GMAT is conducted all around the year for students who wish to pursue their higher education from business schools from countries outside India. The programs that GMAT takers are usually focused on are Masters in Business Administration (MBA program) or Masters in Management (MIM course).
GMAT scholarship is a financial aid provided to students who pass certain criteria. It does not always cover the applicant’s full tuition fee through financial aid. The scholarship amount based on the GMAT score is often pre-decided and may not be sufficient to cover all tuition expenses. Whereas, other times, these funds cover the entire study abroad tuition expenses of the student.
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Eligibility Criteria
The eligibility criteria to apply for MBA scholarships or GMAT scholarships to manage education in some of the top B-schools can vary depending on the kind of scholarship the aspirants are looking at. There are broadly three broad categories of GMAT scholarships being offered to students today:
- Merit-based scholarship: This scholarship provides funding to the student solely based on their academic excellence, either in their bachelor’s degree or their previous master’s degree or both. However, the minimum eligibility criteria for applying to this scholarship award still include a good GMAT score that the aspirants require before beginning the application process. In some cases, the scholarship committee can also consider the extra-academic achievements of the student for gauging their personality before giving them a scholarship award.
- Need-based scholarship: This kind of scholarship awards graduate students with funding for their higher education from top business schools in the world based on the particular needs of the aspirant. Meaning, the family earnings, social background, financial resources, etc., are taken into account when the committee decides whether or not to award the student with a scholarship. These scholarships are usually full-tuition scholarships that cover all tuition expenses of the international students and take a huge load off the student’s shoulders.
- External scholarship: Many independent organisations and companies invest in young business talent by providing them with GMAT scholarships to complete their education from a top MBA program abroad. This scholarship often judges students holistically, based on their GMAT score, leadership skills, academic record at bachelor’s or master’s degree, their ambitions and plans for the future and more to decide if they are a good fit for the scholarship award.
Based on the different requirements of every kind of scholarship, the students can have a clearer picture of the eligibility requirements of such scholarships. Furthermore, the GMAT scholarships have a few eligibility factors in common, such as:
- Obtaining a good minimum score in GMAT or GRE or any other exam that the scholarship is for.
- Having academic excellence that meets the particular university’s standards.
- Going through a separate application process for the scholarship (if any) and not missing out on the scholarship deadline.
- Preparing a stellar CV for the scholarship awarding committee to show your academic and extra-academic achievements until the date of your scholarship application is submitted.
How Can You Get a GMAT Score Based Scholarship?
The process of applying to a GMAT score based scholarship either through merit scholarship, need-based scholarship, or any external scholarship can be very different for every single scholarship. The process to successfully obtaining a GMAT scholarship for funding your MBA program expenses usually starts with the following steps –
- Get researching: You should start by thoroughly researching all the possible GMAT scholarships you are eligible for. You can start this step by reading up various blog posts online or on the official websites of the organisations giving out scholarships.
- Have a solid GMAT preparation: To apply to a GMAT score based scholarship, every applicant should first ensure that they have a good GMAT score (at least 650 for most universities). It will require your effort and time in preparing well for the exam.
- Check all eligibility factors: Sometimes, for Indian students, many scholarship committees, especially those handing out scholarships on behalf of the university, require the students to meet the requirements for other grounds. This can be English proficiency through a good IELTS score. Make sure that you check these boxes before proceeding with the application for the scholarship.
- Never confuse the deadlines: Yes, you read it right! Many students do not get the GMAT scholarship simply because they mix up the deadline for the scholarship with the university application. So, ensure that you have a clear idea about the deadline.
- Seek feedback: Talk to your alumni or other students who have already achieved the scholarship and ask them how they went through the entire procedure. This can help you gain valuable insights into the entire application and selection procedure. It can improve your chances of getting the scholarship award.
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List of GMAT Scholarships
For students willing to study in top business schools, here are some notable GMAT score based scholarships:
Alberta School of Business, University of Alberta
The University of Alberta awards its MBA students with financial aid in the form of various scholarships offering funds up to CA$10,000 per student.
Scholarships Available: AIMCo MBA Award for full-time MBA Finance students, Claude Winspear MBA Award for top students of Alberta University, Michael Lang MBA Award for full-time MBA candidates.
Eligibility: Academic and extracurricular achievements, showcase of leadership skills, exceptional GMAT scores.
Application deadline: April of every year
Other application criteria: No
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Rotman School of Management Scholarships
The University of Toronto is the best b-school in Canada that awards a large number of its MBA students with MBA and GMAT based scholarships.
Scholarships available: Rotman Entrance Awards and Fellowships, Forta Foundation Scholarships, MBA Awards for the top-class students.
Eligibility: All students are admitted to the program with GMAT scores, IELTS/TOEFL scores and interview round results. Community involvement may also be a parameter for some awards.
Funds: Upto CA$40,000
Application deadline: Usually November
Other application criteria: No
Ontario Graduate Scholarship
This fund finances the graduate studies at the masters and doctoral levels. It is a merit-based scholarship offered by a few universities, including Carleton University, York University, University of Waterloo and University of Windsor.
Eligibility: Students must be enrolled in a full-time program with at least two terms in a participating university of the Ontario province.
Funds: CA$5,000 per term and up to CA$15,000 per year
Application deadline: It starts in October but can end depending on the deadline set by the participating universities.
Other application criteria: No; only applying to participating universities may suffice.
Sauder School of Business MBA Scholarships
This exceptional business school at the University of British Columbia offers hefty merit-based scholarships to its international students to take some financial load off their shoulders.
Scholarships available: Global Business Leader of Tomorrow Scholarship and Accelerated Career Scholarship.
Eligibility: GMAT/GRE and GPA score, interview round results, and application essay.
Funds: Ranging from CA$5,000 to CA$15,000
Deadline: Depending on the intake round, it can be in December, February, April, and June.
Other application criteria: No
Ivey MBA Scholarships
Ivey Business School offers one of Canada’s largest merit-based GMAT scholarships to its MBA students.
Eligibility: All applications with excellent merit, leadership qualities, good GMAT score, excellent professional experience (if any).
Funds: About CA$10,000 to half tuition fee
Deadline: Multiple times a year (November & January)
Other application criteria: No
Haskayne School of Business MBA Entrance Scholarships
The University of Calgary is a top b-school that sees a lot of international student admissions every year. To nurture business leaders of tomorrow without any constraints, the b-school has scholarships for international students to help them pursue their MBA with ease.
Eligibility: Excellent academic track record, GMAT score for daytime and evening MBA students, and a minimum B grade in courses.
Funds: CA$5,750 per year and about CA$11,500 for two years
Deadline: November, January, and June, depending on the intake
Other application criteria: No
Conclusion
GMAT scholarships can be of various types and should be thoroughly researched before applying. This can significantly increase the aspirants’ chances of getting the scholarship to fund their higher education expenses within their own country or international top business schools.
Frequently Asked Questions
What should I write in my application letter to get an interview with the company sponsoring the scholarship program?
Before writing the application letter, you should reach out to someone who has already got the scholarship and enquire about what they wrote in the letter. This will help you get a clear idea of what is expected. Then, try to make your case in line with the organisation’s expectations.
For example, for a merit scholarship, simply highlighting your achievements (academic and others) should be enough, but for a need-based scholarship, you may have to talk about your family background and the reason for which you need funding.
Which companies offer scholarships for the GMAT exam?
Some of the Indian organisations that offer GMAT scholarships include Tata, with the name of the scholarship being – Loan Scholarship or JN Tata Endowment Scholarship. Other companies like Reliance usually offer scholarships through the university itself by forming funds and giving the responsibility to the admissions committee to hand them over as scholarship rewards to deserving students.
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