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.
Table of Contents |
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.
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.
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.
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.
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.
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.
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
Following are the types of scholarships through GMAT, and financial aids available for both Indian and International candidates.
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.
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:
Mistakes that should be avoided when applying for a GMAT scholarship:
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, please refer the official website of the exam.
TAPMI’s WAT includes questions that are mostly related to general knowledge and current affairs. WAT is basically how strong you are in written skills. Try reading current affairs topics from there only. It's all about how you tell them. Write clearly point to point and do not use jargon or bug words. They don't fetch any more points. Just make your point clear.
PI mostly has questions derived from your past experiences, academics, and sometimes current happenings around the world. If you’re aware of and following at least one news source for around 4 months before your PI, you are good to go.
Read the form that you filled out. That's the first thing they are going to ask. Be confident and do not try to beat around the bush. If you do not know something it's ok as long as you say it. But that being said, do not go completely blank.
Several factors affect the chance of a candidate getting a seat in ISB Hyderabad. Not only the GMAT score, but also the application profile, essays, and performance in the interview combined together decides whether a candidate should get a seat or not in such an elite institute. The points listed below are some important aspects to consider for admission to such institutes.
This is the overall scenario for admission in ISB Hyderabad, for a student with an average profile.