My GMAT Score Paid for My MBA: How to Unlock Your Scholarship

When Daniel Child enrolled in the full-time MBA program at Columbia Business School, his GMAT score of 770 – around 40 points higher than the class average – helped him land $50,000 per year in scholarship money.

Now working part-time as a GMAT test prep instructor for Manhattan Prep, Daniel says his outstanding GMAT score was a major factor in securing an MBA scholarship.

“The GMAT helped enormously,” he says. “I went into the application process feeling more confident about getting in and also in securing a scholarship.”

While there are a wide variety of MBA scholarships available, most merit-based scholarships are awarded to students who’ve taken the GMAT. That’s another reason why most candidates prefer to take the GMAT rather than the GRE.

Your GMAT score unlocks scholarship opportunities

At the Dartmouth College Tuck School of Business, for example, outstanding female applicants can receive funding and additional benefits through a Forte MBA Fellowship. But the scholarship targets students who have taken the GMAT.

You can also find scholarships at business school that entirely depend on your GMAT score. University College Dublin’s Smurfit Graduate Business School offers GMAT MBA Scholarships for students who score above 700. The scholarship provides financial aid up to the full cost of tuition.

By taking the GMAT exam, rather than the GRE, you can be sure that all scholarship opportunities will be available to you, and you won’t miss out by having the wrong test on your application.

“While not the sole criteria for admission or a scholarship award, the GMAT is an important part of the application process as it helps us to judge all applicants on an equal basis,” says Boban Sulic, deputy director of admissions at ESMT Berlin.

Your GMAT score influences school’s scholarship decisions

While simply taking the exam will open up opportunities to secure a scholarship, achieving a strong GMAT score has a significant impact on the level of funding you receive.

Sam Weeks, an MBA graduate from the University of Oxford Saïd Business School, scored an above average GMAT score of 720 that helped him secure a 30% scholarship.

“If a merit-based scholarship is a priority for an applicant, I recommend taking the GMAT, not the GRE,” says Sam, who now works as an MBA admissions consultant.

“Business schools still tend to be compared in terms of average GMAT score, so a higher-than-average GMAT score tends to be looked upon favorably.”

Your GMAT score isn’t the only factor schools consider when assessing your scholarship application. Schools also evaluate your professional experience, GPA, and socio-economic background.

But the wide variation in these factors between candidates means the GMAT is a key tool for business schools when evaluating applications.

“Since our applicants come from different countries, cultures, academic backgrounds, and levels of work experience, the GMAT is one of the means to ensure a consistent comparable measure,“ Boban from ESMT Berlin explains.

Your GMAT score is in your hands

Your GMAT is also one of the only parts of your application to business school that is directly under your control. You can’t return to your undergrad to boost your GPA, and while you could gain more work experience, this might mean waiting years before applying.

“At this late stage of the process, your GMAT score is the most important area where you can still really outshine other applicants in your search for MBA scholarships,” explains Daniel from Columbia.

“It’s also a factor you can change in just a few short months of regular prep.”

By improving your GMAT score, you can offset weaknesses in other areas of your application. For this reason, submitting a strong GMAT score is especially helpful for younger, less experienced candidates.

“I advise those candidates to put the effort in to get a high score as it will undoubtedly increase their chances of being offered a place and scholarship,” says Chris Healy, head of MBA recruitment at Alliance Manchester Business School.

Business schools still favor the GMAT and the vast majority of schools say that submitting a competitive admissions test score will help your application.

Applying to business school with a GMAT score can help widen your scholarship opportunities, increase your chances of getting scholarship money, and make your application stand out.