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 fee if 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:
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Days Prior to the exam date
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Refund provided
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More than 60 days
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$110
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15-60 days
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$80
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Less than 14 days before the exam
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$55
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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:
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Additional services provided by GMAC
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GMAT test cost associated with the service
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Additional Score Report
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$35
|
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Analytical Writing Assessment (AWA) Essay Rescoring
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$45
|
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Cancel Score (After leaving the test centre)
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$25
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Reinstate Score
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$50
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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:
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Type of cost
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Amount
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Paying the GMAT registration fee
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$275
|
|
Rescheduling the GMAT appointment
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$55, $110 or $165 (based on time frames mentioned above)
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Requesting additional score reports
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$35 per report
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Retaking the exam (if you’re dissatisfied with your scores)
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$275
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Now, let us assume you score well on your first attempt. In this case, you will only need to pay the registration fee of $275 and the preparation course fee of $349. If you decide to send your scores to 5 institutions, the additional score report fee will be $35 (per report) × 5 reports = $175. Thus, your total GMAT cost will be $799.
In another example, let’s say you choose to reschedule your exam date. Besides the rescheduling fee, all the other costs remain the same. Based on when you reschedule, your costs will be:
$799 + $55 = $854 (for rescheduling 60+ days before the test)
$799 + $110 = $909 (for rescheduling within 15-60 days of the test)
$799 + $165 = $964 (for rescheduling within 2-14 days of the test).
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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