Exam Prep

Financial Assistance for Test Takers

Employer Assistance

Employers who have a vested interest in employees attending business schools often reimburse test-takers for the cost of the exam. From an employer’s point of view, supporting student employees in the short term is an investment in a better educated, more committed workforce later on.

To find out if your company sponsors educational expenses, just ask. It’s best to go in prepared to explain why you’re pursuing your MBA now. Focus on the ways in which business school will make you a more valuable employee. Bring documentation to demonstrate your academic or professional accomplishments, these can be undergraduate transcripts or project reports or presentations you’ve given at the company.

Even if your employer doesn’t provide reimbursement, your manager will appreciate you’ve asked. Asking for support is a statement of your commitment to the company. No organization wants to lose its best people; you may be surprised how flexible and generous your employer can be.

GMAC Fee Waiver

For many applicants, it is possible to have the entrance fee for the GMAT waived. Individuals may not apply, but schools sponsoring economically disadvantaged test-takers may request up to 10 waivers from the GMAC. If the request is approved, codes will be sent to the firm via secure email. Fee waivers do carry an expiration date; in addition, they may not be refunded once they are registered, even for score cancellation.

Schools that would like to assist students who retake the GMAT may also request vouchers from the GMAC. Ranging from $50 to the full $250 purchase prices, these vouchers are administered at the school’s discretion. Vouchers expire after two years and cannot be reused.

Private GMAT Scholarships

If you are not eligible for the GMAC waiver and can’t get a test fee reimbursement through your employer or school you can still look to private GMAT scholarship and grant programs for help. Qualification criteria for these awards vary; they can be based on need, academic merit or professional experience.

Each year, the testing company Hobsons awards eight MBA applicants with it’s Beat the GMAT scholarship. Each winner of the Hobson prize receives a scholarship package worth over $18,000 which includes a $250 voucher for GMAT registration fees. Research additional scholarships and grants to help offset application fees, GMAT registration and B-school tuition costs using scholarship finders from CollegeBoard, FastWeb and Scholarships.com.