| Getting your Trinity Audio player ready... |
Last Updated on August 16, 2023
If you’re planning to take the GMAT exam for MBA programs or you already have, you’re well aware that earning a high GMAT score can help you gain acceptance to business school. But given the hefty tuition fees of both part-time and full-time MBA programs at many schools, you may be wondering, can I use my GMAT scores for scholarships? And if so, what GMAT score do I need for scholarships?
In this article, we’ll tackle those important questions and some other common ones about using a GMAT score for scholarships. Note that we’ll focus mostly on the scholarships that MBA programs offer their students, not funding from outside sources.
Here are the topics we’ll cover:
- Can I Use My GMAT Scores for Scholarships?
- What GMAT Score Do I Need for Scholarships?
- Frequently Asked Questions (FAQ)
- Key Takeaways
- What’s Next?
Let’s first explore whether you can use a GMAT score for scholarships to help pay tuition fees for MBA programs.
Can I Use My GMAT Scores for Scholarships?
If you’re wondering whether you can use your GMAT score for scholarships, I have good news for you. A high GMAT score can certainly help make you a competitive candidate for scholarships from MBA programs.
Many business schools offer scholarships as a way to attract high-achieving students, and one measure of that high achievement is the GMAT. Both U.S.-based schools and big-name schools abroad, such as ESMT Berlin and HEC Paris, commonly offer merit-based scholarships that partially or fully cover tuition fees, and may even cover some incidental costs.
Even in China, where the GMAT is not a compulsory aspect of the MBA application process, many schools offer MBA scholarships based on GMAT scores.
KEY FACT:
You can use a GMAT score for full scholarships and partial scholarships. Some scholarships may also help cover incidental costs associated with attending an MBA program.
Now, there are a couple of nuances that we have to keep in mind when thinking about using a GMAT score for scholarships. The first is the distinction between need-based and merit-based scholarships. The second is whether a scholarship is merit-based in general or specifically GMAT-based. Let’s start by discussing need-based vs. merit-based scholarships.
Need-Based vs. Merit-Based Scholarships
Business schools often have two types of scholarships: need-based and merit-based.
Most need-based scholarships are awarded strictly based on demonstrated financial need. So, criteria such as academic performance, work experience, and test scores do not factor into the awarding of these scholarships. Thus, you cannot use your GMAT score for scholarships that are entirely need-based.
Conversely, merit-based scholarships are based on criteria such as academics, work experience, recommendations, and yes, your GMAT scores. So, a good GMAT score is generally important for these scholarships, which can be extremely competitive, particularly at top schools.
Now, it is possible for there to be some crossover between these two, generally distinct types of scholarships. (You may have noticed my earlier use of the word “entirely” in discussing need-based scholarships.) In other words, some business schools offer scholarships that take both financial and merit-based factors into account.
For example, Columbia Business School offers some need-based scholarships that “have a merit component.” So, while those scholarships are primarily need based, they are not entirely need based.
Thus, it’s possible that your GMAT score could come into play even in need-based scholarship applications. Likewise, financial need may be a factor in the awarding of some scholarships that are primarily merit based.
However, for the most part, you’ll find that need-based scholarships are based on financial need and merit-based scholarships are based on performance metrics.
KEY FACT:
Need-based scholarships are based on financial need, whereas merit-based scholarships are based on GPA, test scores, etc.
Merit-Based vs. GMAT-Based Scholarships
Generally speaking, merit-based scholarships are awarded on the basis of MBA students’ entire profiles. So, a range of measures of academic and professional excellence are considered. Particularly at top schools in the U.S., MBA programs are unlikely to offer scholarships based on GMAT scores alone.
Even so, GMAT scores often play an outsize role in determining which MBA students get merit-based scholarships. Furthermore, some merit-based scholarships for MBA programs may not even be open to you if you haven’t taken the GMAT. For this reason, students seeking scholarship funds may want to consider taking the GMAT instead of the GRE, so they have more options for financial assistance.
So, even though scholarships for high GMAT scores alone are not nearly as common as more holistic merit-based scholarships, we can see why taking and scoring high on the GMAT may be key in securing an MBA scholarship.
KEY FACT:
Merit-based scholarships generally consider several academic and professional data points, but the GMAT is still often a key factor.
MBA Programs Abroad May Offer GMAT Scholarships
MBA programs outside the U.S., including top programs, may offer GMAT-based scholarships. For instance, Fudan University in China offers GMAT scholarships for its International MBA program, which is taught entirely in English, in partnership with MIT Sloan. The scholarships award up to 100% of the tuition fee, based on GMAT score, starting at a score of 650. The higher your score, the higher the scholarship award, with full rides available to students scoring 750+.
Similarly, the WHU – Otto Beisheim School of Management in Germany offers full-time MBA students scholarships for excellent GMAT or GRE scores. Comparable scholarships exist at other universities throughout Europe and the UK. Keep in mind that, for many of these scholarships, you may need a GMAT score of 700 or higher. For example, University College Dublin’s GMAT scholarships are open only to MBA students who score 720 or higher.
So, international students looking to study outside the U.S. may have more luck finding MBA programs that offer GMAT-based scholarships.
Nonetheless, the majority of merit-based scholarships for MBA programs both in the U.S. and abroad factor in your GMAT score along with other measures of merit.
KEY FACT:
MBA programs outside the U.S., including top programs, may offer GMAT-based scholarships.
Now that we understand which types of scholarships you can use your GMAT scores for, let’s discuss what GMAT score you may need to secure a scholarship.
What GMAT Score Do I Need for Scholarships?
While business schools abroad may list minimum GMAT scores in the eligibility criteria for scholarships (we saw some examples earlier), in the U.S., MBA programs are unlikely to specify minimum GMAT scores necessary to secure scholarships. This fact isn’t all that surprising, as U.S. business schools generally don’t offer merit scholarships based on GMAT scores alone. (Note that private organizations offering scholarships are more likely to specify test score minimums in their eligibility criteria.)
That said, there are still some general guidelines we can follow to position ourselves well for merit-based scholarships that MBA programs offer.
Mainly, you want to be sure that you do two things:
- Beat the GMAT averages at your programs of choice.
- Consider other aspects of your profile.
Let’s discuss both of these in further detail.
Beat the GMAT Averages at Your Programs of Choice
MBA programs offer merit-based scholarships to a select pool of students. A small pool, not an Olympic-size one! So, to be competitive for the limited number of scholarships that MBA programs offer, you’ll want to beat the median or average GMAT scores (whichever are reported) of admitted full-time MBA students in the most recent incoming classes at your desired programs.
Of course, averages vary from school to school. So, you’ll need to do some research into your schools of interest. Fortunately, you’ll more often than not find GMAT score data on the class profile page of an MBA program’s website.
TTP PRO TIP:
Research the average GMAT scores at your desired programs and aim to beat those averages to be competitive for scholarships.
Don’t Worry If Your List of Schools Isn’t Finalized
You may be wondering what to do if you need to set your GMAT score goal, but you’re not yet sure which schools you’ll apply to. This issue is not actually a big deal.
While it’s nice to know exactly which schools you’ll apply to before you take the GMAT, it’s not absolutely necessary. (And many applicants’ lists change over time!) As long as you have an idea of the tier of program you’re interested in, you can still get a solid sense of what to shoot for on the GMAT.
For example, say you know you’re aiming for schools in the top 10. Currently, average GMAT scores at top 10 MBA programs fall around the 720-730 range. So, even without knowing exactly which top 10 schools you’ll end up applying to, you can count on needing a GMAT score of at least 740 to be in the running for their merit-based scholarships. (Remember, you want to beat the averages.)
Or maybe you’re interested in more mid-range schools, say in the top 50 but below the top 25. In that case, a score of 700 or 690 may be competitive for merit-based scholarships. Again, check the websites of some programs in your “tier” to get the most up-to-date GMAT data.
TTP PRO TIP:
Research average GMAT scores at programs in the “tier” you’re aiming for if you don’t have an exact list of desired programs yet.
Now, the question becomes, how far above the GMAT averages should you shoot?
Consider Other Aspects of Your Profile
Just as the committees evaluating your scholarship applications will take multiple measures of merit into account, so must you when setting your GMAT score for scholarships. Are there weak points in your profile that could diminish your competitiveness for scholarships? If so, an impressively high GMAT score might help keep you in the running.
In general, if your GMAT score is considerably higher than a program’s average, then you are more likely to be competitive for merit-based scholarships. So, if you have, for example, a lower than average GPA for a school, well then, you’ll probably need a GMAT score that is top of the line for your desired programs.
Luckily, many programs publish not only average GMAT scores but also the GMAT score ranges of their incoming classes. So, if you feel that there is some aspect of your profile that may jeopardize your candidacy for scholarships, consider aiming for the top of your desired program’s GMAT score range — or even higher, depending on your particular circumstance.
Remember, GMAT scores are just one aspect of scholarship decisions. So, even a top GMAT score is no guarantee that you’ll receive a scholarship award.
TTP PRO TIP:
If there are weaknesses in your profile, consider aiming for the top of your desired program’s GMAT score range — or even higher.
Now, let’s answer some common questions about using a GMAT score for scholarships.
Frequently Asked Questions (FAQ)
Can you get scholarships for your GMAT scores?
In the U.S., merit-based scholarships at MBA programs tend to look at multiple measures of academic and professional excellence, including GMAT scores. So, you’re unlikely to find U.S. business schools that offer scholarships for GMAT scores alone, without any other criteria. For instance, none of the top MBA programs in the U.S. offer scholarships just for GMAT scores.
Outside of the U.S., however, in Europe, the UK, and China, for example, there are some MBA programs that offer GMAT-based scholarships. So, depending on where you want to study, you may be able to get MBA scholarships based on GMAT scores.
Can you use a GMAT score for scholarships in Canada?
Canada is similar to the U.S. when it comes to using a GMAT score for scholarships in that you’ll find many MBA programs offering merit-based scholarships that look at both GMAT scores and other markers of excellence.
The Schulich School of Business at York University and the Haskayne School of Business at the University of Calgary are just a couple of examples.
Are there GMAT score scholarships for Indian students?
There are some merit-based scholarship opportunities for Indian students (or international students in general) who wish to enter an MBA program in another country. Generally, these scholarships are provided by private or nonprofit organizations and may focus on particular schools.
For example, The Oxford and Cambridge Society of India offers scholarships for Indian citizens to study at Oxford or Cambridge University (including MBA students). Keep in mind that these types of scholarships tend to have numerous eligibility criteria, which may include excellent GMAT scores.
MBA programs generally list on their scholarship pages the private organizations that provide scholarships to their students. So, the websites of schools you’re interested in are always a good place to start.
Can you use a GMAT score for Harvard scholarships?
Harvard is somewhat of an exception in that it does not offer any merit-based scholarships to MBA students. It offers only need-based scholarships. So, you cannot use your GMAT score for Harvard scholarships.
GMAT Score for Scholarships: Key Takeaways
- Need-based scholarships are based on financial need, whereas merit-based scholarships are based on measures of academic and professional excellence, including GMAT scores.
- A high GMAT score can help make you a competitive candidate for merit-based scholarships from MBA programs.
- Merit-based scholarships generally take into account several academic and professional data points. However, the GMAT is still often a key factor.
- Some schools outside of the U.S. offer MBA scholarships based on GMAT score.
- In the U.S., MBA programs are unlikely to specify minimum GMAT scores necessary for securing scholarships, as eligibility depends on multiple factors.
- Research the average GMAT scores at your desired programs and aim to beat those averages to be competitive for scholarships. If you don’t have an exact list of desired programs yet, research average GMAT scores at programs in the “tier” you’re aiming for.
- If there are weaknesses in your profile, consider aiming for the top of your desired program’s GMAT score range — or even higher.
What’s Next?
Need help paying for the GMAT? Check out this guide to getting a GMAT fee waiver.
Need a higher GMAT score for scholarships? Here is some expert advice for increasing your GMAT score.
