MBA scholarships help you to study at your dream business school without a financial burden. There are plenty of scholarships available that you can apply for & the majority of merit-based scholarships are awarded to students who have a good GMAT score.
Yes, it is true that GMAT is one of the important factors for the admission committee to consider while evaluating your scholarships. Hence, the majority of students prefer taking the GMAT over any other exam for MBA.
Let’s talk about how GMAT can help you unlock the scholarship opportunities for you.
Applying for abroad scholarships has been one of the popular ways taken up by the study abroad aspirants to finance their higher studies, especially to pursue masters. For instance, excellent female applicants can receive generous funding and additional benefits through the Forte MBA fellowship at the Dartmouth College Tuck School of Business but again the preferred students for the scholarship are those who have taken the GMAT.
You can also find schools like University College Dublin’s Smurfit Graduate that offer MBA scholarships to students who have scored above 700 & this kind of scholarship provides financial aid up to the full cost of tuition. Although GMAT is the only criteria playing for admission or a scholarship award, having a strong profile equally helps after all for highly competitive MBAs the more you stand out above the average applicant the higher your chances are.
MBA scholarships are of two kinds, one is offered by individual schools & second is those offered by external organisations. Merit-based scholarships are offered by top b-schools & these are highly competitive and vary by the amount of funding. GMAT scores play a significant role in deciding who gets the scholarship along with the level of funding.
However, Business schools do not list an eligible score, but the higher your score is the better are your chances.
While we all know how much the GMAT is important to secure admission in one of at least the top 50 business schools, especially in USA and if you are aiming for a b-school like a Stanford graduate business or a Wharton business school scholarship then securing a high GMAT score will significantly impact the level of funding you receive. Applying to a business school is a journey in itself, so do proper research on scholarships related to your industry.
Universities like the University of Oxford Saïd Business School have awarded a generous amount of 30% to their students & GMAT is highly recommended if a merit-based scholarship is your priority. And to add on another reason for top business schools to consider your score a priority is that the schools are likely to be compared in terms of GMAT score, so a higher score will be inclined to be looked favorably upon. And considering the fact, your scores are not the mere fact & schools evaluate your background, professional experience & GPA also while assessing your scholarship applications creates a wide variety of variations. Hence, your GMAT becomes the key tool for them while assessing your application for MBA scholarships.
You know that the GMAT score is also the only tool that is totally under your control and if you did not secure a high GPA in your undergrad, scoring high becomes more important for you.
You can really outshine other average applicants in a span of a few months of regular and focused preparation and in fact with an excellent score you might be able to offset other weaknesses of your application & even if you have less professional experience it can give you an upper hand over other applicants. So, start your prep early with a proper study plan & more importantly a proper focus and you will realise the kind of opportunities you will get after getting into a top business school through your GMAT scores plus you will not even have to worry about the financial burden to pursue your dream masters.
The majority of business schools favor and highly prefer GMAT, submitting a competitive test score will help in your application. Therefore, if you have a good GMAT score then you don’t have to worry about how to get scholarships for MBA in USA, or in Canada, the UK, or any other renowned b-schools.
You can take down some tips for a successful MBA scholarship application.
Do thorough research on gender-specific, industry-specific, or nationality-specific MBA scholarships.
You should take an expert assistance or an advisor to help you on filing your application, in fact, if you know a student who successfully secured a scholarship or alumni you can seek out his/her advice.
Showcase your achievements and unique selling points effectively. A GMAT score is important, and so is the value you will bring to the MBA program.
Ques.1 What is the average GMAT score required to get a scholarship?
To be eligible for a merit-based scholarship an average of 600 or above is required for some MBA programs.
Ques.2 Do UK b-schools offer GMAT based scholarships?
While a GMAT is not the necessary criteria for the majority of business schools in the UK but if you are aiming for London Business School, Imperial College London and the University of Oxford then your GMAT score can be important to get an MBA scholarship.
Ques.3 How much GMAT score is required to get a full-tuition scholarship to study masters in USA?
Because in USA, scholarships are usually offered based on the GMAT score & to be eligible for an 80% fee waiver then a score of 730 or above is required to meet the expectations.
Ques.4 How much score is a good GMAT score for scholarships?
A general thumb rule is having a GMAT score higher than the B-school’s incoming class GMAT score. For example, if you are targeting the top 10 B-schools, a GMAT score of 730+ will make your application more lucrative. If you are targeting the top 25 B-schools then a GMAT score of 700+ can do the trick.
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