What Is A GMAT Scholarship And How Do I Apply?
Getting an MBA is challenging enough without having to worry about your financial situation at the same time.
According to research from the Graduate Management Admission Council (GMAC), 30% of prospective students say that financial considerations are among their top criteria for choosing a business school.
Thankfully, most programs (including top-ranked M7 programs) offer MBA scholarships to students who pass specific criteria. One option for prospective students is GMAT scholarships, which provide financial support to applicants based on their GMAT scores.
But what exactly are the prerequisites for getting a GMAT scholarship?
What is a GMAT scholarship?
The GMAT (Graduate Management Admission Test) exam is a crucial part of an MBA application. Although MBA admissions teams won’t judge your application solely based on your GMAT score, you’ll likely need a high score to gain admission to competitive MBA programs.
A GMAT scholarship is a type of merit scholarship that is based on GMAT scores. Some business schools will look solely at your GMAT score to determine eligibility, while other MBA scholarships might consider your previous academic achievements and GPA in addition to your GMAT score.
For these scholarships, business schools look for MBA applicants who demonstrate high levels of academic achievement. They may offer a financial award ranging from 50% to 100% of tuition fees to those with a solid academic background, including a good GMAT score.
Other MBA programs might offer GMAT-based scholarships, not as discounts on tuition fees but as cash grants to cover living costs or other fees.
How do I get a GMAT scholarship for an MBA program?
When you apply to business school, you’ll usually be automatically considered for MBA scholarships. This means you don’t need to submit a separate financial aid application.
At other schools, however, you may have to make an additional financial aid application and submit it alongside your application for the MBA program.
In some cases, the MBA scholarship you’re applying for won’t strictly say it’s for excellence in the GMAT. However, keep in mind that for any merit-based scholarship, your GMAT score will be a crucial indicator of MBA success.
The most competitive MBA programs in the world have very high average scores, typically upwards of 655 (in the GMAT exam taken after spring 2024), sitting around or above the 90th percentile.
When applying to a top MBA program, you'll need a strong test score and a well-rounded application to be considered for an MBA scholarship.
If you can land a high GMAT score in a competitive range, you might be able to make up for weaker areas of your application, such as a low GPA.
Which MBA programs offer GMAT scholarships?
Most MBA programs worldwide award GMAT scholarships, though they might also be called merit scholarships or excellence scholarships.
Not all GMAT based scholarships offer the same level of financial assistance, so make sure to check the details of the scholarship funding carefully before making financial arrangements for your MBA program.
Europe
At INSEAD, home to the highest ranked MBA program in Europe, students can apply for merit-based scholarships through a Financial Aid Application submitted alongside an MBA application. Most of these merit-based MBA scholarships range in value from US$11,000 to US$32,000.
Other schools in Europe offer generous tuition fee discounts to applicants with a good GMAT score. For example, at UCD Michael Smurfit Graduate Business School, applicants with a high GMAT score are considered for an MBA scholarship worth 100% of tuition fees.
Read more about MBA scholarship opportunities in Europe.
India
As more business schools in India introduce the GMAT exam into their application process, opportunities for students to apply for GMAT scholarships are also growing. You can apply for GMAT scholarships for the Post Graduate Program in Management at ISB, with rewards ranging from 25% to 100% tuition fee waivers.
Read more about MBA scholarship opportunities in India.
China
Generally, GMAT scholarships are more likely to be broad merit scholarships at top business schools in China. Admissions teams examine multiple aspects of your MBA application to decide which students deserve the tuition fee waiver. However, some MBA programs offer specific scholarship opportunities to students with a high GMAT score. Fudan School of Management is one such school; here, applicants can gain up to a 100% tuition fee waiver depending on the value of their GMAT exam score.
Read more about MBA scholarship opportunities in China.
United States
Top MBA programs in the US offer a range of scholarship programs, including merit-based scholarships. While the majority are partial scholarships and primarily needs based or diversity-focused, even these scholarships will have an element of merit consideration.
For example, Cornell’s SC Johnson College of Business tells interested applicants that “the same criteria are used to determine merit as are used to evaluate applicants for admission,” which includes exam scores, extracurricular involvement, recommendations, and leadership skills.
How to increase your chances of getting an MBA scholarship
There are many other MBA scholarships available in addition to GMAT scholarships. For example, need-based scholarships are offered to students from specific ethnic or cultural backgrounds and those with greater financial need.
Make sure you understand the eligibility criteria for the MBA scholarships you’re interested in, particularly those requiring an additional application.
Here are other ways you can increase your chances of getting an MBA scholarship:
- Study hard for the GMAT exam to get the best score possible. (Did you know you can also apply for a scholarship to help you with your GMAT exam?)
- Apply early for your desired MBA program.
- Dedicate enough time to your MBA essay.
Want more tips on securing a competitive MBA scholarship? Download a free guide to MBA scholarships here.