GMAT Exam Fees 2024 in India: Cancellation, Rescheduling Fees, Mode of Payment

A. To be eligible to take the GMAT in 2024, candidates must meet certain educational and age requirements. Specifically, candidates should have a bachelor's degree from a recognised university or board as the minimum educational requirement. There is no maximum age limit for candidates appearing in the Graduate Management Admission Test (GMAT), but the minimum age limit is typically 18 years.

A. Yes, there is a mandatory GMAT exam fee that every test taker must pay. Additionally, there may be extra charges for specific exam-related services, such as rescheduling, requesting additional score reports, or reinstating scores.

A. If you are looking to reduce your GMAT fees, you can explore GMAT fee waivers. These waivers are typically available through undergraduate institutions or business schools. However, it's essential to note that the school must first request these fee waivers from the Graduate Management Admission Council (GMAC). They may already have done so, and if not, they can submit a request to receive up to 10 GMAT fee waivers annually.

A. The cost of the GMAT can be attributed to several factors that distinguish it from other standardised tests. Unlike many exams on specific dates and locations, the GMAT offers daily testing options and multiple slots each day. This flexibility in scheduling and testing locations contributes to the overall cost of administering the exam.

A. If you need to cancel your GMAT exam, you may be eligible for a partial refund, depending on the timing of your cancellation. If you cancel within 15 to 60 days of your scheduled exam date, you can receive a refund of ~INR 6,657 ($80). If you cancel within 14 days or less of your scheduled exam date, you can receive a refund of ~INR 4,574 ($55).

A. Taking the GMAT is worth it for individuals aspiring to gain admission to business schools, particularly prestigious ones. The GMAT is widely recognised and trusted by business schools worldwide, with approximately 2,300 business schools accepting GMAT scores for admission to more than 7,000 programs. If you aim to secure a spot in a top-ranked business school, the GMAT is often the first step towards achieving that dream.

A. It is possible to secure a 100% scholarship through the GMAT, but it typically depends on various factors, including your work experience, profile, and GMAT score. Candidates with exceptional profiles and GMAT scores above 750 are more likely to be considered for full scholarships by some business schools.

A. GMAT exam fee waivers or vouchers are not directly provided to test takers. These programs are typically available to institutions or schools that accept GMAT scores. If you are seeking a fee waiver or voucher, contact the school(s) you are applying to and inquire about their specific policies and procedures.

A. Yes, you can use a debit card for payment when registering for your GMAT exam. GMAC accepts: 

• VISA
• Mastercard
• American Express
• Discover Network Cards.

A. GMAT scores remain available for reporting for up to 10 years but are considered valid for admission purposes for only 5 years. Submitting GMAT scores older than 5 years may reduce your chances of being admitted to business schools, as some institutions have specific score expiration policies.

A. Experts generally consider preparing for the GMAT in 6 months, a recommended timeframe. It provides ample time to thoroughly prepare for the exam without feeling rushed. This timeframe also lets you balance your GMAT preparation with other important activities such as profile building and academic commitments.

A. You are allowed to take the GMAT a maximum of five times within a 12-month period. There must be a 16-day gap between each re-attempt. A candidate cannot take the GMAT more than eight times over a lifetime.

A. While GMAT scores remain valid for up to 5 years, some universities and business schools may have policies that do not consider scores older than 3 years. It's essential to check the specific score requirements and expiration policies of the institutions you are applying to. In general, a GMAT score that is less than 3 years old is widely accepted by most institutions.