Pursuing an MBA abroad is a dream come true for many, but what if the financial support you need is just a GMAT scholarship away? Yes! With increased merit-based scholarships and fellowships available in 2024, GMAT scholarships offer an excellent opportunity for qualified candidates.
This guide will uncover everything you need to know about GMAT scholarships, their types, eligibility, the top scholarships, and those offered by leading business schools.
Additionally, we’ll try to understand if the GMAT score is the sole determinant of scholarships, offer tips on finding the right scholarships, and, last but not least, share key mistakes to avoid while applying for them in 2024.
| Topic | Description |
| GMAT Scholarships | Financial grants help students cover education expenses during their MBA programs. |
| Types of Scholarships | Merit-based, need-based, and external scholarships are available. |
| Top GMAT Scholarships in India | Prestigious scholarships for Indian students. |
| GMAT Scholarships by Top Business Schools | Leading schools offer financial aid based on GMAT performance and other factors. |
| Eligibility Criteria | High GMAT scores, strong academic performance, and/or financial need. |
| In Addition to GMAT Score | Consider academic achievements and professional experience. |
| Find the Right GMAT Scholarships | Research scholarships based on your GMAT score, background, and financial need. |
| Mistakes to Avoid | Avoid missing eligibility criteria, submitting incomplete applications, and missing deadlines. |
What are GMAT Scholarships?
GMAT scholarships are financial grants that cover education expenses for students during their MBA programs. These scholarships are awarded based on GMAT exam scores, financial need, or external reasons and cover all or part of a student’s tuition fees. Therefore, a high GMAT exam score is essential to qualify for these benefits.
To better understand how GMAT scholarships work, here are the key points to consider:
- Merit-Based: GMAT scholarships are often merit-based, primarily considering the GMAT exam score. Some business schools may also take into account your academic achievements and GPA in addition to the GMAT score when determining eligibility.
- Academic Achievement: Business schools offering these scholarships look for applicants who demonstrate exceptional academic performance. A solid academic background, including a strong GMAT score, is key to securing these financial awards.
- Financial Assistance: Scholarships can range from 50% to 100% of tuition fees, depending on the candidate’s qualifications and the school’s scholarship criteria.
- Additional Support: In some cases, GMAT-based scholarships may be awarded not as tuition fee discounts but as cash grants to help cover living expenses or other fees, providing additional financial support to students during their MBA journey.
Types of GMAT Exam Scholarships in India
Universities offer three main types of GMAT scholarships that cater to different applicant needs: merit-based, need-based, and external. Here’s a quick look at each:
- Merit-based GMAT Scholarships: These are for students with high GMAT exam scores, strong academic records, or impressive professional backgrounds.
Below are a few merit-based GMAT Scholarships:
- B.K. Birla MBA Scholarship (London Business School)
- Tahir Fellowship (UC Berkeley Haas School of Management)
- Kellogg Scholarship by Kellogg School of Management
- George J. Stigler Fellowship (Chicago Booth School of Business)
- Need-based GMAT Scholarships: These scholarships are for candidates with financial needs. They help reduce tuition and other essential expenses, ensuring students can pursue an MBA despite financial barriers.
Below are a few need-based GMAT scholarships:
Stanford grants two need-based scholarships:
- The Charles P. Bonini Partnership for Diversity Fellowships and
- The Stanford Reliance Dhirubhai Fellowship.
- External GMAT Scholarships: Offered by organizations or companies outside the business school, these scholarships may have specific requirements or need a separate application. They provide extra support to those preparing for the GMAT exam.
Below are a few external GMAT scholarships:
- Tibet Fund
- East-West Center
- Canadian Bureau for International Education
- Hariri Foundation
Top GMAT Scholarships in India 2024
For Indian students planning GMAT exam preparation, scholarships are prestigious opportunities that help reduce the high costs of international MBA programs. Securing one of these scholarships can make global education more affordable and accessible.
Below is a quick look at some of the top GMAT scholarships in India:
| Scholarship Name | Eligibility Criteria | Award Amount |
| Stanford Reliance Dhirubhai Fellowship | 5 students committed to returning to India after the MBA to work for an Indian organization for at least 2 years | USD 150,000 (INR 1,25,91,810) |
| Joseph Wharton Fellowship | Students with outstanding professional, personal, and academic achievements | USD 80,432 (INR 67,51,890) |
| DR. Tahir Fellowship | Undergraduate students from an Asian country | USD 40,000 (INR 33,57,810) |
| The Indian Trust Fellowship | Two fellowships offered annually by the University of Chicago Booth School of Business | USD 10,000 (INR 8,39,450) |
| Forte MBA Fellowship for Women | Awarded to female MBA students based on merit | USD 28,263 (INR 23,72,540) |
GMAT Scholarships by Top Business Schools 2024
Top business schools offer competitive scholarships for GMAT exam preparation. Each school sets its own eligibility criteria and award amounts.
| University Name | Scholarship Type | Eligibility | Award Amount |
| Kellogg School of Management | Kellogg Scholarship, Kellogg Finance Network Scholarship | Full-time MBA, MBA in Finance | Variable |
| Wharton School | Joseph Wharton Fellowship, Social Impact Fellowship, Emerging Economy Fellowship | Exceptional profiles, non-profit sector aspirants, 2-year MBA candidates | USD 20,000 (INR 16,78,910) |
| Harvard University | Horace W. Goldsmith Fellowship, HBS Fellowship Program | 1st-year MBA with non-profit experience, need-based | USD 10,000–USD 40,000 (INR 8,39,450 – INR 33,57,830/year) |
| Stanford Graduate School of Business | Stanford Reliance Dhirubhai Fellowship | Indian students planning to work in India post-MBA for 2 years | USD 150,000 (INR 1,25,91,880) |
| INSEAD | INSEAD Need-Based Scholarship | Financial need, priority for economically disadvantaged candidates | USD 13,104 (INR 11,00,020) |
| Tuck School of Business | Willard M. Bollenbech Jr. Fund MBA Fellowship for Women | Exceptional academic merit | USD 10,000–USD 30,065 (INR 8,39,450 – INR 25,23,830/year) |
| London Business School | B.K Birla MBA Scholarship | 10 MBA students | Variable |
Eligibility Criteria for GMAT Scholarship 2024
GMAT scholarships vary by school, depending on the GMAT exam score acquired. Key eligibility points for a GMAT scholarship generally include:
- A strong candidate profile, CV, academic background, Statement of Purpose (SOP), and additional documents.
- A higher GMAT exam score makes it easier to secure a GMAT scholarship. A score of 700+ is often preferred for merit-based scholarships.
Is the GMAT score the Sole Determinant for Scholarships?
Focusing on your GMAT exam preparation can significantly influence your scholarship prospects. Here’s what schools generally consider for GMAT scholarships:
- GMAT Exam Score: A high GMAT score (700+) boosts eligibility, especially for merit-based scholarships.
- Work Experience: Relevant work history and leadership roles can strengthen your application.
- Academic Excellence: Strong academic records support your scholarship chances.
- Letters of Recommendation (LOR): LORs from credible sources can showcase your potential and achievements.
- Personal Essays or Statements: These help reflect your goals, motivations, and alignment with the school’s values.
Find the Right GMAT Scholarships
Finding the right scholarship can make your MBA journey more affordable. Use different resources and strategies to gain scholarships that match your goals and can help cover your education costs.
Here are some tips to help you choose the right GMAT scholarships and make the most of your GMAT exam preparation:
- Research Business Schools’ Financial Aid: Check the financial aid sections of your target schools. Their websites list their requirements and available scholarships.
- Consider Private Foundations: Manya—The Princeton Review, along with some private foundations and non-profits, provides scholarships and guidance based on your GMAT prep and background.
- Use Scholarship Search Engines: Websites like Fastweb, Scholarships.com, and Peterson’s allow you to create a profile and search for scholarships based on your interests, grades, and financial needs.
- Look for Industry-Specific Scholarships: Some industries offer scholarships for students pursuing advanced degrees in their fields.
- Leverage Social Media for Scholarship Updates: Follow scholarship providers and organizations on Twitter, LinkedIn, and Facebook. Connecting with these platforms can help you discover new opportunities and keep track of deadlines.
Mistakes to Avoid While Applying for GMAT Scholarships in 2024
Applying for a GMAT scholarship can be an efficient way to fund your studies. However, many applicants need more support due to common mistakes in the application process. Here’s what to avoid:
- Waiting until the last minute can compromise the quality of your GMAT scholarship application.
- Sending the same application to multiple scholarships without tailoring it can lessen your chances of standing out.
- Not reviewing eligibility criteria can lead to wasted time on applications for which you aren’t qualified.
- Overlooking application instructions can lead to disqualification.
- Spelling and grammatical errors can undermine your application’s credibility.
- Not including documents like recommendation letters and transcripts compromises the credibility of your application.
- Overlooking the importance of personal statements can weaken your application.
- Focusing only on more significant scholarships can prevent you from missing valuable smaller opportunities.
- Not effectively communicating your accomplishments can diminish your application.
- Late submissions are often not considered, regardless of application quality.
Conclusion
GMAT scholarships help cover high tuition fees, living costs, and loan repayments. Graduates often secure high-paying jobs, making these scholarships vital. Students can get GMAT scholarships for their preferred B-schools by meeting colleges’ requirements and securing high GMAT exam scores.
At Manya—The Princeton Review, students access valuable resources to enhance their GMAT exam preparation. We offer personalized guidance, expert tutoring, and innovative AI tools. We help students strengthen their scholarship applications and achieve impressive GMAT exam scores. If you want to secure funding for your education, contact us today and take a step closer to your MBA goals!
