‘What is GMAT exam fee?’ The answer to this frequently asked question by the aspiring GMAT seekers on the internet is stated in one line and that is that the GMAT exam fee is USD 250. GMAC (Graduate Management Admission Council) follows uniform GMAT exam fees worldwide. GMAC is the conducting, managing and administering body for the GMAT test across the globe.
The GMAT exam fee is approximately INR 17,000 in Indian currency (US$ 250). However, GMAC helps the students economically through GMAT fee waivers. Assistance is provided to those students who really want to take GMAT exam but are unable to do so due to the high cost of the exam fees.The students can take advantage of this fee waiver offered by certain B-schools, and accordingly proceed to shortlist them. Here we’re sorting out the frequently asked questions with respect to GMAT fees and GMAT fee waiver.
What does the GMAT Exam Fee consist?
While registering for GMAT, candidates are allowed to select a minimum of three and maximum of five test centers. And the official score card will be directly sent to the short-listed three/four/five B-schools automatically. If any candidate would like to send their official GMAT score cards to more than five schools, GMAC charges USD 28 for every additional B-school or score report. Read more about GMAT Scholarships.
Does Rescheduling of the GMAT Exam involve extra cost?
The answer is YES, if any candidate wants to reschedule GMAT test seven days before the original scheduled exam date- a fee of USD 50 will be chargeable. On the other hand you will be charged the complete fee of USD 250 if you reschedule your exam within seven days of your actual exam date.
GMAT score cancellation and Reinstatement fee
Once you have completed your GMAT exam you will be immediately presented with the raw scores which comprises of both your Quant and Verbal scores. A more detailed score report will be sent to you on mail and a hard copy will also be sent to your address. However you will have to make the decision of either accepting the score or cancelling it immediately after you finish the exam. In case you decide to cancel it at the test center and later decide to reinstate it you have to pay a fee of US$50. Similarly if you initially decide to accept the GMAT scores and then change your mind and would like to cancel the score then you have a time period of 72 hours to do so and the fee for the same will be US 25.
GMAT Registration Cancellation Fees & Refund
You’ll receive a reimbursement of USD 80 if you cancel your GMAT exam online before seven complete days of your original test date. An amount of USD80 will be credited to your account, with an additional service charge of USD 10 if you cancel through telephone. There will be no reimbursement if you cancel the test within seven entire days before the assigned test date and time, and you may be required to pay yet further USD 10 as a service fee if you do this during the telephone. In case you would like to retake the exam then you can do so within 16 days from the last attempt. You however can take the exam upto only 5 times in a calendar year and overall only 8 times. There is no discount for attempting the exam again and you will have to pay the entire GMAT fee to take the exam.
What is GMAT Fee Waiver?
GMAC, the regulating and administering body of GMAT ensures all prospective test takers have access to the examination. In case, if a prospective test taker is economically disadvantaged and is unable to apply then he/she can receive up to 10 times of fee waiver every year. Test aspirants can request fee waivers by completing the form with the following information:
- Number of fee waivers requested (up to 10).
- Description of your process to determine eligibility for awarding GMAT fee waivers to candidates.
There are many terms and conditions involved while determining if a candidate is eligible for a GMAT fee waiver therefore you need to ensure to check all of them accordingly before you proceed to submit your application.
Remember that while it may seem like an expensive affair to pursue an MBA degree it will certainly be beneficial once you complete the same. The ROI (Return on Investments) will be great since you will gain ample amount of job opportunities at some of the best firms in the world. The employers will be keen to hire someone who has the coveted MBA tag from a top university. You will be considered for middle level or top level managerial positions and therefore along with it can expect a considerable pay package as well.
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