GMAT Scholarships 2023 - Eligibility & Availability

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Aarushi Jain
Updated on Mar 05, 2023 8:59 PM IST

Foreign scholarships have always been one of the popular finance options taken up by study-abroad aspirants to fund their education abroad. While choosing student loans to fund studies abroad has been the most common approach, applying for MBA scholarships has been a popular option too.

MBA scholarships allow aspirants to study at their dream business school for free. When they plan to pursue an MBA abroad, a scholarship offered by business schools becomes much more significant.

To help students achieve their dreams and goals of pursuing management courses abroad, they can apply for or receive GMAT scholarships. Moreover, these scholarships will be offered by universities, scholarship institutions, organisations or foundations that want to financially help international students based on their merit.

What GMAT Score is Required to be Eligible for an MBA Scholarship?
Can You Get GMAT Scholarships for an MBA Abroad in 2023?
What is a Good GMAT Score for Scholarships?
Do you Qualify for a Merit Scholarship Based on GMAT Scores?
List of GMAT Scholarships
FAQs on GMAT Scholarships

What GMAT Score is Required to be Eligible for an MBA Scholarship?

Even though many universities consider a candidate's profile, which may include a well-written statement of purpose, reference letter, curriculum vitae, passport, and other documents, GMAT scores can still have a substantial impact.

As a result, the better a GMAT score, the more prospects for a GMAT scholarship. Obtaining a merit-based GMAT score of 700 or higher is encouraged to match the standards of the chosen institution, programme, or organisation.

You should also be aware of the importance of early scholarship applications. It is regularly given to worthy first-time candidates.

Low Score GMAT Scholarships

You already know that excellent GMAT scores can help you get a good GMAT scholarship for your MBA programme, but they do not guarantee that scholarship; similarly, a low GMAT score does not indicate there are no scholarships available for you. The GMAT score is one of the criteria and elements that raise the odds of receiving a scholarship, however, in some circumstances, candidates with a low GMAT score can earn a scholarship while those with a high GMAT score cannot.

Other factors such as leadership abilities, social purpose, academic record, and job experience also influence the scholarship, and a candidate with a low GMAT score may still be eligible for one if he or she has a stellar record in other sectors.

Degree Programs Abroad

Can You Get GMAT Scholarships for an MBA Abroad in 2023?

MBA scholarships offered at the international level are usually based on a minimum GMAT score that may vary from one institution to another. The higher your GMAT score is, the greater your chances are to win a merit-based scholarship.

Among some of the factors that determine if you are eligible for a GMAT scholarship or not include:

Academic Experience: Your GMAT score and undergraduate GPA
Leadership Attributes: Ability to manage projects
Diversity: Your interests, uniqueness, personal experience, perspective and value you are likely to add to the programme.
Work Experience: Prior work experience
Goal Clarity: What objectives you want to achieve through an MBA

What is a Good GMAT Score for Scholarships?

Again, tests like GMAT do not really have any good score and would entirely depend on the institution you are applying to. However, it is best if you score higher than the school’s previous year's incoming class' GMAT score. For instance, if you want to get into the top 10 foreign B-schools, a GMAT score of above 730 will get you through. Similarly, if you are aiming for the top 25 B-schools then a score of above 700 will be considered a good GMAT score.

Do you Qualify for a Merit Scholarship Based on GMAT Scores?

The answer is yes. Although it would entirely depend on the university or higher education institution, your merit scholarship would depend on your GMAT score. The higher your GMAT score is, the easier it will be for you to receive a merit scholarship.

Also, it is important to understand the importance of applying early to merit scholarships, which are typically offered early in any given application cycle. While some may require an additional application within a different deadline, some consider applicants for merit scholarships automatically.

Find Out the Financial Aid Available for You!

List of GMAT Scholarships

Here is a thorough list of GMAT scholarships to consider if you want to get into top business schools across the world:

Name of the University	Scholarship	Is Open to
Wharton School of Business	Joseph Wharton Fellowship	Students with remarkable professional, personal, and academic backgrounds
	Social Impact Fellowship	Students looking to serve non-profit organizations
	Emerging Economy Fellowship	Candidates of a two-year MBA programme
Harvard Business School	Horace W. Goldsmith Fellowship	First-year MBA student with an experience in a non-profit organization
Harvard Business School	HBS Fellowship programme	Means-based
Stanford Graduate School of Business	Stanford Reliance Dhirubhai Fellowship	Students who will come back to India upon completion of the programme to work for an Indian organization for at least two years
Haas School of Business	Dr Tahir Fellowship	Student of undergraduate programmes from an Asian country
Booth School of Business	Akhtar H. Tobaccowala Scholarship	Indian students enrolled in a full-time MBA programme
Booth School of Business	The Zonis Fellowship	Students with remarkable professional, personal, and academic background.
Kellogg School of Management	Kellogg Scholarship	Full-time MBA student
Kellogg School of Management	Kellogg Finance Network Scholarship	A student of MBA in finance
London Business School	B.K Birla MBA Scholarship	A student enrolled in business programmes
Tuck School of Business	Forte MBA Fellowship for Women	Female students enrolled in MBA, based on merit
Tuck School of Business	The Willard M. Bollenbach Jr. 1949 Fund	Students with remarkable professional, personal, and academic background
INSEAD	INSEAD Christina Law MBA 91D Endowed Scholarship for Asian Women	Female students who have a remarkable academic background in Asia and show the desire to work for their country
The University of Manchester	Manchester Merit Scholarships	You can earn a scholarship for your MBA school if your GMAT score is higher than 600.
The University of Amsterdam	GMAT Scholarship for the Amsterdam MBA	Those with a GMAT score of 630 or above are eligible for the scholarship. The highest scorer will receive EUR 10,000.
The University of Amsterdam	MIF GMAT-Based Waiver	A 640 GMAT score is required for those who want to pursue an Executive MSc in International Finance through GMAT scholarships. The scholarship amounts vary from EUR 1000 to EUR 10,000.
ESMT Berlin	ESMT Diversity Scholarship	Applicants can receive up to EUR 13,000 if they have attended at least one QS MBA Tour event in the past two years. Their GMAT score should be at least 650.
ESMT Berlin	ESMT Women’s Academic Scholarship	It is one of the most popular GMAT scholarships, covering up to EUR 15,000 in partial tuition. It is awarded to two female applicants for their full-time MBA programme who have an outstanding academic record and a GMAT score of at least 700.
University of California Berkeley	Dr Tahir Fellowships	This programme provides a total of 40,000 USD. It is given to students who have completed their undergraduate education in Asia and want to pursue a full-time MBA at Haas Management School.
Essec Business School	Young Potential Leader (MBA)	This GMAT scholarship is awarded based on candidates' success in both the GMAT exam and the personal interview. The scholarship is worth EUR 15,000.00.
Bocconi University	Bocconi International Awards	The International Prize provides a 50% tuition discount, worth around EUR 6,000 each year. Applicants admitted to Bocconi's first year of a Master of Science degree will be considered for a Bocconi International Award without the need to submit a separate application.
Frankfurt School of Finance and Management	FS MBA Scholarships	Scholarships are available for the following programmes: Executive MBA, MBA in International Healthcare Management, Part-time MBA, and Full-time MBA. These GMAT scholarships cover a part of the tuition for the relevant programme.
University of Exeter	Academic Excellence Scholarship	Based on the GMAT score, three scholarship types are available: A scholarship of GBP 2,000 will be offered to students with scores ranging from 600 to 640. A scholarship of GBP 3,000 will be offered to students who get a score of 650-700. A scholarship of GBP 6,000 will be offered to students with a score of 700 or higher.
Dartmouth College	Forte MBA Fellowship for Women	GMAT Scholarships are given to students who have an outstanding academic record and a GMAT score of 650-700.
Dartmouth College	The Willard M. Bollenbach Jr. 1949 Fund	Merit-based scholarship for female students interested in pursuing a full-time MBA programme with a GMAT score between 650 and 700.
HEC Paris	HEC Paris MBA Scholarship for Excellence	This merit-based grant is offered to all approved HEC Paris MBA applicants (except those candidates who are sponsored by their company or government for more than 50% of their tuition fees).
Imperial College London	GMAT Excellence Awards	Imperial College Business School offers substantial scholarships to the most excellent applicants. They provide incentives for diversity, such as MBA GMAT scholarships for women, regional scholarships, and the Reaching Out MBA (ROMBA) fellowship.
University College Dublin	GMAT MBA Scholarships	The complete tuition for the Full-Time, Executive, or Modular MBA programmes is covered by these merit-based scholarships. A GMAT score of 700 or above is required. MBA GMAT Scholarships will be awarded to academically outstanding students who will act as ambassadors for the UCD Smurfit MBA and the School both during and after their studies.

Related Reads:

Low GMAT Score? Check the List of Popular B-Schools Where You Can Apply	10 Mistakes You Should Avoid Making on Tests like GMAT and GRE
Top MBA Programs With GMAT/GRE Waiver in 2022-23	GMAT Score Chart and What Your Score Means?

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FAQs on GMAT Scholarships

Do B-schools in the UK offer GMAT scholarships?

Yes, B-schools in the UK offer GMAT scholarships. Many business schools in the UK use GMAT scores as one of their eligibility criteria to award scholarships. Some of the universities offering GMAT scholarships are Imperial College London, University of Manchester, Leeds University, University of Birmingham, University of Cambridge, and Durham University.

Do B-schools in the US offer GMAT scholarships?

Yes, a good number of B-schools in the US offer GMAT scholarships. Students can apply for the scholarship programmes if they have the required GMAT score. In order to apply, they may have to file a separate scholarship application. US universities offering GMAT scholarships are Yale University, Harvard University, MIT, Carnegie Mellon University, UCLA, New York University, California State University, and the University of Missouri.

Can I apply for GMAT scholarships at B-schools in Canada?

Yes, you can apply for GMAT scholarships with B-schools in Canada. You will have to check the list of scholarships offered by the shortlisted or applied b-schools. You may be offered a scholarship based on your application or may have to file a separate application for scholarships. You will have to submit all the required eligibility documents with the application.

What is the GMAT score needed for admission at Harvard University?

The GMAT score needed to get admission at Harvard University is 730. Harvard Business School is among the top five business schools of the world in 2022 with #3rd rank, as per the report of Financial Times. The MBA programme offered at the school is of two years duration, at a cost of USD 150,000 approximately.

How to maximise my chances to get an MBA scholarship?

If you wish to maximise your chances to get an MBA scholarship, you need to get a GMAT score of above 600. Almost all the scholarships offered by business schools require students to show that they have scored exceptionally high in their GMAT exam. In fact, some universities, like Ivy League, ask for a GMAT score of 750 or more to get considered for scholarships.

Can I avail 100% scholarship through GMAT scores?

Yes, you can avail 100% scholarship through GMAT scores. However, supportive elements shall be required. To get a 100% scholarship, you need to have a GMAT score of above 700, GPA of at least 3.5 (on a 4.0 scale), at least two letters of recommendation (LORs), and two to five years of work experience. Additionally, you may be asked to submit evidence of an independent management-based project.

Which B-schools offer GMAT scholarships?

There are many b-schools including Wharton, Harvard, Stanford, Haas, and Booth, among others which offer GMAT scholarships. The business schools use GMAT scores to select the students eligible for entry-based scholarships. Additionally, students can also apply for special scholarships based on their financial needs and merit in the GMAT exam.

Does GMAC offer scholarships/financial aid?

No, GMAC does not offer scholarships or financial aid based on GMAT scores. Although GMAT scores can be used to get scholarships for MBA from business schools, universities, trust foundations, and other financial institutions, GMAC does not offer any kind of financial aid or scholarship. Students can check the scholarships offered by their shortlisted business schools to know more about MBA scholarships.

What is a good GMAT score for scholarships?

A good GMAT score for scholarships is 600 or more. The scholarships, even if not merit-based, require students to show caliber to get their studies funded. They need to prove themselves worthy of education in the best possible graduate course. Many business schools require them to have a GMAT score of at least 600 to get considered for a scholarship.

Are there scholarships available for international students based on GMAT scores?

Yes, there are many scholarships available for international students based on GMAT scores. In fact, as MBA is a graduate level programme, students can also apply for fellowships on the basis of their GMAT scores, provided they have a research project outline. Students can apply for GMAT scores based scholarships with their shortlisted universities, business schools, third party foundations, or even national and state authorities.

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GMAT Scholarships 2023 - Eligibility & Availability

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