A business degree can open up a wide range of career possibilities and bring a host of personal and professional benefits.
However, the cost of pursuing a business degree can be prohibitive for many, meaning that prospective students often look for ways to fund their studies.
One of the most effective ways to do this is to apply for a GMAT scholarship. GMAT scholarships can provide partial or full funding for tuition fees and are available from a variety of sources.
In this article, we’ll discuss some of the most popular GMAT scholarships, how to find them, and what you need to do to apply. We’ll also discuss some tips for increasing your chances of success when applying for GMAT scholarships.
Also read: 5 top US scholarships for international students
Types of GMAT scholarships
There are many GMAT scholarships available to help students pursue a business degree. Here are some popular types of GMAT scholarships for a business degree:
1. Merit-based scholarships
Merit-based scholarships are awarded to students who have demonstrated academic excellence and achievement. These scholarships may be based on a student's GMAT scores, undergraduate GPA, or other academic achievements.
2. Need-based scholarships
Need-based scholarships are awarded to students who have demonstrated financial need. These scholarships may be based on a student's FAFSA, tax returns, or other financial documents.
3. Diversity scholarships
Diversity scholarships are awarded to students who belong to underrepresented groups. These scholarships may be based on a student's race, ethnicity, gender, sexual orientation, or other factors.
4. Career-focused scholarships
Career-focused scholarships are awarded to students who have a specific career goal in mind. For example, a scholarship may be awarded to a student who wants to pursue a career in finance, marketing, or entrepreneurship.
Also read: US scholarships for international students
5. Leadership scholarships
Leadership scholarships are awarded to students who have demonstrated leadership potential in their personal or professional lives. These scholarships may be based on a student's extracurricular activities, community service, or professional accomplishments.
6. Program-specific scholarships
Program-specific scholarships are awarded by individual graduate business programs. These scholarships may be based on a student's fit with the program, as well as their academic and professional achievements.
7. Employer-sponsored scholarships
Employer-sponsored scholarships are awarded to employees of specific companies who want to pursue a graduate business degree. These scholarships may be full or partial tuition reimbursement or a scholarship that covers a specific portion of tuition costs.
Also read: Top 6 Indian Government Scholarships to help you study abroad
10 Popular GMAT scholarships to fund your studies
Several GMAT scholarships are available to help cover the costs of taking the test and pursuing a business degree. Here are 10 popular GMAT scholarships for a business degree:
1. Forté Foundation Fellowship
Forté MBA Fellows Program is sponsored by the Forté Foundation to increase women's access to business education. The program awards $20,000 or more (including tuition fees) each year and requires applicants to have a minimum 3.2 GPA and at least two years of work experience. Additionally, applicants must submit their GMAT scores as part of their application package. This scholarship is offered to women accepted into one of the more than 50 partner schools worldwide that participate in this program.
2. AACSB Scholars Program
The Association to Advance Collegiate Schools of Business (AACSB) offers several different scholarship programs for MBA students who have taken the GMAT. These include the AACSB International Merit Scholarships, which award full tuition to students who have earned a score of at least 700 on the GMAT, and the AACSB Excellence in Diversity Scholars Program, which awards up to $15,000 to applicants with scores of 600 or higher.
3. The National Black MBA Association (NBMBAA) Scholarship
This program is designed to support African-American professionals pursuing an undergraduate or graduate degree in business management or administration. To be eligible, applicants must have taken the GMAT within three years of applying and achieved a minimum score of 600 on the GMAT. Awards range from $2,000-$5,000 depending on academic merit and financial need.
4. The International Finance Corporation (IFC) Scholarship
This scholarship program is offered to students who plan on studying in one of IFC’s partner universities across Europe, Asia-Pacific, Latin America, and Africa. Eligible applicants must have taken either the GMAT or GRE within two years of applying and scored at least 500 on either test. Awards are based on academic merit and financial need and range from €1,500 to €3,500.
5. The Consortium for Graduate Study in Management
The Consortium for Graduate Study in Management also provides merit-based scholarships for students interested in earning an MBA from any of its participating member schools. The program is open to all applicants, regardless of gender or race, who have a minimum GMAT score of 600 and meet the institution's acceptance criteria. Awardees are eligible for full tuition and fees plus an annual stipend to cover living expenses during their two years in the MBA program.
6. Ronald McDonald House Charities U.S. Scholarship Program
The Ronald McDonald House Charities U.S. Scholarship Program also offers financial support for business students. Applicants must have a minimum overall GPA of 3.0, demonstrate financial need and submit their GMAT scores as part of their applications package. In addition, students must be accepted into one of the more than 200 accredited universities or colleges participating in this program to receive funding. Awards range from $1,000 to $10,000 per academic year.
7. The Goldman Sachs MBA Scholarship
This program is funded by Goldman Sachs and provides a scholarship of up to $25,000 for students enrolled in an MBA program at one of the more than 200 business schools that are members of the GMAC network. The scholarship may be used to cover tuition, travel, and other expenses associated with the MBA program.
8. Robert Toigo Foundation MBA Fellowship
The Robert Toigo Foundation offers scholarships to MBA students from underrepresented backgrounds pursuing careers in finance. In addition, the foundation's MBA Fellowship provides up to $10,000 in tuition assistance and access to various professional development resources.
9. Jane M. Klausman Women in Business Scholarship
The Zonta International Foundation offers the Jane M. Klausman Women in Business Scholarship to women pursuing undergraduate or graduate degrees in business. The scholarship provides up to $8,000 in tuition assistance.
10. GMAT Scholarships from Universities
Many universities offer GMAT scholarships to students who meet certain academic and test requirements. These scholarships are typically offered on a merit-based system, with higher scores leading to larger awards. To be eligible for these scholarships, you must have scored in the top quartile on the GMAT. The exact requirements will vary based on the institution’s policy, so check their website for more information.
Also read: Score the best scholarships for Indian students in UK
Tips for finding GMAT scholarships to fund your studies
Here are some tips to help you find GMAT scholarships to fund your studies:
1. Research business schools and their financial aid opportunities
Some business schools offer scholarships to students based on academic performance, GMAT scores, and other criteria. Therefore, it is important to research the business schools you are interested in and their financial aid opportunities.
2. Look into private foundations
Private foundations or non-profit organizations may also offer scholarships specifically for GMAT study. You can search online for such organizations to see if any options are available for you.
3. Use scholarship search engines
There are several scholarship search engines available online, such as Fastweb, Scholarships.com, and Peterson's. These websites allow you to create a profile and search for scholarships based on your interests, background, and academic qualifications.
4. Look for industry-specific scholarships
Some industries may offer scholarships to students pursuing graduate degrees in their field. For example, the National Black MBA Association provides scholarships for African American students pursuing MBA degrees.
5. Use social media
Social media can be a useful tool for finding scholarship opportunities. You can follow scholarship providers and organizations on Twitter, LinkedIn, and Facebook to stay up-to-date on scholarship opportunities.
GMAT scholarships can be a great way to fund your studies and make your MBA journey more accessible and affordable. With the right strategies and research, you can find the right scholarship opportunities to help you reach your educational and career goals. Whether you need a full ride or just some extra money to help cover tuition, there are plenty of GMAT scholarships available to help you reach your goals.
Frequently asked questions
1. What are different types of GMAT scholarships for a business degree?
Some popular types of GMAT scholarships for a business degree are merit-based, need-based, diversity, career-focused, leadership, program-specific, and employer-sponsored scholarships.
2. What are some popular GMAT scholarships for a business degree?
Some popular GMAT scholarships for a business degree are Forté Foundation Fellowship, AACSB Scholars Program, The National Black MBA Association (NBMBAA) Scholarship, The International Finance Corporation (IFC) Scholarship, The Consortium for Graduate Study in Management, Ronald McDonald House Charities U.S. Scholarship Program, and The Goldman Sachs MBA Scholarship.
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