Scholarship Programs for The GMAT or GRE Students?

The GMAT Exam are the world's most well-known and popular exam. It was also known as the Graduate Management Admissions Test. Students get into the best college in the world after qualifying for this exam. In the older days, if you were looking for a scholarship to help subsidise your studies, you would have had to contact schools and universities directly.

Nowadays, it's much easier, thanks to the internet. Applying for scholarships can be tricky, especially if you need help knowing where to begin. But don't worry. We're here to help! In reality, even the best students struggle with the GMAT. But when you learn about the good scholarships available for students, there will be no worries. This blog post will cover all the scholarships available for Gmat students, their eligibility criteria and many more. The sooner you start applying for scholarships, the better your chances of finding and getting one.

Scholarship Programs for The GMAT or GRE Students

What is the GMAT?

  • The GMAT is a standardised test used as an admissions tool by many business schools. Graduate Management Admission Council (GMAC) conduct this examination.
  • The GMAT is a computer-adaptive test, which means that the difficulty of the questions adjusts based on your performance. The test consists of four sections: Verbal, Quantitative, Integrated Reasoning, and Analytical Writing.
  • The GMAT Exam is not a pass/fail test but a score-comparing test. Business schools often weigh the GMAT score in their admissions decisions.
  • Many scholarship programs are available for students who wish to take the GMAT. It can cover the test cost and help with attending a business school.

Types of GMAT Scholarships

  • There are many different types of scholarships available to GMAT students. Some are merit-based scholarships, need-based scholarships, Company-sponsored, and minority-specific scholarships. So, we will discuss them all one by one.

Merit-based scholarships

  • This scholarship is purely based on a student's academic achievement. These things are considered, like GPA, test scores, or other factors.
  • Some institutions offer these scholarships based on your achievements, such as academics.

Need-based scholarships

  • This scholarship covers the cost of tuition, books, and other expenses associated with attending school. You may be eligible for this scholarship if you provide proof of your financial need. Only Needy Candidates are eligible for this scholarship.

Minority-specific scholarships

  • These are available to students who identify as a minority group. These groups can include racial minorities, women, LGBTQIA+ individuals, and others.
  • These types of scholarship programs can help cover the cost of tuition and other expenses associated with attending school if you are a woman or a student from a developing country. There are several particular countries for which this scholarship is available.

Company-sponsored

  • Under specific terms and conditions, leading industry players and renowned companies grant these scholarships to students. One of the multiple terms and conditions is that they must join the company once they have graduated from college.

List of GMAT scholarship programs

There are many programs available to GMAT students. Here is a list of some of the most popular programs-

Name of the School Scholarship Awarded to
Stanford Graduate School of Business Stanford Reliance Dhirubhai Fellowship Five Indian students per year with exceptional academic performance will get this scholarship. The scholarship covers the tuition fee for the two-year MBA program
Wharton School of Business Emerging Economy Fellowship Candidates of two year MBA program
Social Impact Fellowship Students with excellent professional, personal, and academic records
Joseph Wharton Fellowship Students with outstanding professional, emotional, and educational records
Haas School of Business Dr Tahir Fellowship Students of undergraduate degree programs from an Asian country
Harvard Business School HBS Fellowship Program Students with minimal financial resources to pursue higher education
Horace W. Goldsmith Fellowship 7-10 first-year MBA students with experience of working in a non-profit organisation
Booth School of Business Akhtarali H. Tobaccowala Scholarship Indian students for a full-time MBA program
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
Tuck School of Business Forte MBA Fellowship for Women Female students of MBA based on merit
The Willard M. Bollenbach Jr. 1949 Fund Students with excellent academic achievement and intellectuality
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
Indian School of Business Scholarships Citigroup Citigroup offers scholarships to those who financial help and have done consistently well in academics.
Novartis India offers merit and need-based scholarships to students pursuing an MBA program.
  • Other types of financial aid are available to MBA students besides GMAT scholarships, including research/teaching assistantships and loans.
  • Students with research/teaching assistantships can work at their university for a minimum of 20 hours per week. They will be paid a stipend for an assistantship ($20-35/hr).
  • A cosigner is required for a loan and will be responsible for paying the loan if the student (in any case) fails to repay it.

Who is eligible for the GMAT scholarship programmes?

  • Scholarships are available to candidates based on their GMAT Exam scores. It may differ depending on the university or college, yet, GMAT scores are considered in merit-based scholarships.
  • The higher your GMAT score, the easier it will be to acquire a GMAT scholarship. Candidates should apply for merit-based GMAT scholarships as soon as possible.
  • And GMAT score, good work experience and previous academic degrees are considered for eligibility criteria.
  • Most colleges and business schools do not publish the minimum GMAT Exam score required to secure a GMAT scholarship, but most require a GMAT score more significant than the B-school average.
  • Experts believe a GMAT score of 720 or higher will probably qualify you for a scholarship.

How do I search for GMAT scholarships?

There are a few things to keep in mind regarding scholarships for GMAT students.

  • First, check with the financial aid office at your school. They may have a list of scholarships for GMAT students.
  • Second, check out private organisations that offer scholarships for students taking the GMAT. These organisations include the AIGAC and the Graduate Management Admissions Council (GMAC).
  • Finally, search for “GMAT scholarships” or “scholarships to find other funding sources.

When searching, look for ones that fit your specific situation. For example, if you’re a woman planning to pursue an MBA, look for scholarships available only to women.

If you’re a minority student, look for scholarships for minority students. There are also need-based and merit-based scholarships available, so make sure to apply for those that meet the eligibility requirements.

GMAT scholarships are to start early and give yourself plenty of time to research and use them. The sooner you start looking, the better your chances of finding money to help pay for your MBA education.

Conclusion

  • There are many scholarship programs available for GMAT or GRE students. Some of these programs are given by the government, while private organisations offer others.
  • Whatever your financial situation, there is a scholarship program that can help you pay for your GMAT or GRE courses.
  • GMAT students have many options that can help offset the cost of taking the GMAT Exam, and these programs can be a great way to make your education more affordable.
  • Do some research and find the right program for you. With some help, you can make your dream of attending a top business school a reality.

Frequently Asked Questions (FAQs)

Q1. What Indian business schools accept GMAT scores?

Ans. Many business schools accept GMAT scores in India, and currently, around 140 business schools in India accept GMAT scores.

Q2. Which exam should you take to get into ISB Hyderabad, GMAT Exam or GRE?

Ans.

  • ISB Hyderabad accepts both exam results. As a result, you can choose between the GMAT and the GRE. Your chances of selection or rejection remain the same.
  • Examine the examination pattern and syllabus and select the one where you believe you would perform best.

Q3. What Is the Fee for the GMAT?

Ans. GMAT test fees are $250. You can make Payment with a credit or debit card, money order, cashier's check, or personal check.

Q4. Can we reschedule a GMAT appointment?

Ans.

  • Yes, you can, There is a fee to reschedule by going into your GMAT account at mba.com.
  • You have to pay $50 if you reschedule the exam for more than seven days; if you reschedule for seven days or less before your GMAT appointment, you have to pay $250.

Q5. CAT or GMAT, which one is a tough nut to crack?

Ans.

  • CAT is more complicated. Because it lacks a well-defined syllabus, you will need to devote extra time studying for the exam.
  • CAT questions frequently vary from the standard, making them challenging. The GMAT syllabus and examination pattern are well-defined.
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