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If you are someone who wants to pursue an MBA abroad you are most likely familiar with the term GMAT. But what is it? The most common MBA entry exam worldwide, GMAT, or Graduate Management Admission Test, is a computer-adaptive test. It is designed to evaluate analytical, mathematical, verbal, and writing abilities.
The GMAT exam attempts to judge the aforementioned abilities through a series of questions and awards test takers a score of around 200 and 800 in increments of 10. When students apply to their MBA program, the admissions committees of business schools consider this score. It may be argued that the GMAT score is a crucial component in the acceptance of your application.
Overview of the GMAT Exam
The GMAT exam is a standardized test specifically designed to assess your skills and abilities in various areas relevant to graduate-level business and management programs. Let’s have an overview of the exam:
- Sections: The GMAT exam is divided into 4 sections:
- Analytical Writing Assessment (AWA): Requires you to analyze an argument and provide a written response. It tests your ability to analyze the reasoning behind an argument, structure your response coherently, and express your ideas clearly.
- Integrated Reasoning (IR): It tests your capability to evaluate and interpret data that is presented in different formats.
- Quantitative Reasoning (QR): Arithmetic, algebra, geometry, and data analysis is covered in this section. It tests your ability to reason quantitatively, solve problems using mathematical concepts, interpret data, and apply analytical thinking.
- Verbal Reasoning (VR): Tests your capacity for critical thought, sentence rectification, and reading comprehension.
- Computer-Adaptive Format: The GMAT is an electronic test where the degree of question difficulty changes depending on how well you perform. Every right response leads to a somewhat harder question, while every wrong response leads to a slightly simpler question.
- Scoring: With distinct scores given for each section, the GMAT scoring falls between 200 to 800. The QR and VR sections add to a total score, whilst the AWA and IR sections are scored separately. The results are good for five years.
- Test Duration: The test lasts for three hours and thirty minutes when breaks are taken. There are four sections: an AWA segment (30 minutes), an IR section (30 minutes), a QR section (62 minutes), and a VR section (65 minutes).
- Registration and Test Centers: To take the GMAT, you need to register through the official GMAT website and select a test center near you. The exam is offered throughout the year at various locations worldwide.
The GMAT score is a significant factor considered by business schools during the admissions process. By assessing your performance on the GMAT, business schools can gain insights into your readiness for the rigors of a graduate business program and predict your ability to handle the academic challenges you’ll encounter.
A strong GMAT score can positively impact your chances of getting accepted into top-tier business schools and open doors to scholarships.
Importance of Understanding the GMAT Exam Fee
Knowing the exam fee well enough will help you in
- Financial Planning: It helps you determine the cost associated with taking the GMAT and factor it into your overall budget for the application process.
- Resource Allocation: By knowing the exam fee, you can allocate your financial resources appropriately. This includes budgeting for study materials, preparatory courses, and other resources that may be beneficial for your GMAT preparation.
- Decision Making: The exam fee can influence your decision to take the GMAT. It allows you to evaluate the cost-benefit analysis of investing in the exam, considering its significance in the admissions process and its potential impact on your academic and professional goals.
- Scholarship and Funding Opportunities: Many business schools offer scholarships, grants, and other financial aid opportunities based on GMAT scores.
- Application Strategy: Knowing the fee enables you to plan your application strategy effectively, considering the number of schools you intend to apply to and their associated costs.
- Time Management: Understanding the exam fee allows you to plan and schedule your GMAT test date accordingly. It ensures that you allocate sufficient time for preparation and registration, avoiding any last-minute rush or additional fees due to late registration
GMAT Exam Fee Structure
Apart from the general registration fee, there are a few other costs associated with the GMAT exam which will add to the total cost. The GMAT fees are required to be paid in dollars and hence have been presented as such based on whether you take your exam at a test center or online. Different costs to be considered are
| S. No. | Particulars | $ if taken at Test Centre | $ if taken Online |
| 1. | Registration Fees | 275 | 300 |
| 2. | Enhanced Score Report (Purchased at the time of registration) | 30 | NA |
| 3. | Cancel Score | 25 | NA |
| 4. | Additional Score Report | 35 | 35 |
| 5. | Reinstate Score | 50 | NA |
| 6. | AWA Essay Rescoring | 45 | 45 |
You also have the option to Reschedule or Cancel your appointment and the additional costs for both have been listed below:
Rescheduling your exam
| S. No. | Particulars | $ if taken at Test Centre | $ if taken Online |
| 1. | >60 days before the appointment | 55 | 60 |
| 2. | Between 15-60 days before the appointment | 110 | 120 |
| 3. | <15 days before the appointment | 165 | 180 |
Canceling your exam
| S. No. | Particulars | If taken at Test Centre | If taken Online |
| 1. | >60 days before the appointment | $110 refund | $120 refund |
| 2. | Between 15-60 days before the appointment | $80 refund | $90 refund |
| 3. | <15 days before the appointment | $55 refund | $60 refund |
Global Comparison of GMAT Exam Fees
Please note that while some part of the costs can be paid in the local currency, some of it needs to be paid in US dollars and hence has been represented as such.
| S. No. | Particulars | USA | UK | Eurozone | Non-Eurozone |
| 1. | Registration Fees | $275 | £250 | €275 | $285 |
| 2. | Enhanced Score Report (Purchased at the time of registration) | $30 | £26 | €26 | $30 |
| 3. | Cancel Score | $25 | $25 | $25 | $25 |
| 4. | Additional Score Report | $35 | $35 | $35 | $35 |
| 5. | Reinstate Score | $50 | $50 | $50 | $50 |
| 6. | AWA Essay Rescoring | $45 | $45 | $45 | $45 |
Rescheduling your exam
| S. No. | Particulars | USA | UK | Eurozone | Non-Eurozone |
| 1. | >60 days before the appointment | $55 | £50 | €55 | $55 |
| 2. | Between 15-60 days before the appointment | $110 | £100 | €110 | $115 |
| 3. | <15 days before the appointment | $165 | £150 | €165 | $170 |
Canceling your exam
| S. No. | Particulars | USA | UK | Eurozone | Non-Eurozone |
| 1. | >60 days before the appointment | $110 refund | £100 refund | €110 refund | $115 refund |
| 2. | Between 15-60 days before the appointment | $80 refund | £75 refund | €80 refund | $85 refund |
| 3. | <15 days before the appointment | $55 refund | £50 refund | €55 refund | $55 refund |
Tips for Paying the GMAT Exam Fee
- You can choose to pay the exam fee via a Debit or Credit card but it is recommended to use only use a VISA, Mastercard, American Express, or Discover Network Card to pay the registration costs for the GMAT in 2023.
- Your registration for the GMAT exam will be automatically revoked if your credit or debit card is denied when paying the exam fees in India in 2023. Additionally, you will need to reserve a different GMAT registration slot and make a valid GMAT fee payment.
- If you’re planning to pay for the GMAT from India, keep in mind that some banks won’t let you use your debit card online unless the retailer is a member of Verified by Visa or MasterCard Secure Code. You’ll have to enter a pin number to do this, and some banks will kindly offer a one-time pin for you or remove the pin limitations. You must speak with your bank about this because GMAC does not take part in the program.
- Additionally, you can pay for the GMAT exam in India via a cashier’s cheque, money order, or personal cheque.
- Payments to Pearson VUE-GMAT must be made in US dollars. The payment must be made in whole, with all applicable taxes included, and it has to be drawn on a US bank.
- Add a suitable signature and the current date.
- The cheque must have the name and address of the bank pre-printed on it.
- Pearson VUE will take a specific amount from your account and cancel your GMAT exam slot if your cheque is returned for lack of money. You will need to repeat the procedure, pay the GMAT registration fees, and schedule a new GMAT exam time.
- Your credit card statement will show the GMAT fees as “VUE*GRAD MGMT TEST” for examinations taken in a testing facility and “DRI*EXAMITY LLC” if you decided to take the test online.
- Your GMAT exam expenses will also be subject to an additional 18% GST as of March 31, 2023, per budgetary regulations set forth by the government.
Fee Waivers and Discounts
Students from low-income families might choose to forgo paying the GMAT fee in order to ease their financial burden.
- Everyone may apply for the GMAT fee waiver option. On the contrary, the applicants are unable to explicitly request this waiver. GMAC defers to the business schools in deciding whether to permit exam fee waivers for their students.
- GMAC allows schools to select which applicants qualify for a fee waiver or discount. Schools may request a maximum of 10 fee waivers per year.
- GMAC allows organizations to select their own standards for calculating a student’s financial need. This suggests that anyone requesting a fee waiver must provide the institution with proof of their financial need.
- The candidate may apply for the GMAT cost waiver through their undergraduate institution or the MBA program they have applied for. Anyone interested in a fee waiver should check with their school’s financial aid office to see whether they provide one before applying through one of these channels.
- Not only will the school decide whether an applicant qualifies for a test fee waiver, but it will also decide the extent of a fee waiver or decrease they qualify for. They must submit a financial necessity statement to the school that explains their financial situation and why they are unable to cover the GMAT exam price.
Additional Resources for GMAT Exam Fee Information
The official website for the GMAT exam is an excellent resource for detailed information on registration, fees, payment methods, and refund policies. Visit the official GMAT website at www.mba.com/exams/gmat.
You can also find the contact for GMAT Customer Service on the official website. They will provide you with the most accurate and up-to-date information.
The official GMAT website offers a range of official prep materials, including practice exams, study guides, and online resources. Explore the official GMAT website’s “Prepare” section for more details.
In a Nutshell
Understanding the GMAT exam fees is crucial for effective financial planning and strategic decision-making. By knowing the costs involved, you can allocate resources wisely and make informed choices about your preparation and application strategy. Be proactive in understanding the fees to ensure a smooth and well-prepared journey toward achieving your academic and career goals
Source: GreatLearning Blog
