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GMAT scholarships help in studying at dream business school without any financial hurdle. While you are preparing for MBA from abroad, scholarships or business fellowships are the best options. Financing an MBA can be tough, and most of the candidates either spend their savings or take scholarships or loans to pursue it. Many B-schools, organizations, and universities consider GMAT scores for a full scholarship for meritorious students. Apart from GMAT scholarships, academic qualifications, work experience, leadership abilities are required to apply for MBA abroad. GMAT scholarships or business fellowships help the aspirants to pursue MBA in the top business schools in the world.
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Why GMAT Scholarship?
Before applying to any business school, few questions like ROI, tuition fees, Average GMAT score, best B school and its acceptance rate are always asked. GMAT scholarship is the first step to solve a problem related to the financial crisis.
MBA Cost from Top Business Schools
Most of the top business schools in the world follow a constant intake ratio of students every year. MBA cost includes hostel accommodation along with food and basic amenities, miscellaneous expenditure and tuition. GMAT score is mandatory to take admission in the top business schools of the USA. Top b schools make an annual hike of 3-5% as tuition fees. As there will be a return on investment, students can easily avail GMAT scholarships based on scores for monetary assistance.
Resume Benefits
After getting a GMAT scholarship, students get the chance to make their resumes more lucrative. Employers find it a distinguishing factor while recruiting a student.
No Burden for Loans
If a student avails GMAT scholarship then there is no need for student loans. To pursue an MBA degree, one has to take a hefty sum of amount for completing the course. Spending a quality sum of salary for a loan is not a good situation, here a scholarship based on GMAT score will be financial aid.
Merit-Based Scholarship
GMAT scholarship is completely a merit-based scholarship phenomenon, as you are competing against thousands. Such achievement keeps up the morale boost and confidence in mind.
Eligibility Criteria for GMAT Scholarship
Candidates can secure scholarships based on their GMAT score. The requirement may vary depending on the university or college, but merit-based scholarships greatly depend on GMAT scores. The higher your score, the easier will be for you to obtain the GMAT scholarship. It is advisable for candidates to apply for merit-based GMAT scholarships as early as possible. Along with the GMAT score, proper work experience, previous academic qualifications are also considered as eligibility criteria.
GMAT Score for Scholarship
Most of the universities and B-schools don’t showcase the minimum GMAT score required for securing the GMAT scholarship but they demand a GMAT score higher than the average of the B-school. By checking the list of GMAT cutoffs of the B-school, candidates will get an idea of how to get a scholarship for MBA through GMAT. According to experts, a GMAT score of 720 and above will presumably make you eligible for scholarships
Types of GMAT Scholarships
Following are the types of scholarships through GMAT, and financial aids available for both Indian and International candidates.
- Scholarships based on Merit: These are the most common type of scholarship that is offered by the most renowned B-schools of the world. The scholarship eligibility is highly based on a highGMAT score. Scholarship through GMAT offered by Top-B schools include names like:
- Kellogg Scholarship byKellogg 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)
- Scholarships based on Requirement: Students coming from financially weak families can avail this scholarship. At Harvard Business School, the calculation of the need is done based on the income obtained in the last three years, and also the possession of assets.Top B-schools in USA, like Harvard and Stanford, offer this GMAT scholarship to the ones who have received the admit. Stanford offers these two need-based scholarships: Charles P. Bonini Partnership for Diversity Fellowship (approximately $40,000), and Stanford Reliance Dhirubhai Fellowship
- Scholarships based on Diversification and Gender: This is the scholarship that focuses on gender inequality and underrepresented groups. GMAT scholarships in UK, US, and other nations are very focused on raising awareness about gender equality. Some of the GMAT scholarships are: Forté MBA Fellowships for Women, Reaching Out LGBTQ MBA Fellowship, and Consortium for Graduate Study in Management
- Scholarships based on Foreign factors: Apart from financial aid like GMAT scholarship, there are organizations that offer support to MBA aspirants. Apart from the financial assistance, these scholarships also help by giving access to special programming, networking, recruiting assistance, and more. These are organizations that generally don’t list a minimum GMAT score but the scholarship based on GMAT score is high. Some of the GMAT scholarships is listed below:
- 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
Scholarships offered by Business Schools
Here is a list of different types of scholarships that are offered by B-schools over the world. Candidates can get an idea about the GMAT scholarship India from the list of eligibilities and funding resources stated below:
| 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 |
Apart from GMAT scholarship, there are also other kinds of financial aids offered to MBA aspirants, they are research/teaching assistantships, and loans. Research/teaching assistantship enables students to work in their university for a minimum of 20 hours per week. They will receive a stipend($20-35/hr) for an assistantship. Whereas for a loan, a cosigner is necessary who will be responsible for paying the loan if the student (in any case) fails to repay it.
How to Search for Scholarships?
If a candidate is searching for a kind of MBA scholarship, then proper research can land you with thousands of options. Few things to keep in mind for searching options are as follows:
- MBA scholarship search engines like scholarshipportal.com, scholarships.com, studentscholarshipsearch.com are quite helpful.
- Google alerts for any kind of business fellowships, business school scholarships
- Subscribe for notifications to the official page of preferred B school
- Seek help from someone who already has availed of scholarship
Common Mistakes Made by the MBA Applicants
Mistakes that should be avoided when applying for a GMAT scholarship:
- Generic Statement of Purpose
- Not following the given guidelines of the application.
- Inconsistency
- Personally unknown recommenders
- Unclear future expectations
Candidates who are planning to pursue MBA from abroad generally apply for scholarships, or take loans. Since the pay packages are high and competitive abroad, it gets feasible for them to repay the loans within a lesser time. Depending on the place of study, candidates need to consider the GMAT score for scholarship in Canada, or UK, or US and accordingly decide the cost of studying.
*The article might have information for the previous academic years, which will be updated soon subject to the notification issued by the University/College.
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