GMAT Exam Fees

GMAT Fees

The Graduate Management Admissions Test, known colloquially as the GMAT, is a computer-adaptive-test. If you wish to attend a bachelor's or master's program in a business school abroad, you've probably heard about this exam. GMAT measures a candidate's analytical writing, quantitative, reading, and verbal skills in standard written English over 2 hours and 30 minutes. A good GMAT score can help you get admission to top business schools. Now, you can also appear for the online GMAT^TM exam, launched by the Graduate Management Admission Council (GMAC), in the aftermath of the ongoing Coronavirus Pandemic. The GMAT registration fee is US$250. For Indian students, the GMAT fees depend on the exchange rate on the day of registering for the exam.

GMAT Exam Fees - An Overview

Every student intending to appear for the GMAT exam is required to pay a registration fee, which may differ from country to country. While this is a mandatory fee that every student has to pay, there are several other GMAT exam costs that one should consider. You may also have to bear the additional charges based on certain exam-specific needs, such as rescheduling, requesting additional score reports, reinstating previous scores, and so on. Here is a detailed list of GMAT fees and costs.

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GMAT registration fee

All students who choose to appear for the GMAT must pay the exam registration fee. The current GMAT examination fee is $250 or its equivalent in local currency, which approximately translates to INR 18,300. Note that all fees are applicable in US dollars. If you schedule your GMAT in certain specific countries, you may have to pay an additional tax, as mentioned on the official GMAT exam website.

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GMAT rescheduling fee

The GMAT board also has certain provisions in place, under which you can reschedule and change your exam date. If you choose to modify your appointment and exam slot, you need to pay a rescheduling fee. The amount is payable in USD and depends on how soon you submit your request. Here is a schedule of the GMAT rescheduling fees:

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GMAT cancellation fee and refund policy

If you choose to cancel your GMAT appointment altogether, you may do so. You will also be entitled to a refund of the GMAT feeif you choose to exercise this option. That said, the minimum and the maximum refund amount you can get depends on how much in advance you cancel your appointment. Here's how cancellation charges are broken down:

As per GMAC rules, you may not reschedule or cancel your appointment 24 hours prior to the exam date. If you still choose to reschedule or cancel your appointment in this time frame, you will have to forfeit your entire GMAT exam fee and pay a fresh registration fee for your next scheduled date.

Additional GMAT fees

As mentioned above, there are certain additional fees that not all GMAT candidates have to pay. These fees are applicable only if you opt for specialised services. Note that there is no restriction on the number of times you can avail of the additional services, but the fees payable will be applicable each time you apply for the services. Here are the different types of optional additional fees that you may have to pay on a need basis, along with the existing GMAT exam costs:

Calculating the total costs associated with taking the GMAT

While the schedule of charges related to appearing for the GMAT remains the same for all students within a given geography, the actual costs may differ based on the students' individual circumstances. For instance, one student may appear for the test on the chosen date and ace it in the first attempt. Yet another may want to reschedule the test date. A third student may wish to request additional score reports to send the GMAT scores to a few different schools, and so on. As such, the GMAT test cost for each student will vary.

Here is a typical GMAT preparation cycle to help you analyse the costs associated with taking the test. They are as under:

Now, let us assume you score well on your first attempt. In such a situation, you will only have to bear the registration fee of $250 and the course preparation fee of $349. However, you decide to send your scores to 5 institutions, making your additional score report fee $35 (per report) x 5 reports = $175. Thus, your total GMAT price will be $774.

In another example, let's say you choose to reschedule your exam date. Besides the rescheduling fee, all the costs mentioned above remain the same. Based on when you reschedule the exam date, your costs will be anywhere in the range of

$774+ $50 = $824, (for rescheduling 60 days prior to the test)

$774+100 = $874 (For rescheduling in the 15-60 days window)

or

$774 + $150 = $924. (For rescheduling in the 2-14 days window).

How can I minimize my GMAT costs?

The easiest way to minimize your GMAT costs is to ensure you are well prepared for the exam and acing the test on the first attempt. This way can save on test retaking fees. It also helps to book your slot much in advance so that you have enough time to study the course material and prepare for the exam without having to reschedule. A good rule of thumb is to start preparing for the examination and book your slot (about two months later) once you feel confident that you can score well. Only by avoiding the additional, voluntary fees can you reduce your GMAT costs.

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