GMAT Scholarships

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Sristy Sharma
Jul 11, 2022 5:33 PM IST

GMAT Scholarships

Foreign scholarships has been one of the popular finance options taken up by study-abroad aspirants to fund their education abroad. While choosing student loans to fund studies abroad has been the most common approach, applying for MBA scholarships have been a popular option too. To help students achieve their dreams and goals of pursuing management courses abroad, they can apply for or receive GMAT 2022 scholarships, which would either most likely be merit or need-based. Moreover, these scholarships will be offered by universities, scholarship institutions, organisations or foundations that want to help international students. 

Given the popularity of the GMAT tests across the world among those wishing to enroll at business schools in top study destinations such as the US, Canada, UK, Australia, New Zealand and more, lakhs of students appear for the exam to get into popular foreign universities accepting GMAT scores such as Auburn UniversityArizona State University, Manchester Metropolitan University, Harvard UniversityGeorge Mason University, etc. Although foreign scholarships or financial aid may contribute to only close to 30% of the total tuition fee or university expenses, they play an important role in not only easing your financial burden but also in getting you several other opportunities.

For those planning to study MBA abroad and need financial guidance, register with us and connect with our expert study abroad counsellors who have helped thousands of students study abroad in their dream universities. Check out our study abroad packages as well as our test-prep services to increase your chances of enrolling in one of the top universities abroad.

Want to Know if You Can Get a Full MBA Scholarship?

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Can You Get MBA Scholarships with High GMAT Scores?

MBA scholarships offered at the international level are usually based on a minimum GMAT score that may vary from one institution to another. The higher your GMAT score is, the greater your chances are to win a merit-based scholarship.  

Among some of the factors that determine if you are eligible for a GMAT scholarship or not include:

  • Academic experience: Your GMAT score and undergraduate GPA 

  • Leadership attributes: Ability to manage projects

  • Diversity: Your interests, uniqueness, personal experience, perspective and value you are likely to add to the programme. 

  • Work experience: Prior work experience

  • Goal clarity: What objectives you want to achieve through an MBA

Also Read: 5 Best Countries for Indian Students to Study MBA

What is a Good GMAT Score for Scholarships?

Again, tests like GMAT do not really have any good score and would entirely depend on the institution you are applying to. However, it is best if you score higher than the school’s previous year's incoming class' GMAT score. For instance, if you want to get into the top 10 foreign B-schools, a GMAT score of above 730 will get you through. Similarly, if you are aiming for the top 25 B-schools then a score of above 700 will be considered a good GMAT score. 

Do you Qualify for a Merit Scholarship Based on GMAT Scores?

The answer is yes. Although it would entirely depend on the university or higher education institution, your merit scholarship would depend on what your GMAT score is. The higher your GMAT score is, the easier it will be for you to receive a merit scholarship. 

Also, it is important to understand the importance of applying early to merit scholarships, which are typically offered early in any given application cycle. While some may require an additional application within a different deadline, some consider applicants for merit scholarships automatically. 

Also Read: 10 Mistakes You Should Avoid Making on Tests like GMAT and GRE

Find Out the Financial Aid Available for You

List of GMAT Scholarships

Name of the University

Scholarship

Is Open to

Wharton School of Business

Joseph Wharton Fellowship

Students with remarkable professional, personal, and academic background

Social Impact Fellowship Students looking to serve non-profit organizations

Emerging Economy Fellowship

Candidates of a two-year MBA programme

Harvard Business School

Horace W. Goldsmith Fellowship

First-year MBA student with an experience in a non-profit organization

HBS Fellowship programme

Means-based

Stanford Graduate School of Business

Stanford Reliance Dhirubhai Fellowship

Students who will come back to India upon completion of the programme to work for an Indian organization for at least two years

Haas School of Business

Dr Tahir Fellowship

Student of undergraduate programmes from an Asian country

Booth School of Business

Akhtar H. Tobaccowala Scholarship

Indian students enrolled in a full-time MBA programme

The Zonis Fellowship

Students with remarkable professional, personal, and academic background.

Kellogg School of Management

Kellogg Scholarship

Full-time MBA student

Kellogg Finance Network Scholarship

A student of MBA in finance

London Business School

B.K Birla MBA Scholarship

A student enrolled in business programmes

Tuck School of Business

Forte MBA Fellowship for Women

Female students enrolled in MBA, based on merit

The Willard M. Bollenbach Jr. 1949 Fund

Students with remarkable professional, personal, and academic background

INSEAD

INSEAD Christina Law MBA ‘91D Endowed Scholarship for Asian Women

Female students who have a remarkable academic background in Asia and show the desire to work for their country

Also Read: Top Scholarships to Study Abroad

FAQs on GMAT Scholarships

Are there scholarships available for international students based on GMAT scores?

Yes, there are many scholarships available for international students based on GMAT scores. In fact, as MBA is a graduate level programme, students can also apply for fellowships on the basis of their GMAT scores, provided they have a research project outline. Students can apply for GMAT scores based scholarships with their shortlisted universities, business schools, third party foundations, or even national and state authorities.

What is a good GMAT score for scholarships?

A good GMAT score for scholarships is 600 or more. The scholarships, even if not merit-based, require students to show caliber to get their studies funded. They need to prove themselves worthy of education in the best possible graduate course. Many business schools require them to have a GMAT score of at least 600 to get considered for a scholarship.

Does GMAC offer scholarships/financial aid?

No, GMAC does not offer scholarships or financial aid based on GMAT scores. Although GMAT scores can be used to get scholarships for MBA from business schools, universities, trust foundations, and other financial institutions, GMAC does not offer any kind of financial aid or scholarship. Students can check the scholarships offered by their shortlisted business schools to know more about MBA scholarships.

Which B-schools offer GMAT scholarships?

There are many b-schools including Wharton, Harvard, Stanford, Haas, and Booth, among others which offer GMAT scholarships. The business schools use GMAT scores to select the students eligible for entry-based scholarships. Additionally, students can also apply for special scholarships based on their financial needs and merit in the GMAT exam.

Can I avail 100% scholarship through GMAT scores?

Yes, you can avail 100% scholarship through GMAT scores. However, supportive elements shall be required. To get a 100% scholarship, you need to have a GMAT score of above 700, GPA of at least 3.5 (on a 4.0 scale), at least two letters of recommendation (LORs), and two to five years of work experience. Additionally, you may be asked to submit evidence of an independent management-based project.

How to maximise my chances to get an MBA scholarship?

If you wish to maximise your chances to get an MBA scholarship, you need to get a GMAT score of above 600. Almost all the scholarships offered by business schools require students to show that they have scored exceptionally high in their GMAT exam. In fact, some universities, like Ivy League, ask for a GMAT score of 750 or more to get considered for scholarships.

What is the GMAT score needed for admission at Harvard University?

The GMAT score needed to get admission at Harvard University is 730. Harvard Business School is among the top five business schools of the world in 2022 with #3rd rank, as per the report of Financial Times. The MBA programme offered at the school is of two years duration, at a cost of USD 150,000 approximately.

Can I apply for GMAT scholarships at B-schools in Canada?

Yes, you can apply for GMAT scholarships with B-schools in Canada. You will have to check the list of scholarships offered by the shortlisted or applied b-schools. You may be offered a scholarship based on your application or may have to file a separate application for scholarships. You will have to submit all the required eligibility documents with the application.

Do B-schools in the US offer GMAT scholarships?

Yes, a good number of B-schools in the US offer GMAT scholarships. Students can apply for the scholarship programmes if they have the required GMAT score. In order to apply, they may have to file a separate scholarship application. US universities offering GMAT scholarships are Yale University, Harvard University, MIT, Carnegie Mellon University, UCLA, New York University, California State University, and the University of Missouri.

Do B-schools in the UK offer GMAT scholarships?

Yes, B-schools in the UK offer GMAT scholarships. Many business schools in the UK use GMAT scores as one of their eligibility criteria to award scholarships. Some of the universities offering GMAT scholarships are Imperial College London, University of Manchester, Leeds University, University of Birmingham, University of Cambridge, and Durham University.

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