purpose of this test is to get efficient students on board for various MBA programs throughout the globe. With the GMAT syllabus divided into 4 sections namely, Integrated Reasoning, Analytical Writing, Quantitative and Verbal Reasoning, a candidate’s knowledge and competencies are assessed on various parameters like command on English grammar, algebra, arithmetic, etc.
|Full-Form||Graduate Management Admission Test|
|Popular For||MBA courses abroad|
|Conducted by||GMAC (Graduate Management Admission Council)|
|Mode of Exam||Computer-based adaptive test|
|Number of Sections||4 (Analytical Writing Assessment, Integrated Reasoning, Quantitative Section, and Verbal Reasoning)|
|GMAT fee||US $250 (INR 18,565 approx.)|
|Score Range||Min 200, Max 800|
|Score Validity||5 years|
|Number of attempts in a year||5 years|
What are the GMAT Scholarships?
Most of the time, grants and MBA scholarships are disbursed in academic institutions on the basis of merit or need. Following the same path, many universities that have a wide range of Management courses offer scholarships based on GMAT scores and this is what is known as GMAT scholarships. These schemes either cover a student’s entire cost of study or partial tuition fees. However, one needs to obtain an impressive score on GMAT in order to avail of the benefits of the program.
List of GMAT Scholarships
Here is a comprehensive list of GMAT scholarships and their important details which you need to consider in order to get into top B-schools across the world:
|Scholarship Name||Offered By||Brief Description|
|Manchester Merit Scholarships||Alliance Manchester Business School, The University of Manchester||If you are getting over 600 GMAT scores, you can fetch the scholarship for your MBA program.|
|GMAT Scholarship for the Amsterdam MBA||Amsterdam Business School, University of Amsterdam||The Scholarship is offered to candidates with a 630 above score on GMAT. It offers €10,000 [Rs 8,30,000] to the highest score achiever.|
|MIF GMAT-based Waiver||Amsterdam Business School, University of Amsterdam||For the candidates who want to pursue Executive MSc in International Finance through GMAT scholarships then a 640 GMAT score is a must. The scholarship ranges from €1000- €10,000 [Rs 83,000-Rs 8,30,000]
Note: GRE to GMAT conversion will be done for those who have a valid GRE score.
|ESMT Diversity Scholarship||ESMT Berlin||Candidates are eligible for getting up to €13,000 [Rs 10,80,000], provided they have attended at least one QS MBA Tour event in the last two years.
Their minimum GMAT score should be 650.
Equally, they need to have an in-depth interest in leadership, sustainable development as well as technology.
|ESMT Women’s Academic Scholarship||ESMT Berlin||As one of the popular GMAT scholarships, it covers a partial tuition fee of up to €15,000 [Rs 12,50,000].
It is given to two female candidates for their full-time MBA program, provided they have an exemplary academic record with a GMAT score over 700.
Furthermore, the applicants also have to write an essay, which forms an essential part of the ESMT online application.
|Horace W. Goldsmith Fellowship||Harvard Business School, Harvard University||Another entrant to our list of GMAT scholarships offers 10,000 USD [Rs 7,76,000], given to first-year MBA students, provided they are willing to work in a non-profitable organization.|
|Dr. Tahir Fellowships||Haas School of Business, University of California Berkeley||The amount provided under this program is 40,000 USD [Rs 3,10,5000].
It is awarded to students who have finished their undergraduate studies in Asia, provided they are planning to pursue a full-time MBA at Haas Business School.
|Young Potential Leader (MBA)||Essec Business School||This scholarship is given on the basis of candidates’ performance in the GMAT exam as well as in the personal interview.
The scholarship amount is €15,000 [Rs 12,50,000]
|GMAT/GRE Excellence Scholarship (Master Programmes)||Vlerick Business School, KU Leuven||This covers partial tuition fees for those who want to pursue an MBA from Vlerick Business school. Provided, the candidate has a GMAT score of 700.|
|Academic Scholarship (MBA Programme)||Vlerick Business School, KU Leuven||Another addition to our list of GMAT scholarships is the one offered by Vlerick Business School which is offered to candidates with sound academic records.
The GMAT score should be more than 680.
|Bocconi International Awards||Bocconi University||The International Award offers a tuition waiver of 50%, valued at about € 6,000 per year (INR 5,26,368). Candidates admitted to the first year of a Master of Science degree at Bocconi will be considered for a Bocconi International Award without having to submit a separate application. Scholarship candidates are evaluated based on the items submitted for admission (GMAT, GPA, Personal Statement, CV) by a joint committee appointed by the Rector, which includes the Dean of the Graduate School and the Dean for International Affairs.|
|FS MBA Scholarships||Frankfurt School of Finance and Management||The scholarships are awarded to applicants for the following programs:
MBA in International Healthcare Management
Scholarships cover a partial amount of tuition for the respective program.
|Academic Excellence Scholarship||University of Exeter Business School||There are three scholarship categories awarded based on the GMAT score:
A score of 600 – 640 will be awarded a scholarship of £2,000
The scholarships are subject to availability.
Note: The scholarship amounts mentioned in INR can vary based on the conversion rates.
Other GMAT Scholarships
Apart from the aforementioned financial aid programs, here is the list of other GMAT scholarships that can pave the way for your MBA career in top management schools.
- WHU MBA Scholarship for Excellent GMAT Result
- Academic Distinction Scholarship
- EDHEC Global MBA Scholarships
- Academic Excellence Scholarships (Masters)
- FS Master’s Scholarships
- FS MBA Scholarships
- The Willard M. Bollenbach Jr. 1949 Fund
- HEC Paris MBA Scholarship for Excellence
- Academic Excellence Scholarship
- GMAT Excellence Awards
- The Robert S. Kaplan Life Sciences Fellowship
- HBS Fellowship Programs
- Forte MBA Fellowship for Women
- The Zonis Fellowship
- Akhtarali H. Tobaccowala Fellowship
- Kellogg Finance Network Scholarship
- Kellogg Scholarship
Most Popular GMAT Scholarships
Here is a detailed description of some of these GMAT scholarships.
|Scholarship||Offered By||Brief Description of the GMAT scholarships|
|Kellogg Finance Network Scholarship||Kellogg School of Management, Northwestern University||This scholarship is awarded to students interested in full-time finance courses & merit-based scholarshipsGMAT score – 724|
|Kellogg Scholarship||Kellogg School of Management, Northwestern University||Awarded to students with an overall excellent record in academic, leadership skills, etc in MBA.GMAT score – 724|
|INSEAD Christina Law MBA ‘91D Endowed Scholarship for Asian Women||INSEAD||Female applicants with excellent academic background from Asia & willing to work back in their country.GMAT score – 709|
|Forte MBA Fellowship for Women||Tuck School of Business, Dartmouth College||Scholarship awarded to students with an exceptional academic record GMAT score – 650-700|
|The Willard M. Bollenbach Jr. 1949 Fund||Tuck School of Business, Dartmouth College||Merit-based scholarship for female candidates interested in full-time MBA course GMAT score – 650 – 700|
|HEC Paris MBA Scholarship for Excellence||HEC Paris||This merit-based award is open to all HEC Paris MBA applicants who have been accepted (with the exception of those candidates who are sponsored by their company or government for more than 50 percent of their tuition fees). Candidates who are awarded a Scholarship for Excellence are not barred from applying for additional awards.|
|GMAT Excellence Awards||Imperial College Business School, Imperial College London||Our most outstanding applicants are eligible for considerable scholarship money from Imperial College Business School. They provide diversity-related prizes such as MBA scholarships for women, regional scholarships, and the Reaching Out MBA (ROMBA) fellowship.|
|GMAT MBA Scholarships||University College Dublin, Michael Smurfit School of Business||These merit-based scholarships pay the full tuition for the Full-Time, Executive, or Modular MBA programs. A GMAT score of 700 or above is necessary. MBA GMAT Scholarships will be granted to academically excellent students who will serve as ambassadors for the UCD Smurfit MBA and the School both during and after their studies.|
GMAT Scholarship For MBA
MBA has become a popular choice among students not just in India but all around the globe. MBA opens a gate of opportunity for students but the cost of an MBA makes a hole in pockets. Universities offering MBA courses also offers various scholarships program for its International students that help them in fulfilling their dream to being a part of top B – schools. Here are some major MBA universities offering scholarships in MBA based on GMAT scores:
For applicants applying to Stanford University & interested in pursuing MBA, there is a brilliant scholarship program for you. The Stanford Reliance Dhirubhai Fellowship will cover the tuition fees expense of your 2 year MBA program. This scholarship is awarded to 5 students but the students have to return to India & work for an Indian organization for up to 2 years after the completion of their MBA & the required GMAT score is 700+.
Wharton School, University of Pennsylvania
Wharton School of business is one of the finest institutions for pursuing an MBA. It offers scholarships based on the different aspects. Awarding to students from emerging economies with excellent academic records, applicants that have taken part in social cause & showcased leadership qualities & applicants that have a tremendous record professionally, personally & at academics. All three scholarships require a GMAT score of 700+. Here are all three scholarships offered in Wharton Business School:
- Emerging Economy Fellowships
- Social Impact Fellowships
- Joseph Wharton Fellowships
The University of Chicago Booth School of Business
The University of Chicago Booth School of Business offers an MBA course that is popular among students globally & offers wonderful scholarships to its Indian applicants. Indian applicants interested in pursuing MBA are eligible to apply for Akhtarali H. Tobaccowala Fellowship. There is no official application process for students that meet the eligibility criteria & have belonged to India with a GMAT score of 724 will be considered for this scholarship.
Haas School of Business, University of California Berkeley
Haas School of Business is a business school of the University of California Berkeley. The university is famous for various courses but the popular choice remains MBA. University offers a scholarship program for its Indian students. Applicants that have completed their undergraduate studies from Asia & have a GMAT Score of 700+ are eligible for the scholarship program.
London Business School
Study in the UK has always been an in-demand choice, especially for MBA courses. Applicants that showcase leadership qualities with marvelous academic scores are eligible for B.K Birla MBA Scholarship. B.K Birla MBA Scholarship is awarded to applicants pursuing full-time MBA courses. The scholarship is awarded to 10 students. Out of 10, 5 applicants are selected from India & the remaining 5 are from the rest of the world.
What GMAT Score Guarantees an MBA Scholarship?
Even though many colleges also take into account a candidate’s profile, which may include a well-written statement of purpose, recommendation letter, curriculum vitae, passport, and other papers, GMAT scores can still have a significant influence.
Therefore, there are more opportunities to receive a GMAT scholarship the higher a GMAT score. In fact, obtaining a merit-based GMAT score of 700 or more is encouraged in order to meet the requirements of the targeted university, programme, or organisation.
You also need to be aware of how crucial early scholarship applications are. It is frequently granted to deserving initial applicants.
Low Score GMAT Scholarships
You know good GMAT scores help you land a decent scholarship but it doesn’t guarantee that scholarship, similarly the low score in GMAT does not mean there are no scholarships available for you. The GMAT score is one of the criteria & factors that increases the chances of scholarships but in some cases, with a low GMAT score applicants are able to land a scholarship but a good GMAT score doesn’t get a scholarship. The other aspects like leadership qualities, social cause, academic record, work experience also affect the scholarship & in case of a low GMAT score applicant is still able to get a scholarship because he/she has a gigantic record in other fields.
How to Find GMAT Scholarships in 2023
If you correctly look for the GMAT scholarships, you will have a lot of alternatives (MBA programs). However, for efficient research, take into account the following factors.
- Search engines for MBA scholarships include studentscholarshipsearch.com, scholarships.com, and scholarshipportal.com.
- For business fellowships and business school scholarships, check Google alerts.
- You can sign up for scholarship notifications from the preferred university.
- Consult with the Leverage Edu counsellors for assistance if you need assistance filing a GMAT scholarship application.
- Make a compelling profile with outstanding academic accomplishments, leadership qualities, employment history, and goal clarity. As the institutions frequently consider GMAT scores and overall aims when distributing scholarships.
Additionally, when submitting an application for the GMAT scholarship, you must not make these mistakes.
- Avoid drafting a general statement of purpose (SOP).
- Don’t disregard the rules outlined in the application process.
- Be consistent throughout.
- Clarify what you expect from the future.
Yes, if you are achieving an impressive score on GMAT, there are considerable chances for your selection in top B schools on various scholarships. Your high grading can help you in fetching fully-funded GMAT scholarships too.
Generally, candidates with more than 600 GMAT scores are able to get merit-based scholarships for some of the MBA programs.
800 is the highest score that one can get on the GMAT. In the Verbal as well as Quantitative sections, the scale scores go up to 800.
There are various aspects affecting a scholarship in MBA but the major one is a good GMAT score. A GMAT score above 700 will increase the chances of scholarship in MBA
There are plenty of scholarships available in the USA based on GMAT scores.
GMAT score range 650 – 700 is considered good for scholarships.
Hopefully, through this comprehensive blog on GMAT scholarships, you are now familiar with the wide range of options you can choose from! Do you want to improve your GMAT score? Then Leverage Edu’s live online GMAT classes are the right choice for you! Not only will you get to study updated materials from industry experts, but you will also get to solve scores of mock tests at the comfort of your home!