Benefits and types of GMAT scholarships

If one wants to pursue their MBA in abroad then it can be a costly affair. And financial issues can cause a huge obstacle in one’s way to a good business school. But if one wants, they can stop that financial crisis from being a barrier in between their dream and college. 

Go for scholarships

In most cases people turn to education loans but scholarships can be a way out as well. As education loans come with a high rate of interest and long payback situation, scholarships are always a preferable choice.

While taking GMAT coaching classes Delhi and preparing for the examination, one can also start looking for scholarships which they can avail. These scholarships vary from one business schools to others, universities and organisations. In order to get a scholarship, a high GMAT score in essential but there are no specific criteria which can guarantee a scholarship. Academic qualifications, work experience, leadership skills can also be taken into consideration when providing scholarships to people. Applying for it early can also increase the prospect of getting one.

What is GMAT?

Also, known as the Graduate Management Admission Test, this is a computer based test which is conducted by the GMA Council for people who want to seek admission to MBA or similar programs in different business schools all over the world. The GMAT examination is designed to assess the quantitative skills, verbal skills and the analytical writing skills of the applicants. Most of the leading business schools consider it to be a preferred exam for admission.

GMAT has a maximum score of 800 and it is divided into 4 sections like Quantitative, Verbal, Integrated Reasoning and Analytical Writing Assessment.

Types of Scholarships

Merit-Based Scholarships

Students who have excellent academic performance during their undergraduate GPA, GRE or GMAT scores or have excellent professional achievement are mostly offered the merit based scholarships. Extracurricular activities and commitment towards the community services are also taken into consideration here. In case of this type of scholarship, the financial background of the applicant it not relevant.

Need-Based Scholarships

Students who come from less privileged backgrounds are considered for this scholarship. This is mostly for the ones who have a good academic record but do not have the financial means to sponsor their higher education and hence they are granted the need based scholarship.

Diversity and Gender-based Scholarships

In order to promote diversity and inclusion in the MBA programs, diversity and gender based scholarships are granted. They help in promoting the representation and interests of the otherwise underrepresented communities.

External Scholarships

There are companies who usually employ MBA graduated and also offer scholarships to MBA students. These scholarships might also provide access to networking and recruiting sources. There are many non profit organisations and agencies who also provide scholarships to MBA students.

When a scholarship in offered, it means there is more than monetary support. Apart from the financial benefits a scholarship always add more weight to the resume and can be beneficial during job search processes. One can also escape student loan because of this.