The cost of taking the GMAT exam is an important consideration for many prospective business school students. According to mba.com, the cost of taking the GMAT exam varies by location and format but is usually around $275 USD. This fee includes sending your scores to up to five programs of your choice.
It’s important to note that additional fees may apply depending on the country in which you take the exam. For example, test-takers in some countries may be subject to value-added tax (VAT) or other taxes, which can increase the total cost of the exam. Additionally, rescheduling or canceling your exam may result in additional fees.
Despite the cost, many business schools require applicants to submit GMAT scores as part of the admissions process. As such, it’s important for prospective students to factor in the cost of the exam when planning their business school applications. However, there are resources available to help offset the cost of the exam for those who qualify, such as the GMAT fee waiver program for those who demonstrate financial need.
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GMAT Cost Overview
The GMAT exam is an important part of the graduate business school application process. The exam fee is a significant expense for many students, so it’s important to understand the costs involved in taking the test. This section provides an overview of the GMAT exam cost, including the exam fee and additional fees that may apply.
GMAT Exam Fee
The GMAT exam fee varies by location. As of April 2023, the exam fee is $275 in most locations if taken at a test center, and $25 extra if taken online. However, in some countries, the fee may be lower. For example, in Peru, the exam fee is $250.
If you need to cancel your exam, you may be eligible for a partial refund. According to the GMAT website, if you cancel your exam between 24 hours and 14 days before your appointment, you will receive a refund of $50 If you cancel between 15 and 60 days, the refund is $100. If it’s more than 60 days, the refund is $150.
It is important to note that the GMAT website states that refunds are not issued for no-shows or for candidates who arrive too late for their appointment. Therefore, it is essential to arrive at the test center on time to avoid losing your exam fee.
In addition to the exam fee, there may be additional fees associated with taking the GMAT exam. These fees may include:
- Rescheduling fee: If a student needs to reschedule their exam appointment, they may do so for a fee. The rescheduling fee varies depending on how far in advance the student makes the change. If the change is made more than 60 days before the appointment, the fee is $50. If the change is made between 15 and 60 days before the appointment, the fee is $100. If the change is made 14 or fewer days before the appointment, the fee is $150.
- Additional score reports: Each student is able to send up to five score reports to business schools for free. If a student needs to send additional score reports, they will be charged a fee of $35 per report.
- Cancelling your score after the exam: This only applies for tests taken at the testing center and up to 72 hours after taking the exam. The fee is $25.
- Reinstating your cancelled score: The only applies for tests taken at the testing center. The fee is $50.
It’s important for students to budget for these additional fees when planning to take the GMAT exam. By understanding the costs involved in taking the exam, students can make informed decisions about when and where to take the test.
GMAT Fee Reductions
For those who want to take the GMAT exam but are worried about the cost, there are several options available to help reduce the fees. These options include fee waivers and vouchers.
GMAT Fee Waiver
GMAT fee waivers are available to those who can demonstrate financial need. To apply for a fee waiver, candidates must complete an application and provide documentation of their financial situation. The documentation required may vary by country or region, so it’s important to check the specific requirements for the location where the exam will be taken.
Once the application and documentation have been reviewed, candidates will receive a fee waiver code that can be used when registering for the exam. The fee waiver code covers the entire cost of the exam, so candidates will not need to pay anything out of pocket.
GMAT vouchers are another option for those who want to reduce the cost of the exam. Vouchers are available through various organizations, including schools, non-profit organizations, and government agencies. To obtain a voucher, candidates must meet the eligibility requirements set by the organization offering the voucher.
Once a voucher has been obtained, candidates can use it to cover some or all of the cost of the exam. The amount covered by the voucher may vary, so it’s important to check the specific terms and conditions of the voucher.
Overall, there are several options available to help reduce the cost of the GMAT exam. Candidates who are interested in these options should check with their local testing center or visit the GMAT website for more information.
Based on the information provided by MBA.com, the cost of taking the GMAT exam is normally $275. This fee allows the test taker to send their scores to up to five graduate business schools. However, there are additional fees associated with taking the exam, such as cancelling or rescheduling. There are also opportunities to cover all or part of the cost of taking the exam.
Ultimately, it’s best to pay for the exam once the student feels ready and is performing well on mock exams. If you pay for the exam many months in advance hoping to put preassure in your preparation, you might end up incurring in higher costs if you need to reschedule or cancel. Check the available dates a week or two before you plan to take the official test.