How GMAT Can Help You Land MBA Scholarships in Europe
Studying for exams is never fun, but taking one can mean the difference between getting accepted into your dream business school and settling for second choice. Many top European Master in Management and MBA programs highly value applicants’ GMAT scores—making it a pretty good idea to sit the test to boost your application.
But what is the GMAT? And why should you take it?
What is the GMAT?
The GMAT is an exam designed to test your aptitude in the realm of business. The GMAT homes in on vital skills such as critical reasoning, problem solving, data analysis, and communication through a set of 64 questions to be answered over a period of 2 hours and 15 minutes.
These questions are divided between three distinct sections: Quantitative Reasoning (21 questions, 45 minutes), Verbal Reasoning (23 questions, 45 minutes), and Data Insights (20 questions, 45 minutes).
The GMAT is also computer adaptive. This means that unlike traditional pen-and-paper tests, the exam selects questions for the test-taker based on their ability level, ultimately making the scores much more accurate.
The exam tests prospective business school students equally, no matter their language or nationality. Since the GMAT has been thoroughly revised to eliminate both English and US-centric bias, it can be considered a truly international standardized test. There’s a reason why it’s used by more than 2,400 institutions and universities worldwide, after all.
But strengthening your application isn’t the only benefit of taking the GMAT. Considering that tuition fees for top graduate business school programs in Europe sometimes cost upwards of $50,000 it could also help you win a much-needed scholarship as well.
What GMAT scholarship programs are available?
Many prominent business schools across Europe offer various needs-based scholarships to home and international MBA students on the grounds of diversity, income, and disabilities. They typically aim to provide financial support so that disadvantaged individuals can access (often costly) Masters and MBA programs.
Needless to say, since so many graduates of business school degrees go on to become key players in C-suites across the globe, it is even more important that these courses have diversified student bodies, as much as possible.
Of course, many MBA and Masters scholarships are awarded on the basis of academic achievement. This typically includes your GMAT score, but even for business school scholarship funding that doesn't strictly stipulate it, having one can still compensate for a lack of academic achievement in other areas, such as a weak GPA, or a low grade in your undergraduate and graduate degree.
Scholarship funds are often available for both Masters and MBA programs, and have the potential to provide financial support of 50% of your study fees or more.
For example, HEC Paris—which currently boasts the FT-ranked number two MBA program in Europe–offers an Excellence Scholarship of up to 50% off its MBA tuition fees, in order to empower talented business students to pursue a graduate degree.
The scholarship is awarded based on the combined strength of the application, interviews and GMAT score, with the total amount awarded decided upon by a scholarship jury.
Even better, University College Dublin (UCD) Michael Smurfit School of Business offers an Excellence Scholarship covering 100% of tuition fees to its incoming MBA students—one of the most generous scholarship programs in Europe.
All accepted Full-time and Executive MBA applicants are automatically considered for the fund, which is awarded to those who receive an outstanding GMAT score.
How to prepare for applying for a GMAT scholarship
Unsurprisingly, one of the best ways to get your hands on one of these lucrative business school Masters and MBA scholarships is by acing the GMAT. And to do that requires careful preparation.
To get ahead of the curve, you should make sure to start your studies at least a few months in advance of your test date. This gives you plenty of time to familiarize yourself with the material—and iron out any bumps you might find along the way.
There are also plenty of useful prep materials available to help you study for the GMAT, which will increase your chances of scoring highly. Make sure to research which one best suits your needs. You may find that while you're strong in some sections, you might need more practice in others.
Of course, getting a good GMAT score is just half the journey. Some scholarship boards will also ask for an essay or statement of some kind, in order for you to argue your case for why you deserve financial support (unfortunately simply stating that you want a bit of extra money isn't enough!).
The best way to sway the business school admissions team is to make sure that you have a compelling story to share. Let them get to know you, who you are, and what you’re planning to do with the degree that means that you should be supported. Plus, don’t forget to inject a bit of personality into your application. As a business student, you are your own brand, so help school boards buy into it.
Also, never forget to proofread and edit your statement. The first draft you produce is unlikely to be your best. Equally, you should make sure your eyes aren’t the only pair on it either. We can become blind to our own work, which means you should always get a friend or family member to have a read, too.
The same principles apply if there is an interview component to the scholarship application process. It's important to ensure that you have a solid idea of why you want to study at their school in particular, and why the financial aid will help you achieve your goals.
So, your GMAT score is more than just an important figure for your European business school application. It's also a great way to avail of financial aid programs, such as Masters and MBA scholarships.
Ready to take the next step towards securing your MBA scholarship in Europe? Learn more about preparation tips for taking the GMAT.