GMAT Scholarship is a great chance for every student who wants to do MBA overseas. We will tell you about GMAT scholarships and MBA scholarships for Indian candidates in this post. There are different types of scholarships, which are released every year. However, there are no set requirements that must be met to get a scholarship or financial aid. Need-based or merit-based scholarships or grants are available, and since spots are limited, it’s best to apply early. There are several conditions to meet to be eligible for a GMAT scholarship for attending a top MBA school, ranging from having a high GMAT score to applying early.
Students with ordinary or poor GMAT scores may still apply for GMAT scholarships, but they must have something tangible to offer the admissions committee. Any feat in sports, any extracurricular activity, or anything outstanding that sets the individual apart from other candidates might compensate for a poor GMAT score. Students often believe that obtaining a 750 GMAT score or better is sufficient for obtaining a GMAT scholarship. However, securing a scholarship solely based on a GMAT score may be impossible, since institutions look at the overall picture and assess the candidate’s entire background. When applying to top B-schools, students should take a comprehensive strategy and prioritize the development of their profiles. Even if you meet all of the standards and have a 750 GMAT score, the GMAT scholarship is not guaranteed due to the high level of competition. A good GMAT score does not automatically entitle you to a GMAT scholarship at a top MBA school. However, having a strong job history, a diverse set of abilities, and a long list of accomplishments may always put you ahead of the competition.
One of the most frequent errors students make is treating the GMAT scholarship deadline the same way they regard the admission deadline. Furthermore, there are various GMAT scholarships available for overseas students, with varying prerequisites. Students should constantly look up the exact conditions for obtaining financial help at the institutions or universities to which they are applying. Always review the qualifying conditions before applying for a GMAT scholarship.
Why should you apply for a GMAT scholarship?
A few questions like ROI, tuition expenses, average GMAT score, top B school, and acceptance rate are generally asked before applying to any business school. The GMAT scholarship is the first step in resolving a financial crisis.
- MBA Fees at the Best Business Schools
The majority of the world’s best business schools maintain a consistent student admission ratio year after year. The cost of an MBA covers lodging, food, and basic utilities, as well as incidental expenses and tuition. A GMAT score is required for admission to the top business schools in the United States. Tuition rates at top b schools increase by 3-5 per cent every year. Students may easily get GMAT scholarships based on results for monetary aid since there will be a return on investment.
- Advantages of a Resume
Students who get a GMAT scholarship have the opportunity to enhance their CVs. It is a differentiating feature for employers when hiring students.
There is no need for student loans if a student receives a GMAT scholarship. To get an MBA degree, one must invest a significant amount of money to complete the program. Spending a significant portion of one’s wage on a loan is not a favourable scenario; in this case, a scholarship based on a GMAT score will provide financial assistance.
- Scholarships awarded based on merit
Because you are competing against thousands of others for a GMAT scholarship, it is entirely a merit-based award. Such accomplishments maintain a high level of morale and self-assurance.
Types of GMAT Scholarship
The sorts of GMAT scholarships and financial assistance available for both Indian and international applicants are listed here.
Merit-based GMAT scholarships: Merit-based scholarships are the most popular form of the award granted by the world’s most prestigious B-schools. A good GMAT score is required for GMAT scholarship eligibility. GMAT scholarships are available from Top-B colleges such as:
- Kellogg Scholarship by Kellogg School of Management
- Tahir Fellowship (UC Berkeley Haas School of Management)
- George J. Stigler Fellowship (Chicago Booth School of Business)
- B.K. Birla MBA Scholarship (London Business School)
GMAT Scholarships based on need: This award is available to students from financially disadvantaged households. The determination of the need at Harvard Business School is based on the income earned in the previous three years, as well as the holding of assets. Top B-schools in the United States, such as Harvard and Stanford, give this GMAT scholarship to those who have been accepted. Stanford offers these two need-based scholarships: Charles P. Bonini Partnership for Diversity Fellowship (approximately $40,000), and Stanford Reliance Dhirubhai.
Fellowship Diversification and Gender-Based GMAT Scholarships: Gender inequality and underrepresented groups are the subjects of this research. GMAT scholarships in the United Kingdom, the United States, and other countries place a strong emphasis on gender equality. Forté MBA Fellowships for Women, Reaching Out LGBTQ MBA Fellowship, and Consortium for Graduate Study in Management are some of the GMAT scholarships available.
Scholarships based on international criteria include: Some organizations help MBA applicants in addition to financial aid such as GMAT scholarships. These scholarships aid by providing access to unique programs, networking, recruitment support, and more, in addition to cash assistance. These are businesses that don’t have a minimum GMAT score requirement but provide a substantial scholarship depending on the GMAT score. The following are some of the GMAT scholarships available:
- Canadian Bureau for International Education
- Consortium for Graduate Study in Management
- East-West Center
- Hariri Foundation
- Harvey Fellows Program
- Institute of International Education
- Tibet Fund
GMAT Scholarships offer by Business Schools
Here is a list of several sorts of scholarships provided by business schools across the globe. The following list of eligibilities and funding resources might help candidates learn more about the GMAT scholarship India:
|Name of the B-School||Scholarships||Awarded to||Amount in USD (Approx)|
|Wharton School of Business||Joseph Wharton Fellowship||Students with excellent professional, personal, and academic records||80, 432|
|Emerging Economy Fellowship||Candidates of two year MBA program||55, 847|
|Social Impact Fellowship||Students with an interest in serving non-profit organizations||30,000|
|Harvard Business School||Horace W. Goldsmith Fellowship||7-10 first-year MBA students with experience of working in a non-profit organization||10,000|
|HBS Fellowship Program||Students with minimal financial resources to pursue higher education||40,000 (per year)|
|Stanford Graduate School of Business||Stanford Reliance Dhirubhai Fellowship||5 students who will return to India after the program ends to work for an Indian organization at least for two years||150,000|
|Haas School of Business||Dr. Tahir Fellowship||Students of undergraduate degree programs from an Asian country||40,000|
|Booth School of Business||Akhtarali H. Tobaccowala Scholarship||Indian students for a full-time MBA program||10,000|
|The Zonis Fellowship||Students with exemplary academic, extracurricular, and leadership records.||–|
|Kellogg School of Management||Kellogg Scholarship||Full-time MBA students on with academic and leadership excellence||–|
|Kellogg Finance Network Scholarship||Students of MBA finance||–|
|London Business School||B.K Birla MBA Scholarship||10 students of business programs||2,12,12,775 for 10 students|
|Tuck School of Business||Forte MBA Fellowship for Women||Female students of MBA based on merit||28, 263|
|The Willard M. Bollenbach Jr. 1949 Fund||Students with excellent academic achievement and intellectuality||10,000 – 29,290|
|INSEAD||INSEAD Christina Law MBA ‘91D Endowed Scholarship for Asian Women||Female students with academic achievements who have completed all their studies in Asia and showed the desire to work for their country||14, 597|
Other types of financial help available to MBA candidates include research/teaching assistantships and loans, in addition to GMAT scholarships. Students with a research/teaching assistantship may work at their institution for a minimum of 20 hours per week. For an assistantship, they will be paid a stipend ($20-35/hr). A cosigner is required for a loan, who will be liable for repaying the debt if the student (in any scenario) fails to do so.
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 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 – 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.|
MBA Applicants’ Most Common Mistakes
- Generic Statement of Purpose
- Not following the given guidelines of the application.
- Recommenders who are not personally known to you
- Expectations of the future are unknown.
Candidates who want to study for an MBA from a distance usually seek scholarships or take out loans. Because their pay packages are higher and more competitive in other countries, they can return their debts in a shorter period. Candidates must evaluate the GMAT score for scholarship in Canada, the United Kingdom, or the United States, depending on the location of study, and determine the cost of education appropriately.
With a high GMAT score, can you get an MBA scholarship?
MBA scholarships at the international level are often awarded based on a minimum GMAT score, which varies by school. The better your GMAT score, the more likely you are to be awarded a merit-based scholarship. The following factors will decide whether or not you are eligible for a GMAT scholarship:
- Your GMAT score and undergraduate GPA are examples of academic experience.
- The ability to handle projects is one of the most important leadership qualities.
- Your interests, distinctiveness, personal experience, viewpoint, and value to the program are all things you’re likely to bring to the table.
- Prior job experience is required.
What is the Best Way to Look for Scholarships?
If an applicant is looking for an MBA scholarship, thorough research might lead to hundreds of possibilities. The following are a few factors to bear in mind while looking for options:
- MBA scholarship search engines such as scholarshipportal.com, scholarships.com, and studentscholarshipsearch.com may be quite beneficial.
- Google alerts for business fellowships and business school scholarships of any type.
- Seek assistance from someone who has already received a scholarship.
- Can I get full scholarship with GMAT?
Ans. Yes, it is possible. Although scholarship committees do not specify a minimum GMAT score required to be considered for a scholarship, a high GMAT score simply boosts your chances of being considered for a grant or scholarship.
2. Is maths compulsory for GMAT?
Ans. The GMAT is the most often needed aptitude exam for admission to MBA programs and several Master’s programs in business and management. While test-takers must answer arithmetic questions, the GMAT does not assess your degree of math understanding.
3. Is 770 a good GMAT score?
Ans. A 770 is considered to be in the 99th percentile. Because the 99th percentile begins at 760, a score of 770 is theoretically the 99th percentile plus, but the GMAT only offers integer percentiles. The LSAT delves into the decimals in order to get a 99.9 percentile LSAT score.