Scholarships

Pursue MBA with Scholarship based on GMAT Score in USA

Pursue MBA with Scholarship based on GMAT Score in USA

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Get into your dream business school with GyanDhan’s guide to scholarships based on GMAT scores in the USA! Know how GMAT scores can up financial aid opportunities in USA.

GyanDhan
Anam Shams
Updated on:  08 Mar 2024  | Reviewed By: 
Aman 
| 85 | 8  min read

Studying for an MBA in USA is an exciting yet challenging endeavor marked by several crucial decisions and financial considerations. Even after cracking the GMAT with a good score and building an attractive application, finances are a significant milestone for international students planning to pursue MBA in USA. Aspirants seek financial assistance through scholarships for which GMAT is a pivotal gateway to seize opportunities to study MBA in USA. This guide will delve into scholarships tailored for GMAT test-takers, top B-schools, the application process, factors considered for scholarship, and more.

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Understanding GMAT Scholarships

Securing a GMAT scholarship is a great way to pursue an MBA from a prestigious B-school in USA without burning a hole in your pockets. It is important to understand how GMAT scholarships work so here’s what you need to know about them:

  • list items GMAT scholarships are awarded to students preparing to take or already have the Graduate Management Admission Test (GMAT).
  • list items Scholarships are awarded to students with excellent GMAT scores. The higher your GMAT score, the better will be the scholarship opportunity you get.
  • list items GMAT scholarships can offset the tuition fees for business school programs.
  • list items It must be noted that universities offer limited GMAT scholarship opportunities awarded to deserving early applicants. To get hold of an opportunity be sure to apply early.

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Cost of Pursuing an MBA in USA for International Students

Pursuing an MBA requires a significant financial commitment. An MBA in the USA for international students costs around 50,000 USD to 60,000 USD per year. The tuition fees at top-ranked B-schools can go up to 80,000 USD. For Indian students, this cost comes to around 40,00,000 INR to 50,00,000 INR per year. However, financial aid opportunities help to reduce the burden of these costs for eligible students. Although a huge investment is required to graduate from a reputed B-school in USA, it also offers a feasible return on investment.

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Top B-schools in USA Offering GMAT Scholarships

Several top universities in the USA offer scholarships specifically tailored for candidates who outperform in the GMAT exam. Let us explore a selection of renowned B-schools in the USA that offer GMAT-based scholarships:

  • list items Harvard Business School

Harvard Business School awards various merit as well as need-based scholarships. Nearly 50% of Harvard Business School students receive need-based scholarships for pursuing an MBA. The award amount of scholarships ranges between 2,500 USD to 75,000 USD per year. Boustany MBA Harvard Scholarship is a scholarship granted to one eligible candidate once every two years. The details of the scholarship are highlighted below:

  • list items The scholarship covers 75% of the tuition fees and travel and accommodation expenses for the internship.
  • list items Selected candidates will have to complete a two-month internship with the Boustany Foundation.
  • list items To apply for the scholarship, you must be accepted into the Harvard MBA program.
  • list items Applicants are required to share a copy of their resume along with GMAT scores, photographs, and a letter of acceptance from the university.
  • list items The next scholarship will be awarded in Autumn 2025 which makes it a great opportunity for prospective candidates.
  • list items Stanford Graduate School of Business

Stanford Graduate School of Business awards fellowships of 44,000 USD on average per year. Students can apply for the Stanford Knight-Hennessy Scholars the most popular scholarship program through which 100 scholars enrolled in a graduate degree across any one of the seven schools are recognized.

  • list items Awardees receive funding for a maximum of three years of graduate study at the university.
  • list items Scholars are required to participate in an experiential leadership program after getting the scholarship.
  • list items Applicants have to submit two applications, one for applying for the scholarship and the other for admission to MBA.
  • list items Wharton School of Business

University of Pennsylvania’s Wharton School of Business offers a variety of fellowship opportunities for students with an exceptional academic record.

  • list items The university considers all admitted students for Wharton Fellowships based on the application for admission.
  • list items Applicants are assessed based on personal skills, academic merit, professional development, and community involvement.
  • list items Fellowships are awarded at the time of admission for 2 years.
  • list items Various fellowships include Emerging Economy Fellowships, Forte Fellowships, Joseph Wharton Fellowships, and Social Impact Fellowships among others.
  • list items Kellogg School of Management

Northwestern University’s Kellogg School of Management recognizes the financial difficulty that aspirants face in getting an MBA from the USA. The B-school offers a variety of scholarships to students at the time of admission. There are opportunities available for second-year students as well.

  • list items F.C. Austin Scholarship and Finance Fellows are the two largest scholarships awarded by the university.
  • list items The F.C. Austin Scholarship is awarded to a limited number of students for a two-year program based on demonstrated leadership in the academic and professional domain. No separate application is required to apply for the scholarship. The Kellogg admission application is used for the selection of recipients. Selected candidates get mentorship from three most distinguished faculty members of the university and industry leaders.
  • list items Finance Fellows are chosen from those who demonstrate commitment towards the finance industry. To apply, candidates will have to submit an essay on the given topic.
  • list items Apart from these, the university also considers students for a large number of scholarships at the time of application.
  • list items Booth School of Business

The University of Chicago Booth School of Business offers numerous merit-based MBA scholarships to candidates who show commitment. Here are some points you need to keep in mind to be considered for these scholarships:

  • list items There is no separate application process to be considered for the scholarships.
  • list items The decision to award scholarships is based on the application for admission.
  • list items Factors that are considered include a combination of academic merit, GMAT scores, interview, career goals, competitiveness, life experience, and expected concentration in the program.
  • list items Haas School of Business

Berkeley’s Haas School of Business offers need-based and merit-based scholarships to entering students.

  • list items The School of Business does not require a separate application or additional information to be considered for the scholarship.
  • list items Students are assessed based on the strength of their application for admission.
  • list items The Berkeley Haas Scholarship is awarded to admitted students by considering various factors that include academic preparedness, leadership, personal achievement, and gender equity, contribution to industry among other factors.

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Application Process for GMAT-based Scholarships

The application process for GMAT-based scholarships has several steps that are more or less related to the admission requirements for international students. Take a look at the general outline for steps to be followed to apply for GMAT-based scholarships:

  • list items Start looking for universities that offer GMAT-based scholarships and prepare a list of those that align with your academic background and financial need.
  • list items While shortlisting scholarships, it is important to understand the eligibility criteria such as required GPA, GMAT scores, work experience, etc.
  • list items Prepare the necessary application materials required for the scholarship application. Some common application materials are listed below: Transcripts showing previous academic records GMAT scores English language proficiency test scores Resume Personal statement Letter of recommendation Proof of finances to apply for need-based scholarships
  • list items Transcripts showing previous academic records
  • list items GMAT scores
  • list items English language proficiency test scores
  • list items Resume
  • list items Personal statement
  • list items Letter of recommendation
  • list items Proof of finances to apply for need-based scholarships
  • list items Complete your scholarship application within the specified deadlines. Carefully pay attention to additional instructions provided by the university and ensure accurate and complete application submission.
  • list items After submitting your application, gather details about the timeline for the selection process and stay informed about the status of your application.
  • list items If you are awarded a scholarship, formally accept the award as instructed and adhere to the conditions such as maintaining a GPA or participating in specific activities.

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Factors Considered for Scholarships Based on GMAT Scores

Scholarships based on GMAT scores take into account a variety of factors beyond just the test score itself. While a high GMAT score is a significant component, selection committees consider a holistic view of the applicant's qualifications and background. Here are some key points to keep in mind that can help you strengthen your application:

  • list items GMAT score: The GMAT score itself is the primary factor to be considered. A high score indicates strong aptitude and therefore boosts your chances of getting a GMAT scholarship. A GMAT score of 600-700 or above is considered competitive for a scholarship.
  • list items Academic records: Before getting admission into any university, the committee reviews the student’s academic performance, GPA, and rigor of the curriculum. A strong academic performance record and a GPA above 3.0 demonstrates your ability to excel in the MBA program.
  • list items Leadership potential: Active involvement in roles that show potential to lead, participation in extracurricular activities, community service, interpersonal skills, and commitment to making a positive impact are a plus for your application.
  • list items Work experience: Scholarships for pursuing MBA in USA value relevant work experience and professional achievements that are at par with the institution's standards. Several top B-schools expect applicants to have a work experience of 3-5 years. Demonstrating a successful career record shows commitment to achieve and contribute to the business world.
  • list items Interview: For scholarships that involve interviews as a part of the process, the performance can impact the chances of selection. The interviewer may be interested to know your long-term goals and how getting a scholarship will help you make a difference.

Prospective applicants should consider the financial implications and explore funding options before committing to an MBA program. Invest your time in preparing well for your GMAT exam and take the opportunity to turn your scores into a scholarship. With dedication and strategic preparation, you can not only grab a scholarship but also get admission to a top-tier B-school and fulfill your educational aspirations.

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Frequently Asked Questions

What is a good score to be eligible for a scholarship based on GMAT score in USA?

A score of 650-700 is considered a good GMAT score to get MBA scholarship in US. The higher your GMAT score, the better will be the scholarship opportunity that you get.

What are the top B-schools offering scholarship based on GMAT score in USA?

Some of the top B-schools offering scholarship based on GMAT score in USA include Harvard Business School, Stanford Graduate School of Business, Wharton School of Business, Booth School of Business, and Kellogg School of Management among others.

Is only a GMAT score sufficient to get an MBA scholarship in USA?

No, GMAT scores alone are not sufficient to get an MBA scholarship in USA. A holistic view of the candidate’s profile is considered including academic records, work experience, statement of purpose, letter of recommendation, CV, and leadership skills.

Can I get a scholarship based on GMAT score in USA with a low score?

Your low GMAT score does not make it impossible for you to get a scholarship. If you can highlight your strong points effectively and demonstrate your commitment through academic merit, work experience, extracurricular activities, and more you can still be considered for a scholarship based on GMAT score in USA with a low score.

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