Last Updated on September 27, 2024
The GMAT Exam is an important exam taken by students willing to pursue MBA degrees at the best Universities in India and abroad. The GMAT scores are accepted by reputed Universities in India and abroad. If you want to know more about the GMAT cut-off, GMAT Slot Booking 2024, GMAT Result 2024, and GMAT Books, please visit these articles.
Everyone, really everyone wants to try their luck in getting a scholarship. So here we go GMAT Scholarships and MBA Scholarships for Indian Students. The scholarship is not the same for all types of it. But, there are no clear rules that ensure a scholarship or financial help. Scholarships or grants can be based on need or merit and as the chances are not many, it is suggested to apply soon. Starting from obtaining a high GMAT score to applying early, there exist numerous criteria that one must meet to qualify for a GMAT scholarship to pursue an excellent MBA program.
Students who have average or low GMAT scores still might be able to get a scholarship. It depends on what he/she can show the admissions committee. A low GMAT score could be made up for by showing any achievement in sports or an extracurricular activity – it doesn’t matter as long as there is something impressive that sets this candidate apart from others applying too. Students usually think that simply getting a 750 GMAT score or higher will guarantee them a scholarship. But, it might not be possible to get a scholarship only based on GMAT scores because schools consider more than just the test result. They look at what kind of person you are and your complete profile before making decisions about scholarships.
When applying for top B-schools, students should take a comprehensive approach and focus on their profile building too. Even if you meet all the criteria and achieve a 750 GMAT score, the scholarship is still not assured due to tough competition. Even if you achieve a high GMAT score, it does not ensure receiving a scholarship at a top MBA program. Yet, having an outstanding work profile along with abundant skills and accomplishments will always make your application more competitive than others.
Additionally, a mistake that is frequently made by students is they treat the scholarship deadline just like the admission deadline. Furthermore, there are multiple GMAT scholarships for international students, and requirements for all of these differ. You should always look into the institutes or colleges you are applying to find their specific set of requirements for gaining financial aid. Before applying for a scholarship, one should always check the eligibility criteria.
Types of MBA Scholarships
Mainly there are three types of MBA Scholarships. They are:
- Merit-based scholarships
- Need-based scholarships
- External scholarships
Let us now understand these scholarships in brief details.
Merit-based scholarships
Scholarships based on merit are given to students who have achieved outstanding academic results, or those with exceptional accomplishments in extracurricular events or sports. The financial situation of a student is not usually a factor considered for these types of scholarships. Many universities and educational institutions offer MBA scholarships to Indian students.
Need-based scholarships
Scholarships based on necessity are given to students who come from less privileged backgrounds. It is for those students with good academic records but are struggling financially to meet their tuition fees for higher education. The list of GMAT scholarships offered by top business schools is provided below.
General/External scholarships
Students can receive MBA scholarships from several agencies and organizations. Many organizations also provide scholarships to those who have completed their MBA. For students, it is important to know the GMAT scores needed for a scholarship. B-schools and scholarships: Many colleges/universities provide scholarships to MBA aspirants depending on their GMAT scores. Thus, candidates with good GMAT scores are rewarded by B-schools. But this is not the case every time for each B-school.
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MBA scholarships offered by top business schools
Below is the list of scholarships offered by institutions globally to Indian Students.
| Universities | Type and name of Scholarships |
| Harvard Business School | Need-based |
| Columbia Business School | The McGowan Fellowship Fund |
| Chicago Booth | The Ramakrishnan Family ScholarshipAkhtar Ali H. Tobaccowala Fellowship |
| Dartmouth Tuck | Need-based |
| Oxford Saïd Business School | Need-based |
| London Business School | Need-based |
| Oxford & Cambridge Society of India | OCSI Scholarship for Indian Students |
| MIT Sloan | Need-based |
| INSEAD | Need-based |
Some of the top business schools offering the best scholarships to International and Indian Students are:
Stanford Graduate School of Business
The Stanford Reliance Dhirubhai Fellowship: This is given to as many as five students and includes the tuition and fees for a two-year program. Within two years of doing an MBA at the Stanford Graduate School of Business, recipients must return to India for a period of two years and work in an Indian organization.
Wharton School of Business
Emerging Economy Fellowships: These are scholarships specifically for students coming from developing economies. Any student who receives admission into the Wharton MBA program is automatically considered for this scholarship. It includes funding for their two-year MBA course.
Social Impact Fellowships: The requirement for students to show leadership in a non-profit organization helps to enhance the leadership, operational and strategic abilities of both the graduates and undergraduate learners. This program is about creating good effects in the world.
Joseph Wharton Fellowships: It is a scholarship that bears the name of the person who established the Wharton Business School, Joseph Wharton. All pupils who have been accepted into this school can apply for it too. This grant goes to those individuals demonstrating exceptional qualities in their professional life as well as personal and academic achievements.
Booth School of Business
The Zonis Fellowship: Granted to pupils coming from growing economies. Students who have attained outstanding academic, extracurricular and leadership accomplishments can qualify for this fellowship.
Akhtar Ali H. Tobaccowala Fellowship: This scholarship is given to students who are located in India and wish to do a full-time MBA program at the Chicago Booth School of Business. The Tobaccowala foundation made a donation worth $1 million, which led to the creation of this scholarship for Indian students.
Harvard Business School
Horace W. Goldsmith Fellowship: This scholarship was started by Horace W. Goldsmith in 1988. The requirement for people who receive this scholarship is they must have been employed at a non-profit organization before applying for the fellowship. It’s given to 7-10 students who commit themselves to work within the non-profit industry after finishing their studies at Harvard Business School. The INR 8,33,806 fellowship is given to first-year MBA students.
The Robert S. Kaplan Life Sciences Fellowship: This is given to ten students desiring a career in life sciences, at the time they are admitted. It involves an INR 16,67,613 scholarship preferably for those who wish to work within an organization related to science.
HBS Fellowship Programs: This fellowship is given based on financial need, and it supports those applicants who have very limited monetary means for their further studies.
Haas School of Business
Dr. Tahir Fellowships: The INR 33,35,226 scholarship is essentially given to students who have finished their undergraduate studies in Asia and are preparing for full-time MBA at Haas Business School.
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Conclusion
With the current economy, it is impossible to opt for quality education, without thinking of some financial aid. Hence, in this article, we have mentioned all the scholarships available for Indian and International students at prestigious Universities in India and Abroad. For further assistance in your study abroad journey, get in touch with the team of Admissify. We wish you All the best!
FAQ
Can I get a Scholarship through GMAT?
Yes, You can get a scholarship through GMAT out of the three different types of scholarships offered.
- Merit-based scholarships
- Need-based scholarships
- External scholarships
Is taking a GMAT Exam worth it for Indian students?
Many Top MBA Colleges in India require the GMAT score. More than 55% of the Indian student population opt for the GMAT exam to get into top MBA colleges across the world, including India.
How many Indians qualify for the GMAT exam?
In theoretical writing, there is no clear cut-off point for using this score in applications. A higher value may enhance your possibilities a bit. Most schools evaluate you by considering the whole of your profile. So to answer your question 100% of 31–35k Indian candidates “qualify” for GMAT.
Can an academically weak student qualify for the GMAT exam?
In summary, if an academically weak student puts in a strong effort to prepare for the GMAT by fully studying all subjects, becoming skilled at managing time and solving problems, getting help from experts and improving preparation methods using performance analysis – they can crack the GMAT. It does not matter if they are a poor or average student.
Does GMAT consist of a lot of Math?
It involves fundamental math ideas like arithmetic, algebra, statistics and so on but it’s not strictly a math test (although sometimes you may feel like that). This part has just one kind of problem: Problem Solving. You will have to re-establish your understanding in many quant skills which were taught at high school (or even before that!). ).
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