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GMAT Scholarship for Indian Students 2023
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.
GMAT 2024 : 27 Answered QuestionsView All
Ans. Generally speaking anything above 750 is a good score for admission to IBS Hyderabad. But even a high GMAT score does not guarantee admission to IBS Hyderabad because the shortlisting is profile-based. GMAT score is just a part of the entire selection process. You need to improvise your profile by working on other aspects also like essays profile academics extracurricular activities Academics: Your 12th class marks graduation grades, post-graduation, and certification scores along with the GMAT cutoff is considered in your academic profile. Leadership: The leadership skills of the aspirants are tested on the basis of their prior achievements and roles. Personal attributes: This comprises your personal qualities like hobbies, talents, and extracurricular skills. Aspirants from diverse work experiences, cultures, and educational backgrounds are welcomed at IBS Hyderabad. So along with preparing well for GMAT, give importance to these parameters as well to increase your chances of admission. Read more
Ans. In case you are enquiring about the CAT percentile let me clarify that ISB Hyderabad does not take into consideration CAT scores. It accepts GMAT/GRE scores only. Most importantly, the ISB Shortlisting process is profile-based. This means even with a lower percentile you can manage to get shortlisted provided you have an excellent profile. There is no fixed cutoff for GMAT. However, a 700+ GMAT score isn't a must-have for ISB if your application is strong in other areas. According to an ISB spokesperson, candidates were admitted to the 2021 cohort with scores as low as 580, and as high as 780. So the GMAT score range for ISB is 580-780. Read more
Ans. Yes, it certainly is worth paying a hefty fee of 30k for GMAT coaching at Crack ISB Hyderabad. The quality of trainers and the certainty of admission is what draw the candidates here. While there are many institutes that specialize in training for the CAT, very few institutes offer training for GMAT. Crack ISB Hyderabad has many features that have made it so popular and demanding among GMAT aspirants The peer group is a productive and effective group discussion is possible The institute gives the admission essay reviews free of cost while most institutes charge around 20-25k The quality of editing is much better at this Institute mainly because the faculty comprises alumni of top B Schools So it’s better to pay more for quality education than pay less or the same for substandard education. But remember an Institute can just prepare you for your entrance exam. It’s upon you to put in maximum effort and achieve your goals. Read more
Ans. There is hardly any B-school in India that accepts GMAT scores for full-time MBA. IIMs, FMS, XLRI, JBIMS, IIFT, MDI, etc. are some of the institutions that accept GMAT scores. However, students applying through a foreign national quota or NRI quota are eligible for GMAT score. ISB on the other hand accepts the GMAT for its full-time program MBA program. Here is the list of some B-Schools that accepts GMAT scores in India XLRI, Jamshedpur XIM, Bhubaneswar VIT Business School TISS, Mumbai TERI School of Advanced Sciences, TERI University TASMAC, Pune TAPMI, Manipal School of Management, Udaipur School of Management, NMIMS, Mumbai School of Management, International Institute of Management This is why most students go for CAT, XAT, SNAP, and other management exams for admission in MBA. Only foreign nationals or students with NRI Quota can apply through GMAT. Read more
Ans. Yes, ISB Hyderabad’s PGP program requires a minimum of 2 years of full-time paid work experience. This criteria came into force on 31st March 2016 and is still a necessity. For candidates who lack in this aspect, there is a back door entry called the Early Entry Option or the EEOs. Under this, you can apply right away, go through the selection process, and receive the admission offer but join only after working for 2 years. This can also be referred to as Deferred admission. Read more
Ans. More than 140 Business Schools in India accept GMAT scores. Here is a list of popular B-School that accept GMAT scores. IIM Ahmedabad (PGPX) IIM Bangalore (EPGP) IIM Calcutta (PGPEx) IIM Indore (EPGP) IIM Kozhikode (EPGP) IIM Lucknow (IPMAX) XLRI Jamshedpur MDI Gurgaon IMT Ghaziabad IIFT Delhi FMS Deli ISB Hyderabad/Mohali Many other reputed B-School across the country also accept GMAT scores. Read more
Ans. Very few universities in Canada offer MBA without GMAT scores. They will consider other factors as eligibility criteria such as work experience for selection. York University’s Schulich of School of Business, McMaster University’s Degroote School of Business are some of the most reputed business schools in Canada that offer MBA without GMAT. Other than these, other universities offering MBA without GMAT are New York Institute of Technology, Thompson Rivers University, Lakehead University, Wilfrid Laurier University. You have the option to apply for executive MBAs without a GMAT score, too. Read more
Ans. IIM Shillong accepts GMAT scores of only for International students for the PGP flagship program The Executive PGP program For International students who are targeting the PGP flagship program, the cutoff is as follows Category SSC Percentage HSC percentage General 80 80 EWS 80 80 DA 50 50 ST 50 50 SC 55 55 So a good GMAT score for an International student is anything above 700. For the Executive program too, a GMAT score of 700+ is a good target. If your profile is average you can target a higher GMAT score. Read more
Ans. There are many business schools in India that require GMAT scores at the time of admission. Some of the top business schools with requiring GMAT scores in India are: Institute Name GMAT Score ISB, Hyderabad & Mohali 730 or higher S.P. Jain Institute of Management and Research, Mumbai 550 IIM Ahmedabad 711 School of Management, NMIMS Mumbai 600 IIM Bangalore 710 Great Lakes Institute of Management 600 IIM Calcutta 701 XLRI Jamshedpur 710 IIM Lucknow 680 IMT (All campuses) 720 IIM Indore 700 ICFAI Business School (Hyderabad & Mumbai) 700 IIM Kozhikode 700 A few other institutes include - MDI Gurgaon, FMS Delhi, Sunstone Business School Noida, ISB Indore, and more. Read more
Ans. I know this decision is a bit difficult to make. What you need to keep in mind is that these two colleges should not be compared to other great IIMs or even ISBs. Those B Schools are at another level and cannot be on par with Kashipur or Raipur. To facilitate a better decision, I will mention the circumstances of these B Schools then you can choose after considering all options. IIM Indore and IIM Kashipur: Both these colleges are not worth a year drop as they will help you earn only an extra 1.5-2 LPA. Moreover, in the coming years, Kashipur and Raipur will have almost the same brand value as that Indore and Kozhikode. IIM Ahmedabad, Calcutta, Lucknow and Bangalore: All these top IIMs are definitely worth a year's drop provided that you are confident enough to cope with the cutoff. All these IIMs consider your academics while selecting so if that is your reason for the year drop I don’t think it will help. There is no surety of admission even after a percentile of 100. ISB: This one is at a whole different level and is in the category of elite B Schools like UCB, NYU, HBS, etc. The top-notch faculty offers amazing pedagogy at relatively low fees. CAT is sufficient for IIMs. But if you want to go for ISB, a work experience of 4+ years and a GMAT are a must. Read more
*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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