While a diverse range of MBA scholarships exists, most merit-based scholarships are typically granted to students who have a good GMAT score. This preference for the GMAT over the GRE is reinforced by the fact that scholarships based on GMAT scores are available at certain business schools. An example of such a scholarship is the GMAT MBA Scholarship offered by University College Dublin’s Smurfit Graduate Business School, which provides financial aid covering full tuition costs for students scoring above 700 on the GMAT.
Taking the GMAT instead of the GRE ensures that you have access to all scholarship opportunities and prevents you from missing out on potential funding due to an incompatible test on your application. While the GMAT is not the sole criterion for admission or scholarship awards, it holds significant weight in the evaluation process.
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Although schools also consider other factors such as professional experience, GPA, and socio-economic background when evaluating scholarship applications, the GMAT plays a crucial role due to the significant variations among candidates. As applicants come from diverse backgrounds, the GMAT serves as a means to ensure a consistent and comparable measure during the evaluation process.
The GMAT score is one of the few aspects of your business school application directly under your control. Unlike GPA, which can’t be improved after completing your undergraduate studies, or work experience, which may require several years to accumulate, you can enhance your GMAT score within a few months of dedicated preparation.
Improving your GMAT score can compensate for weaknesses in other areas of your application, which is particularly beneficial for younger and less experienced candidates.
Cost of Doing MBA Abroad
| Country | Cost |
| USA | 35,00,000-50,00,000 INR/ year |
| UK | 30,00,000-80,00,000 INR/ year |
| Canada | 20,00,000-35,00,000 INR/ year |
| Germany | 20,00,000-40,00,000 INR/ year |
| Australia | 30,00,000-45,00,000 INR/ year |
| New Zealand | 15,00,000-25,00,000 INR/ year |
It is imperative to avail of scholarships to fund your MBA abroad if you choose to pursue it. Hence you should look into the scholarship schemes offered for your desired business schools before you apply for them.
Top Scholarships for International MBA Programs
Here are a few popular scholarships that are usually offered to students with a high GMAT score for pursuing MBA abroad.
| Name | Eligibility | Amount |
| Forte Fellowships | Forte-partnered Business Schools (for Women only) | Part of the tuition fees
|
| Sydney Future Leaders MBA Scholarships | only to part-time MBA students | $60,000 |
| Skoll Scholarship | students with entrepreneurial capacities that can solve social and environmental problems applying to Said Business School | |
| DAAD Scholarship | MBA in Germany | Fully funded |
| BK Birla Scholars Program | Awarded to candidates applying for MBA at London Business School who demonstrate outstanding academic records, leadership qualities and display integrity, service and dedication. | Up to full tuition fees |
| Cardiff India Scholarships | All Indian students applying for eligible master’s degree programs that include MBA are eligible to apply. | £5,000
|
| Stanford Reliance Dhirubhai Fellowship | Students from India who are applying for an MBA at Stanford University and have excellent academic records and professional qualifications along with leadership skills and commitment.
|
80% of tuition fee, living expenses and health insurance
|
| LOreal Scholarships | Each year L’Oreal funds one MBA for students applying to INSEAD based on creativity, diversity and entrepreneurial spirit. | €25,000
|
Business schools still prefer the GMAT, and a competitive test score is often deemed advantageous for the application. Applying to a business school with a GMAT score expands your scholarship opportunities, enhances the likelihood of receiving scholarship funds, and distinguishes your application from others.
In order to be eligible for MBA scholarships overseas, it is generally required to have a minimum GMAT score of 600 or higher. However, for top-tier business schools that offer MBA scholarships, it is advisable to aim for a score of 700 or above in order to maximize the chances of receiving the highest possible award. In many cases, having work experience is a prerequisite for MBA scholarships. Universities typically seek applicants who possess 2-5 years of professional experience, along with notable achievements in addition to their academic records.
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