Need and Eligibility Requirements for the GMAT™

The Graduate Management Admission Test (GMAT™) is a standardized test that is generally required for applications and admission to graduate management programs. Unfortunately, the costs associated with taking the GMAT™ can be high; it’s $250 to take the exam itself, plus any associated costs for study materials, classes, or tutoring. Fortunately, there are several options for potential examinees to consider if they are struggling with the GMAT™ fees.

Scholarships and Fee Waivers

The Graduate Management Admission Council (GMAC), the developing entity of the test, offers a fee waiver program which enables students with a financial need to take the GMAT™ at no cost. Also, business schools can offer free access to the test to a limited number of prospective students (up to 10 annually), which allows these students to take the exam at no personal cost to them. Any individual with a financial need that is interested in taking the GMAT™ should explore this option with their chosen school first.

Employer Assistance

Many applicants to business school are currently employed full time, and for some of these individuals, their employer may be a resource that can assist with the financial costs for the GMAT™. Companies often have programs designed to help employees further their education so that the company may benefit from the additional skills, knowledge, and talent gained while in school.

If you are employed, it is worth speaking to your direct supervisor or human resources department to discuss whether they are willing to help cover the costs of not only the GMAT™ itself, but additional testing materials, tuition, or any other education expenses. Even if the company doesn’t have a direct program, they will likely appreciate your professional goals, and could indirectly assist in the form of additional compensation. It’s always worth exploring this potential opportunity.

External Grants and Scholarships

In addition to the fee waiver and employer-based programs, there are external grant and scholarship options that can cover all education-based expenses, including those related to the GMAT™. These are often based on financial need and past educational performance. It is worth exploring these options with an admissions counselor at your selected business school to determine what assistance may be available to you.

Taking the GMAT™ is a big step toward a brighter future filled with more professional opportunities. While the financial cost may seem like a barrier for some prospects, there are many options to help you meet these costs. Data shows that a graduate degree can vastly increase your future employability—and earnings potential—which makes it well worth the investment!

Be sure to check out our FREE study materials for the GMAT™