Forget juggling student loans and instant noodles for dinner! GMAT scholarships are here to save the day. Tuition fees? Living costs? Poof! Gone, vanished like your stress levels after acing that GMAT.
Like you, for many Indian students, scholarship opportunities are key to making their study abroad dreams a reality. They offer a way to cover the ever-rising costs of tuition, living expenses, and those pesky student loans.
But with so many scholarships out there, how do you find the best one for you? And what role does the GMAT play in your application?
This article will discuss the GMAT scholarships, giving you all the information you need to make informed choices and secure funding for your academic journey!
Overview of GMAT for Foreign Education
So, you’re thinking about an MBA? That’s great! But before you dive in, there’s the GMAT, a computer-based exam that checks if you’re ready for the business world. Think of it like a passport to MBA programs. This test, run by the Graduate Management Admission Council (GMAC for short), tests your skills in four areas: integrated reasoning, writing, math, and verbal reasoning. You’ll get a score between 200 and 800, which is valid for five years.
Now, the big question: how does this GMAT score get you scholarships? Well, many business schools offer scholarships based on your GMAT score. The higher your score, the more likely you are to get a scholarship and save some money. So, when should you think about applying for a GMAT scholarship? Ideally, you want to do it before you take the test. This way, you can focus on getting the best score possible and maximize your chances of getting that scholarship.
What Do You Mean by GMAT Scholarships and Grants?
GMAT-based scholarships can help you fund your dream education. Universities offering management courses often provide grants or scholarships based on your GMAT exam score. These schemes can cover your entire tuition fee or a portion of it.
There are three types of GMAT scholarships:
- Need-based: For students from less privileged backgrounds.
- Merit-based: For students with excellent academic scores or achievements in extracurricular activities.
- Diversity/Gender-based: For promoting diversity and inclusion in business schools.
- External scholarships: Offered by agencies and organizations.
Each scholarship has specific eligibility criteria and application deadlines, so be sure to check the details carefully. While a high GMAT score is helpful, it doesn’t guarantee a scholarship. The selection also depends on your academic, professional, and personal profile.
What Is a Good GMAT Score to be Eligible for MBA Scholarships?
Universities might consider your whole application package, including your statement of purpose, LORs, CV, and even your passport. But guess what? Your GMAT score can still be a game-changer!
The higher your GMAT score, the better your chances of landing that scholarship money. To increase your chances of getting a scholarship to a top business school, aim for a GMAT score above 740. Of course, check the specific requirements of your university, program, or organization.
And don’t underestimate the power of early applications! Scholarships often go to the first worthy applicants, so don’t wait until the last minute to hit submit.
Ready to explore the list of GMAT scholarships for Indian students? Let’s get started!
Scholarships Based on GMAT Scores for Indian Students 2024
If you’re an Indian student aiming for a top MBA program, you’re in luck! Many universities and programs offer GMAT scholarships specifically for students from India.
Check out this list to find scholarships based on your GMAT score:
|
College/University |
Scholarship |
|---|---|
|
Harvard University-Harvard Business School |
Students receive a need-based scholarship. The average scholarship is approximately $46,000 per year, or $92,000 total. In August of 2022, HBS announced that it would provide full-tuition scholarships to students with the greatest financial need and would offer new scholarships to more students from middle-income backgrounds. |
|
Columbia University-Columbia Business School |
CBS offers partial-tuition scholarships which are mostly need-based. The average award amounts range from $10,000–$30,000 for those who qualify and based on funds available. Of those who apply, about half receive a need-based scholarship and the average award is approximately $20,000. |
|
University of London-London Business School |
Admitted students are automatically considered for all awards. The average scholarship amount varies. Laidlaw Women’s Leadership Fund LBS Fund Scholarships SARI Foundation Trust Scholarship The 30% Club Scholarship MBA LBS Energy Scholarship LBS Entrepreneurship Scholarship LBS Luxury and Retail Scholarship LBS Technology and Engineering Scholarship LBS Healthcare Scholarship |
|
There are over 150 types of scholarships available, which apply to both campuses in Fontainebleau and Singapore. The average scholarship amount is 21.1K€. Three categories of scholarships are available: need-based, merit-based (awarded based on country of origin, professional background, leadership abilities, or any combination of these criteria), and spot scholarships which are awarded immediately without the need for applications based on exceptional admissions profiles. |
|
|
Dartmouth College-Tuck School of Business |
Tuck scholarships range from $10,000 to full tuition with the average being $30,065 per academic year. |
More GMAT Scholarships to Consider for 2024
|
College/University |
Scholarship |
|
University of Pennsylvania-Wharton School of Business |
Joseph Wharton Fellowships |
|
Emerging Economy Fellowships |
|
|
Harvard University-Harvard Business School |
Horace W. Goldsmith Fellowship |
|
HBS Fellowship Program |
|
|
Stanford University-Stanford Graduate School of Business |
Stanford Reliance Dhirubhai Fellowship |
|
University of California, Berkeley-Haas School of Business |
Dr. Tahir Fellowship |
|
University of Chicago-Booth School of Business |
Akhtar Ali H. Tobaccowala Fellowship |
|
The Zonis Fellowship |
|
|
Northwestern University-Kellogg School of Management |
Kellogg Finance Network Scholarship |
|
University of London-London Business School |
BK Birla Scholars Programme |
|
Dartmouth College-Tuck School of Business |
Forté MBA Fellowships |
|
The Willard M. Bollenbach Jr. 1949 Fund |
How to Find the GMAT Scholarships in 2024?
There’s a treasure trove of GMAT scholarships out there, waiting to be discovered! But before you dive headfirst into the search, let’s equip you with some handy tips to maximize your success:
- Search Engines: Tools are your best friend! Websites like scholarships.com and studentscholarshipsearch.com act like scholarship search engines, helping you filter through options based on your specific needs.
- Google Alerts: Stay ahead of the curve by setting Google alerts for “business fellowships” and “business school scholarships.” This way, you’ll receive notifications whenever new opportunities pop up.
- University Notifications: Be proactive and subscribe to scholarship notifications from your desired universities. This ensures you don’t miss out on any specific scholarship offers.
- Yocket Counselors: Don’t be afraid to ask for help! Yocket counselors can guide you through the GMAT scholarship application process and smoothen out any bumps.
- Building Your Profile: Craft a strong profile by showcasing your academic achievements, leadership qualities, work experience, and clear goals. Remember, universities often consider both your overall goals and GMAT scores when awarding scholarships.
Additionally, you must avoid these mistakes while applying for the scholarship based on the GMAT.
- Do not write a generic statement of purpose (SOP).
- Don’t avoid the guidelines specified in the application process by the various universities.
- Don’t be inconsistent.
- Be clear about your future plans and expectations
From the Desk of Yocket
Scholarships based on GMAT scores can be a powerful motivator, driving students to excel in their academics and fostering a more challenging and stimulating learning environment. By attracting top performers from diverse backgrounds through these scholarships, business schools create a rich tapestry of perspectives and experiences that enrich the educational journey for everyone. For talented students from disadvantaged backgrounds, GMAT-based scholarships can be a game-changer, unlocking the doors to top business schools and making them more financially accessible. This, in turn, can lead to a more diverse and inclusive business landscape.
However, an over-reliance on GMAT scores might inadvertently discourage talented individuals who don’t excel on standardized tests, yet possess the potential to thrive in business school. To ensure an equitable and holistic evaluation, consider exploring Yocket Premium services. Our expert consultants can offer personalized guidance, including GMAT preparation strategies, scholarship application assistance, and comprehensive school selection support, helping you navigate the admissions process with confidence. Book a FREE 15-minute consultation call today to unlock your full potential and pave the way towards your business school dream.
