GMAT Scholarships: Eligibility, Scholarship Types, and Scores Requirements
Content Curator | Updated On - Apr 30, 2024
Highlights :
- Scholarship based on GMAT scores above 700+ are given in Universities in the UK and Canada.
- GMAT scholarships are of three types - need-based, merit-based, and general/external-based.
- 770 GMAT scholarship score is considered as a good score for Top business schools.
- Harvard and Stanford offer need-based GMAT scholarships of up to $40,000 to support candidates from less financial backgrounds
GMAT scholarships are given to those students who are weak financially but want to pursue an MBA from foreign countries. GMAT scholarships are administered by GMAC and given to the students based on their merit. Scholarship in GMAT helps you to pursue the MBA at an affordable tuition fee. Why do you need a GMAT scholarship? Securing a GMAT scholarship will help your CV and resume in the long run. You can get a full-paid scholarship for your dream Ivy League college. What is the score needed for GMAT scholarships? While there are no strict marks cutoff for applying to the scholarships, GMAT exam scholarships require you to showcase your academic and personal achievements and a sold letter of recommendation.
GMAT exam scholarship asks you to write a personal essay highlighting your motives and how would the scholarship help you in your course. GMAT scholarship score above 600 makes you eligible to apply for the scholarship.
- A GMAT score for the scholarship of 700+ makes applicants eligible for partial tuition scholarships of 40% or more.
- Tuition rates at top business schools increase by 3-5 percent every year. You may easily get GMAT scholarships based on results for monetary aid since there will be a return on investment.
- GMAT scholarship for Indian students are also given if you score high in the GMAT focus edition. Even if you lack professional experience or a good GPA, securing high marks in GMAT focus will help you get the scholarship.
- The Indian School of Business (ISB), ranked as the top business school in India, according to the Financial Times 2024 Global MBA Ranking, offers merit-based scholarships ranging from 25% to 100% tuition coverage.
GMAT Scholarship Eligibility
GMAT scholarships are merit-based, which lowers the costs of an MBA based on an applicant's GMAT score. A high GMAT score is one of the most significant factors in qualifying for a scholarship after GMAT.
- A GMAT score for scholarship of 700+ makes applicants eligible for partial tuition scholarships of 40% or more.
- Several universities in the UK and Canada offer GMAT scholarships for international students with scores of 700+.
Types of GMAT Scholarships
There are three types of GMAT exam scholarships. Candidates can apply for Merit-based, need-based, and general/external scholarships. Scholarship after GMAT varies on the MBA universities and colleges the candidates are chosen. Candidates are required to achieve a good GMAT score to get the scholarship. before applying for the scholarships, you must check for the GMAT exam eligibilty.
Merit-based Scholarships
Candidates with excellent academic records and good extracurricular activities are given merit-based scholarships. Candidates are required a high GMAT score to get a merit-based scholarship. to increase your chances of grabbing the scholarship, you must have a proper GMAT study plan .
Need-based Scholarship
Top schools like Harvard and Stanford university offer need-based GMAT scholarships of up to $40,000 to support candidates from less financial backgrounds. The Charles P. Bonini Partnership for Diversity Fellowship and Stanford Reliance Dhirubhai Fellowship help cover tuition costs for those with excellent academics but limited financial ability. Need-based scholarships allow admissions to consider a candidate's full potential on GMAT scores or family wealth.
General/External Scholarships
Many organizations provide GMAT-based scholarships to help them pursue MBA degrees. Graduate business schools consider GMAT scores when awarding their own merit-based scholarships. Scoring above the minimum requirements by different B-schools increases eligibility for scholarships.
GMAT Score for Scholarship
Most of the scholarship based on GMAT scores, candidates must try to score as much as possible for better scholarships. Similar to MBA scholarships in Canada, a number of other countries offer scholarships to applicants with good GMAT scores. The GMAT score for scholarships may vary as per universities and colleges. A few universities that offer GMAT scholarships and their required GMAT scores are mentioned below:
| Scholarship Name | Offered By | GMAT score required |
|---|---|---|
| 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 INR 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 INR 83,000-Rs 8,30,000 |
| ESMT Diversity Scholarship | ESMT Berlin | Candidates are eligible for getting up to INR 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. |
| ESMT Women’s Academic Scholarship | ESMT Berlin | As one of the popular GMAT scholarships, it covers a partial tuition fee of up to INR 12,50,000. GMAT score over 700 is required. |
| Horace W. Goldsmith Fellowship | Harvard Business School, Harvard University | Offers INR 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 isINR 3,10,5000. 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 INR 12,50,000. |
| GMAT/GRE Excellence Scholarship (Master Programmes) | Vlerick Business School, KU Leuven | Candidate must have a GMAT score of 700. |
| Academic Scholarship (MBA Programme) | Vlerick Business School, KU Leuven | 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%, INR 5,26,368 per year. 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. |
| Academic Excellence Scholarship | University of Exeter Business School | A score of 600 – 640 will be awarded a scholarship of INR 1,99,863 A score of 650 – 700 will be awarded a scholarship of INR 2,99,795. A score of 700 or over will be awarded a scholarship of INR 5,99,590 The scholarships are subject to availability. |
| Kellogg Finance Network Scholarship | Kellogg School of Management, Northwestern University | Awarded to students interested in full-time finance courses & merit-based scholarships GMAT 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 scholarship MBA – 724 |
| INSEAD Christina Law MBA ‘91D Endowed Scholarship for Asian Women | INSEAD | GMAT score – 709 Female applicants with excellent academic background from Asia & willing to work back in their country. |
| Forte MBA Fellowship for Women | Tuck School of Business, Dartmouth College | GMAT score – 650-700 Scholarship awarded to students with an exceptional academic record |
| The Willard M. Bollenbach Jr. 1949 Fund | Tuck School of Business, Dartmouth College | GMAT score – 650 – 700 Merit-based scholarship for female candidates interested in full-time MBA course |
| HEC Paris MBA Scholarship for Excellence | HEC Paris | Merit-based award open to all HEC Paris MBA applicants who have been accepted. |
| 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 | 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. |
List of GMAT Scholarships 2024
There are multiple GMAT Scholarships offered by colleges all over the world including universities offering MBA in UK. GMAT scholarships are a great way to help pay for graduate school in business and management. Candidates must be aware of the requirements and GMAT eligibility of the scholarships to apply for them. Here’s a list of GMAT scholarship for Indian students, and International students:
GMAT Scholarship for Indian students
GMAT scholarship for Indian students are based on how you score on the GMAT focus edition. You must check for the GMAT cutoff for indian colleges so that you can prepare accordinly.
| University Name | Scholarship Name/Type |
|---|---|
| Harvard University | Need-Based Scholarship |
| Columbia University | The McGowan Fellowship |
| The University of Chicago Booth |
|
| Dartmouth College | Need-Based Fellowship |
| Saïd Business School | Need-Based Fellowship |
| London Business School | Need-Based Fellowship |
| Oxford and Cambridge Society of India | OSCI SCholarship for Indian Students |
| Massachusetts Institute of Technology | Need-Based Fellowship |
| INSEAD | Need-Based Fellowship |
GMAT Scholarships for International students
GMAT scholarships for international students are offered by most of the top business colleges in abroad. You must meet the minimum cutoff and score above the average to be eligible for the scholarship.
| University Name | Scholarship Type | Valid for |
|---|---|---|
Wharton School of Business | Joseph Warton Fellowship | Students with exceptional profile and academic background |
| Social Impact Fellowship | The aspirants who want to serve non-profits | |
| Emerging Economy Fellowship | Candidates of 2-year MBA program | |
Harvard University | Horace W. Goldsmith Fellowship | First-year MBA student with an experience in non-profit |
| HBS Fellowship Program | Need-based | |
| Stanford Graduate School of Business | Stanford Reliance Dhirubhai Fellowship | For students who will come back to India and work for at least 2 years |
| Haas School of Business | Dr Tahir Fellowship | Students of Undergraduate program from Asian countries |
| Booth School of Business | Akhtar H. Tobaccowala Scholarship | Indian students pursuing full-time MBA program |
| The Zonis Fellowship | Students with exceptional profile and academic background | |
| Kellog School of Management | Kellog Scholarship | Full-time MBA Student |
| Kellog Finance Network Scholarship | MBA Finance Student | |
| London Business School | B.K Bitla MBA Scholarship | Students of business programs |
| Tuck School of Business, Dartmouth College | Forte MBA Fellowship for Women | Female student enrolled in MBA (Merit-based) |
| The Willard M. Bollenbech Jr. 1949 Fund | Students with exceptional profile and academic background | |
| INSEAD | INSEAD Cristina Law MBA ‘91D Endowed Scholarship for Asian Women | Female students who have a fantastic background in Asia and are willing to work for their country |
GMAT score and scholarship are interlinked. The higher the score, the better the chances of getting the scholarship. Apart from the above-mentioned GMAT scholarships, there are few that can help students through their time at the university.
- 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
GMAT Scholarship Preparation Tips
It will take some time and effort to get funding for the GMAT scholarship. Candidates are required to research properly, and then apply for the right scholarship. It’s also important to know the process of sending the GMAT score to apply for the scholarship and do effective GMAT preparations.
- Search: Start by looking at institutions of higher learning and professional associations that provide GMAT scholarships. Business schools, trade groups, and charitable organizations all have online resources detailing available financial aid. Search engines can help to identify scholarships that fit the needs and interests.
- Analyze: Candidates should research the scholarship's qualifying conditions thoroughly. Before submitting an application, thoroughly check it. There are certain scholarships that require the candidates to be a member of a certain group or demonstrate dedication to a certain area of study before applying.
- Apply: Get the application in order by gathering transcripts, recommendation letters, and personal statements. Scholarship applications should be written specifically for the scholarship being sought.
- Availability: Scholarships are available, so don't wait to apply for them. Please submit the application in accordance with the guidelines and include any supporting materials requested. Applications are sometimes accepted only when submitted electronically or via mail.
- Sending: Make sure to scholarship applications have been received and assessed by following up with the appropriate organizations. Don't forget to express gratitude to the scholarship's funder and comply with any additional requirements they may have for recipients.
- Prepare: Overall, 2023 will be a difficult year to discover GMAT scholarship opportunities. With careful research and GMAT preparation, candidates can increase their chances of securing financial assistance for graduate education in business and management.
The GMAT is a crucial test for anyone considering a master's degree program in business or management. GMAT is generally considered as a benchmark for admission to graduate-level business programs and is acknowledged by thousands of business schools worldwide. Prospective graduate students should investigate and examine the qualifying conditions for GMAT scholarships and grants.
FAQs
Ques. What is a GMAT scholarship?
Ques. Who offers GMAT scholarships?
Ques. What criteria are considered for GMAT scholarships?
Ques. How can I apply for a GMAT scholarship?
Ques. What types of GMAT scholarships are available?
Ques. Are there specific GMAT scores required for scholarship consideration?
Ques. Can international students apply for GMAT scholarships?
Ques. Are there scholarships available for specific GMAT prep courses or materials?
Ques. How competitive are GMAT scholarships?
Ques. What are the requirements for GMAT scholarships?
Ques. Are there scholarships specifically for MBA programs or other graduate business degrees?
Ques. Do GMAT scholarships cover the entire cost of graduate business education?
Ques. Can I apply for multiple GMAT scholarships simultaneously?
Ques. Are there scholarships specifically for underrepresented or disadvantaged groups?
Ques. What should I include in my scholarship application essay or personal statement?
*The article might have information for the previous academic years, please refer the official website of the exam.