Pursuing an MBA abroad can be a costly affair and we get that. Financial issues create a huge obstacle on your way to a business school. But don’t let that get in between you and your dream college. Education loans and scholarships are usually the way out. Since education loans come with a high rate of interest and a long payback period, scholarships are a preferable choice. In this blog, we bring to you the various GMAT scholarships for Indian students.
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GMAT Scholarships vary from business schools, organizations to universities. Although a high GMAT score is an essential part of a GMAT scholarship, there are no specific criteria that guarantee the scholarship. Academic qualifications, work experience, diversity and leadership skills are also taken into consideration when granting GMAT scholarships. Applying early for the GMAT scholarship also increases your prospects of getting one.
What is GMAT?
GMAT or Graduate Management Admission Test is a computer-based adaptive test conducted by Graduate Management Admission Council or GMAC for individuals seeking admission to MBA or similar programs in various business schools over the world. Accepted by more than 7000 management programs worldwide, GMAT is designed to assess the analytical writing, quantitative and verbal skills of the applicants. GMAT is one of the most preferred exams by the world’s leading business schools.
GMAT has a maximum score of 800 and is divided into four sections– Verbal, Quantitative, Integrated Reasoning and Analytical Writing Assessment. The following is the GMAT test structure.
Have you taken the GMAT before?
Types of Scholarships
The scholarships can be divided into the following categories-
1. Merit-Based Scholarships
Students with excellent academic performance in their undergraduate GPA, GMAT or GRE scores, or extraordinary professional achievement are generally offered merit-based scholarships. Extracurricular activities and commitment towards community service are also taken into consideration. For merit-based scholarships, the financial background is not of much relevance.
2. Need-Based Scholarships
Students from less privileged backgrounds are considered for need-based scholarships. Admits who have a good academic record but not the financial means to sponsor their higher education are granted need-based scholarships.
3. Diversity & Gender-based Scholarships
To promote diversity and inclusion in the MBA programs, diversity and gender-based scholarships are granted. These scholarships help promote the representation and interests of the otherwise underrepresented communities.
4. External Scholarships
Companies that usually employ MBA graduates also offer scholarships to MBA students. These scholarships might also provide access to recruiting and networking resources. Many agencies and non-profit organizations also provide scholarships to MBA students.
GMAT scholarships for Indian students
GMAT scholarships are merit-based scholarships that take into account your GMAT score among other things. A higher GMAT score, however, does increase your chances of getting the GMAT scholarship. For instance, to get into the top 10 b-schools globally, you must score above 730 while for the top 25 b-schools, your score must be above 700. The minimum required GMAT score varies from one college to another. It is always recommended to check the website of the university you are applying to for specific details on GMAT scholarship requirements.
Have you taken the GMAT before?
Here is a list of GMAT scholarships that can help you overcome the financial hurdles on your way to MBA from top b-schools.
Benefits of GMAT scholarships for Indian Students
A scholarship offers you more than just monetary support. Getting a GMAT scholarship has the following benefits-
1. Financial Support
An MBA is a costly affair and with most of the b-schools hiking their fees annually does not help the cause. Availing a GMAT scholarship reduces your financial burden.
A GMAT scholarship adds weightage to your resume and stands out as a distinguishing factor in your job-search process.
3. Escape Student Loans
GMAT scholarships help you escape or reduce your student loan debt which otherwise you end up paying over a long time. Avoiding high student loans is one of the reasons why you should aim for a high GMAT score.
The importance of a high GMAT score in availing a GMAT scholarship cannot be neglected. To learn more about GMAT scholarships and preparations, get in touch with our counsellor for a free fifteen minutes session.