An MBA degree from top rank business schools is not only valuable but also expensive. You may not afford those reputed business schools on your own. However, a good GMAT score can help you affording them. There are hundreds of business schools who offer different types of scholarships and funding for students with good GMAT score. If you are worried about paying for MBA program but have a satisfactory GMAT score, this article is about wash away your worries and guide you to apply for an MBA scholarship based on GMAT score. Now the question is – What is a Good GMAT score for Scholarship? Is there any minimum GMAT score for scholarship? These are common question arises in the minds of those who are looking for an MBA scholarship. The minimum GMAT score for a scholarship varies from business school to business school. At the same time, ‘Good GMAT Score’ is not remain as a constant number. In this article, we will cover everything you need to get the answer to these questions.
Is it Possible to Get a Scholarship with High GMAT Score?
Let’s start with answering a common question – Is it Possible to Get a Scholarship with High GMAT Score? It is more of a concern among students about to start taking GMAT preparation. The straightforward answer to this question is – ‘Yes. It is possible to get a scholarship with high GMAT score’. I wish the answer would remain as simple as ‘Yes’. However, it is not. Because High GMAT Score is not a well-defined term. When can you call a GMAT score a high GMAT score? What is a high GMAT score for a mid-rank business school may be considered as too low for Harvard Business School. Can you see the point? We have tried our best to find out an average score which can be considered as a high GMAT score. However, it depends on the business school ranking, availability of fund, background of the students, region of the students, experience of the students and many other factors. As a result, we couldn’t come up with a straightforward answer.
However, there is no doubt that business schools and many private and government organizations offer partial to fully funded scholarships based on GMAT score. However, keep in mind that, GMAT score alone is not enough. What else are needed? The following list will help you to understand:
- A strong academic background with good grades (If you have low grades, learn How to Get a Scholarship with Low CGPA)
- Writing samples (Essay, Statement of Purpose and others)
- Letter of recommendation
- Cover letter of scholarship application (Learn how to write a perfect cover letter for scholarship application)
- And you have to apply for scholarship in a proper way (Learn How to Apply for a Scholarship)
A good GMAT score combined with well written cover letter, recommendation letters, standard writing samples and proper scholarship application process can make it possible to get a scholarship for MBA program.
What Types of GMAT Scholarships are Available?
Now the question is – What types of GMAT scholarships are available? Let us start by answering – What is GMAT Scholarship? GMAT scholarships are referred to mainly MBA scholarships. The scholarship awarded from different business schools based on GMAT scores and others for students enrolled or about to enroll in MBA program are the GMAT scholarships. Generally the GMAT scholarships (or MBA scholarships based on GMAT Score) are categorized into two broad categories. They are:
- Scholarship by Educational Institutions
- Scholarship by External Sources
- Government Scholarship
- Non-government Scholarship
- Private funding
Scholarship by Educational Institutions
Almost every business school has scholarship schemes for MBA program. Different MBA scholarships require different quality. The benefits of these scholarships also vary. However, the funding source is always the education institution. The scholarship funded by the education intuition is known as scholarship by education institution. Business schools offer scholarship in multiple categories. Almost every good quality business school has MBA scholarship based on GMAT score. However, not every MBA scholarship is awarded on the basis of GMAT score. There are need based MBA scholarship schemes. However, those are not the topic of this article. MBA scholarships based on GMAT score are actually the merit scholarship.
A good way to look for merit based MBA scholarship (MBA scholarship based on GMAT score) is to go to the financial aid or scholarship related webpages of the degree granting institutions and look for the scholarship offers. However, it is a clumsy process. The alternative is a better and organized way. Scholarshipin.com has enlisted the world’s top MBA scholarships. You can look for MBA scholarships and apply from there. Use the link below to start searching for MBA scholarships:
Applying for MBA scholarships is easier if you apply from scholarshipin.com. here, you will find scholarship opportunities organized according to deadlines. You can choose scholarships MBA scholarships in different countries and institutions. Because of ease, availability of up-to-date information scholarshipin.com is recommended for MBA scholarship seekers.
Scholarship by External Sources
Educational institutions are not the only scholarship offering bodies. Government and non-government organizations including many private fund givers offer scholarships to eligible and deserving candidates. However, most of the time these scholarships are need based scholarship. Need based MBA scholarships are awarded to those who cannot afford business schools despite of having quality because of financial difficulties. However, the number of such students aiming for admission in top rank business schools for MBA degree are really high. That is why GMAT score, in majority of the cases, considered as one of the most important selection criteria.
The scholarships which are funded by different government bodies monitoring the educational sectors, non-government organizations devoted to social work and many benevolent individual committed to serve the society for collective development of the world are known as scholarship by external sources.
information about the external fund sources and encourage students to apply for them. However, students are allowed to contact with the external sources to manage scholarships and funds of their MBA program.
List of Popular MBA Scholarships based on GMAT Score
Now that we know it is possible to get a scholarship with high GMAT score, it is necessary to familiarize ourselves with the available scholarships which are based on GMAT score. Actually, high GMAT score is one of the requirements. However, when different candidate fulfill the same criteria, then GMAT score plays the role as final decision making factor. That is why it is very important to ensure high GMAT score, at least of the scholarships enlisted below:
Canadian Bureau for International Education Scholarship
This scholarship is organized and funded by Canadian Bureau for International Education. It is a GMAT score based scholarship. This awarded is for prospective graduate students of Canada who are trying to get their MBA degree from reputed international business schools. Students who want to study MBA program in Canada and possess a strong academic background are also eligible for this scholarship award. The Canadian Bureau for International Education Scholarship covers full tuition cost of MBA programs.
Consortium for Graduate Study in Management Scholarship
This scholarship covers full tuition fee for two years MBA program. Interested candidate must have to be an U.S. citizen to be eligible for this scholarship. The scholarship selection committee only accepts application from the students with bachelor degree from some U.S. college.
East-West Center Scholarship
This scholarship is for the citizens or permanent resident of any of the following countries or regions:
- United States of America (USA)
- Pacific Region,
- South Asia,
- Southeast Asia, or
- East Asia
To be eligible for this scholarship, the candidate must be an enrolled and regular student of either master’s degree or doctoral degree at University of Hawaii. This scholarship includes the following benefits:
- Full tuition,
- Housing costs,
- Books, and
- Some living expenses for a graduate degree at the University of Hawaii
Hariri Foundation Scholarship
The Hariri foundation offers scholarship for Lebanese students with good GMAT score. However, this scholarship is offered for students of Boston University only. Both enrolled students and about to be enrolled students can apply for this scholarship. It covers full tuition and other educational fees for two years.
Harvey Fellows Program Scholarship
It is a $16,000 (USD) scholarship and can be renewed for up to two years. Only Christian students can apply for this scholarship. The GMAT score plays a vital role in the selection process of this scholarship.
Institute of International Education-IIE Scholarship
The Institute of International Education abbreviated as IIE sponsors international students for higher studies in United States. If you have a good GMAT score and intention to study MBA in United States, you should look into this scholarship.
La Caixa Fellowship Program Scholarship
This scholarship program is for Spanish students who want to study in Indiana University, Bloomington. It covers tuition fee for two years. With a good GMAT score, you can expect to achieve this award.
Roche MBA Fellowship Program Scholarship
The Roche MBA Fellowship Program Scholarship is an excellent scholarship program awarded based on GMAT score. However, this program is little different than others. Because it allows candidates who has undergraduate degree in science or medicine only. Normally, MBA degree granting institution prefers students with business degree background. However, this scholarship is for candidates with undergraduate degree in science or medicine. This scholarship covers tuition fee for two years.
Stars Foundation Scholarship
Students who are Permanent residents of South or West Texas with good GMAT score can apply for this scholarship. The Stars Foundation Scholarship is a prestigious scholarship funded by The Stars Foundation. The full MBA tuition fee is covered by this scholarship program.
The Scholarship Foundation, The Patrick Turner Scholarship for Innovation and Entrepreneurship
The Patrick Turner Scholarship for Innovation and Entrepreneurship is funded by an organization named The Scholarship Foundation. Students with good GMAT scores are preferred candidate for this scholarship. It provides fund to prospective students want to get admitted in world class business schools for MBA program to pursue career in innovation or entrepreneurship. The maximum fund allocated to a single candidate is $7,125 (USD).
Tibet Fund Scholarship
Tibet Fund Scholarship program is for Indian and Nepalese citizens only. This scholarship prioritize candidates with high GMAT score. If students from India and Nepal want to attend master’s program, they participate this scholarship program. It provides full tuition fee for two years master’s degree.
World Learning, World Learning (Kosovo) Scholarship
The World Learning, World Learning (Kosovo) Scholarship is awarded based on GMAT score. It is for students who are citizen of Kosovo and planning to study a master’s program in United States. This scholarship offers fully funded master’s program. In an addition, after graduation, it ensures a job placement in reputed institutions of Kosovo.
We have been introduced with several scholarships which includes good GMAT score as a requirement. Now that you know which scholarships to apply, let us now answer the question you have been waiting for – what is the minimum GMAT Score required to get an MBA scholarship?
Minimum GMAT Score for MBA Scholarships
As mentioned earlier, the minimum GMAT score for scholarship in reputed business school has never been disclosed. However, based on the records of 224 scholar students who already achieved MBA scholarship based on GMAT score and interviewing members of several selection committee of scholarship, we have found the minimum GMAT score for MBA scholarships. We have used an analytical approach to find out the minimum score. First of all, we have found out the GMAT score of those who were selected for fund and those who were rejected. Then we found the average GMAT score to get a scholarship of fund. We have considered this average GMAT score as the base line. However, this average GMAT score required to get a fund varies from business schools to business schools. In order to provide a clear cut average, we have categorized the business schools into two categories. They are:
- Top Rank Business Schools
- Mid-rank Business Schools
The minimum GMAT score required to get a scholarship in top rank business schools and mid-rank business schools are different.
Minimum GMAT of MBA Scholarship in Top Rank Business Schools
The competition for both admission and scholarship in top rank business schools are very high. As a result, the minimum GMAT score required to get a scholarship in these institutions are higher than other business schools.
You need a score of 720 or above to be considered for merit based scholarship in top rank business schools. However, there are exceptions. Many around 10% of the candidates could achieve scholarships in these top rank business schools even with less than 720 in GMAT. However, they had excellent academic backgrounds, achievements, job experiences and outstanding accomplishments.
Minimum GMAT of MBA Scholarship in Mid-rank Business Schools
The mid-rank business schools do not mean less competitive. You have to face extreme competition in both admission and scholarship process. However, the competition is not as tough as in top rank business schools.
The minimum GMAT score to get MBA scholarship in min-rank business schools is 700. If you can score 700 or above, you can expect to get a scholarship for MBA program. However, if your score is less than 700, it does not mean the end of the world. Job experience, accomplishments, research work and publications can still help you to get an MBA scholarship in mid-rank business schools even with lower than 700 score in GMAT.
An MBA degree plays vital role in career development. If the degree is earned from some reputed top rank business schools, it becomes easier to thrive in career. However, MBA degree from top ranked business school is not affordable for all. As a matter of fact, majority of the students throughout the world does not have the financial ability to pay the educational expenses. However, with a good GMAT score along with other requirements, you can achieve a scholarship and earn you MBA degree free of cost. In this article, we have explained what a good GMAT score is. Later, we have shared two average scores required to get an MBA scholarship. In an addition, we have enlisted the name of the prestigious MBA scholarships based on GMAT score. We hope this article will work as a guideline for you to prepare yourself for GMAT exam to aim for the minimum score to get an MBA scholarship.