GMAT Scholarships for Indian Students: Everything You Need To Know

GMAT

7 mins read59.1K Views
Updated on Sep 20, 2023 13:57 IST
GMAT preparation can be a bit challenging and studying abroad might also burn a hole in your pocket. However, there are several GMAT scholarship for Indian students, which we will inform you about in this article. You can choose the bit for yourself on the basis of your academic background, financial needs, university/college of choice, and more.
GMAT Scholarships

All the students who apply for an international MBA want to try their luck in getting any kind of scholarship. In this article, we will inform you about the GMAT scholarships and MBA scholarships for Indian students. The scholarship can vary from one form to another. However, there are no specific criteria that guarantee a scholarship or financial assistance. Scholarships or grants can be need-based or merit-based and as the opportunities are limited, it is recommended to apply early. From getting a high GMAT score to applying early, there are a lot of criteria that one needs to fulfil in order to be eligible for a GMAT exam scholarship for pursuing a good MBA program.

Students with average or low GMAT scores can also hope of getting a scholarship, depending on he/she must have something concrete to showcase to the admissions committee. The low GMAT score can be compensated with any achievement in sports or any extracurricular activity or anything impressive which sets the candidate apart from other applicants. Students generally have a perception that getting a 750 GMAT score or higher is enough for winning a scholarship. However, getting a scholarship based on a GMAT score may not be possible as schools look at the bigger picture and give consideration to the complete profile of the candidate. Students should also have a holistic approach while applying to top B-schools and they must give importance to their profile building as well. Even after fulfilling all the requirements and getting a 750 GMAT score, the scholarship is not guaranteed because of the stiff competition. Getting a high GMAT score also does not guarantee a scholarship at a top MBA program. However, an excellent work profile and a plethora of skills and achievements can always give you an upper hand over other aspirants.

Also, one of the most common mistakes students commit is that students treat the scholarship deadline the same as the admission deadline. Moreover, there are numerous GMAT scholarships available for international students, and requirements for all these vary. Students should always search the institutes or colleges to which they are applying for their specific set of requirements for gaining financial aid. Before applying for a scholarship, one should always check the eligibility criteria.

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Types of MBA scholarships

Majorly there are three types of MBA scholarships offered by the universities, and they are:

  • Merit-based scholarships
  • Need-based scholarships
  • External scholarships

Students are often confused between merit-based or need-based scholarships. We have simplified this and explained below the difference between both scholarships. Candidates must also be aware of the eligibility and criteria for applying to need-based and merit-based scholarships.

Merit-based scholarships

Merit-based scholarships are granted to students with excellent academic records or students having extraordinary achievements in extracurricular activities or sports. Here, the financial background of a student does not hold much relevance. There are various universities and educational institutes that offer MBA scholarships for Indian students.

Need-based scholarships

Need-based scholarships are given to students with less privileged backgrounds. Students with good academic records but having financial difficulty in meeting their tuition fees for higher education. We have given a list of scholarships for GMAT below offered by top business schools.

Check: Creative Writing scholarships for Indian students

General/External scholarships

Many agencies and organizations offer MBA scholarships to students. Many organizations also provide scholarships to MBA graduates. Students should know their GMAT scores for scholarships. Many colleges/universities offer scholarships to MBA aspirants based on their GMAT scores. So, candidates having good GMAT scores are rewarded by B-schools. However, this is not the case with every B-school.

MBA scholarships offered by top business schools

Below mentioned some of the scholarships and fellowships offered by top business schools globally to international Indian students.

Universities

Type and name of Scholarships

Harvard Business School

Need-based fellowships

Columbia Business School

The McGowan Fellowship Fund

Chicago Booth

  • The Ramakrishnan Family Scholarship
  • Akhtarali H. Tobaccowala Fellowship

Dartmouth Tuck

Need-based fellowships

Oxford Saïd Business School

Need-based fellowships

London Business School

Need-based fellowships

Oxford & Cambridge Society of India

OCSI Scholarship for Indian Students

MIT Sloan

Need-based fellowships

INSEAD

Need-based fellowships

Some of the top B-schools offering different types of scholarships for international and Indian students:

Stanford Graduate School of Business

The Stanford Reliance Dhirubhai Fellowship: It is awarded to up to five students and covers the tuition and fees for the two-year program. Within two years of pursuing the MBA at the Stanford Graduate School of Business, the beneficiaries are required to return to India for two years and work for an Indian organization.

Wharton School of Business

  • Emerging Economy Fellowships: As the name suggests, this scholarship is designed for talented students from emerging economies. Students who got admission into the Wharton MBA program are automatically considered for this scholarship. It includes funding for the two-year MBA program.
  • Social Impact Fellowships: Students need to showcase leadership in non-profit organizations. It strengthens the leadership, operational and strategic skills of the graduates and undergraduate students. This program aims to make a positive impact in the world. 
  • Joseph Wharton Fellowships: This scholarship is named after the founder of the Wharton school of business, i.e., Joseph Wharton. all students who got admitted to Wharton are eligible for this scholarship. It is awarded to students with exemplary professional, personal, and academic records.

Booth School of Business

  • The Zonis Fellowship: It is awarded to students from emerging economies. Students who have achieved excellent academic, extracurricular, and leadership achievements are eligible for this fellowship.
  • Akhtarali H. Tobaccowala Fellowship: Those students who want to pursue a full-time MBA program from Chicago Booth School of Business and are based in India are awarded this fellowship. This scholarship was created for Indian students after a donation of $1 million by the Tobaccowala foundation. 

Harvard Business School

  • Horace W. Goldsmith Fellowship: This scholarship was established in 1988 by Horace W. Goldsmith. The recipients of this scholarship should have worked in a non-profit organization before applying for this fellowship. It is awarded to 7-10 students who are willing to join the non-profit sector after completing their studies from Harvard Business School. The $10,000 fellowship is given to the first year MBA students.
  • The Robert S. Kaplan Life Sciences Fellowship: It is awarded to ten students who want to work in the life sciences. The $20,000 scholarship is given at the time of admission, preferably to the students who want to work in a science-related organization.
  • HBS Fellowship Programs: It is a need-based fellowship awarded to the aspirants who have minimal financial resources to pursue higher education.

Haas School of Business

Dr. Tahir Fellowships: The $40,000 scholarship is preferably awarded to students who completed their undergraduate studies in Asia and are now planning to pursue a full-time MBA from Haas Business School.

Check out the complete list of scholarships available for international and Indian students here

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GMAT Scholarships for Indian Students FAQs

Q. What is the required GMAT score for Harvard scholarship?

A. The Harvard Business School is an extremely selective unit to get into and naturally, getting a scholarship is also competitive. You must secure a GMAT score above 750 in order to be eligible for Harvard Business School merit-based scholarships. Apart from the GMAT score, Harvard takes a holistic approach while granting financial aid to students. Some of the factors that you should be mindful are academic achievements, work experience, leadership skills, extracurricular activities, and more.

Q. Can I get 100% scholarship through GMAT?

A. Yes, it is possible to get 100% scholarship through GMAT if you get a score above 750. However, you cannot get a 100% GMAT exam scholarship by getting a good score alone. You must have an excellent work profile and a plethora of skills and achievements, or any achievement in sports or any extracurricular activity or anything impressive which helps you stand out among other applicants.

Q. How much should I score in GMAT to get a scholarship?

On a usual basis, securing a GMAT score above 750 will get you a top GMAT scholarship for Indian students. However, even if you have a low GMAT score, you can get a GMAT exam scholarship if you have unique experiences and talent to showcase in your portfolio. Your low GMAT score can be compensated with any achievement in sports or any extracurricular activity or anything impressive which sets you apart from other applicants.

When it comes to the top MBA colleges abroad, they take a holistic approach. This means that a scholarship for GMAT is not guaranteed even if you score 750 above in GMAT. You must have an excellent work profile and a plethora of skills and achievements can always give you an upper hand over other aspirants, as the top B-schools give importance to your profile building as well.

Q. Does IIM accept GMAT for Indians?

A. No, IIMs do not accept GMAT exam score for Indian students. A few IIMs such as IIM Ahmedabad, IIM Bangalore, IIM Lucknow, IIM Calcutta, IIM Indore, and IIM Udaipur, do accept GMAT exam scores, however, only from non-residential Indians. To get into an IIM, you must crack the CAT exam.

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Comments

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Charchil Jain

3 years ago

Hey. I am a 3rd yr undergrad from vellore institute of technology. I want to pursue MBA,can someone guide me how to get a scholarship.Also ,is it better to apply after my UG or should I go for 3-4 yr work exprience.

Reply to Charchil Jain

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Piyush Kohli

3 years ago

Dear Charchil, usually good universities prefer candidates to have relevant work experience before pursuing MBA. Please refer to the below link and learn how to get a scholarship: https://studyabroad.shiksha.com/how-to-get-a-scholarship-to-study-abroad-articlepage-1158

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Muskaan hooda

4 years ago

Hi ... I am muskaan and i want to do post graduation in english hons. . I wanna know if amity university dubai campus good as for further job statue

Reply to Muskaan hooda

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Sayyam Gibrani

3 years ago

Actually I would not say it is an ideal University but for sure it's a very good University specially for your masters because Dubai itself is a business city if you are targeting management courses you can get a really good ROI. Just be sure to be in top of your class and active during placements a

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Sahil Sachdeva

4 years ago

Hi, I am planning to do masters in accounting from florida international University, for which minimum 500 gmat score is required but as i wanted to acuire teacher Assistantship, who much gmat should i aim for and does it really worth doing master's in accounting from usa

Reply to Sahil Sachdeva

Hi Sahil, For funding from the universities, there is no minimum cutoff for GMAT/GRE. University will evaluate your overall profile and award you scholarships if you qualify. Also, it depends on the pool of applicants who have applied to that school. Usually universities prefer students to have a GP

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5 years ago

Hii purvi, Im a 32 yrs old Indian Naval veteran, i have 10 years of military experince. i would like to go for Executive MBA programme from foreign university. However would be required scholarship. Therefore i would like to know how much GMAT score can fetch me a top notch university.

Reply to

5173871
Swameeka Medhi

5 years ago

Hi Harikesh, a GMAT score above 700 is recommended.

5 years ago

Hii ..i want to pursue mba from abroad but i cant afford one..could you suggest me any university with good MBA and low expences

Reply to

5173871
Swameeka Medhi

5 years ago

Hi Purvi, you can check the following options https://studyabroad.shiksha.com/mba-in-abroad-dc11508?country=malaysia-russia-uae Also, use the filter to check other country options and go through the fee structure and narrow down your choice accordingly.

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