One of the most important reasons you must aim for a 740 or higher score is that top B-schools require you to have a high GMAT score (the average GMAT scores at top B-schools have increased consistently over the years – now at 730+).
Also, US B-schools offer about $400 Mn in scholarships. And, more than 55% of this is offered on merit (to students who score a 740 or higher).
e-GMAT has worked with 54000+ (across 100+ countries) business school aspirants and helped them with their GMAT preparation. We have done extensive research on admits and scholarships, and here are the key insights from the latest research.
- Most M7 admits score 740+ : Sixty percent of M7 admits scored a 740 or higher. The acceptance rate of 740+ scorers was 28% – 2.15X that of students in the 700 to 730 range (acceptance rate 13%).
- 740+ score = Scholarship: Six out of 10 students who were admitted to M7 or T20 received some form of Scholarship (including many full rides). At T20 alone, 8 out of 10 740+ scorers received financial aid.
- Scholarships multiply with GMAT 760: 760+ scorers at M7 schools received ~$91,000 in average scholarships, much higher than that received by 740-scorers ($55,000). Note, only students who received scholarships were considered here.
Anecdotal evidence with Case Studies
Here are a few examples of our students who secured 740+ on the GMAT. Watch these journeys to understand the role played by the GMAT in securing admits and winning scholarships.
1. GMAT 730 to 760 (from waitlist to Tuck Admit with $50k Scholarship)
Dipinty has a typical background (Indian Techie with an above-average profile). She scored a 730 in her first attempt but that was not enough to differentiate herself. She was waitlisted by Darden, Fuqua, and Ross business schools.
She then decided to improve her GMAT score. Worked with our GMAT Online course to score a 760 in just 30 days. This enabled her to get an admit from Dartmouth Tuck (her dream B-school) with $50k Scholarship.
2. GMAT 710 to 750 (from waitlist to Admit and $50k Scholarship from Columbia)
Just like Dipinty, Ayush comes from an Engineering background. He scored a 710 on the GMAT and was waitlisted at Ross because of the low GMAT score.
He then worked to improve his GMAT score (with GMAT Online course) and got to a 750. This enabled him to secure admits from Ross and Columbia (with $50k in Scholarship)
3.GMAT 750 – Wharton Admit | $60k scholarship | Low GPA, limited extracurricular activities
Leonardo needed to stand out among the competition. With a Low GPA, limited extracurriculars, pre-MBA work history in lesser-known companies and education in lower ranked universities, he needed to submit a very high GMAT score to stand a chance.
Despite working 60 hours per week, he leveraged the GMAT Online course to balance work and study to secure 750 on the GMAT. This enabled him to secure an admit from Wharton with $60k in Scholarship.
4. GMAT 740 – $250,000 Cumulative Scholarships | From 8 Rejects to 5 Admits
Eight B-schools rejected Shaarang during his initial try. He reworked on the applications, aligned the profile with B-school expectations to improve his chances.
He also improved from GMAT 690 to 740 in just 13 days. Which ultimately enabled him to secure admits from 5 B-schools with total scholarships worth $250,000. He chose UNC Kenan Flagler for his MBA.
5. GMAT 770 – Admits from Harvard ($90k Scholarship), Wharton, Stanford
Coming from an engineering background, Mansi needed to excel in all the aspects of her application. She knew GMAT score will be a very crucial aspect and she put in her best towards this.
She succeeded in scoring a mammoth 770 on the GMAT, which enabled her to secure admits from the top 3 B-schools, including Harvard (with $90k in Scholarship)
We hope these examples give you a good idea about the role played by the GMAT in admits and scholarship decisions. You can watch hundreds of such e-GMAT success stories here – https://e-gmat.com/admits-scholarships/.
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