GMAT Exam Fees

GMAT Guide on Fees and Payments

If you're planning to apply to business schools worldwide for a bachelor's or master's program, you'll likely need to take the GMAT - the Graduate Management Admissions Test. This well-known exam is computer-adaptive and takes three hours and seven minutes to complete. Four components assess your abilities in verbal reasoning, mathematical reasoning, integrated thinking, and writing analysis. The GMAT exam aims to evaluate candidates' analytical skills through verbal and GMAT Quantitative Reasoning sections.

Students don't need to have prior knowledge of management, even if they are taking the exam for MBA admissions. GMAT tests your basic verbal and mathematical abilities, which are essential for excelling in B-School coursework. Therefore, students without a background in management need not be concerned about their GMAT preparation.

The GMAT is the most globally recognized exam for MBA admissions. According to the GMAC, it is widely accepted, and 9 out of 10 MBA applications are based on GMAT scores. Additionally, admission to 2,400+ colleges is based on GMAT scores. The GMAT Exam can be taken in 650 testing locations across 115+ nations. A great benefit of the GMAT admission exam is that it is valid for five years, allowing students who perform well to use their results for professional experience. In this article, we'll cover the cost of the GMAT exam and provide other helpful information.

It appears to be quite difficult to pass this exam because it contains questions on a variety of topics. The following are some essential ideas a student has to keep in mind before taking the test:

1. International students should be aware that the exam will score between 200 and 800 points.
2. A student may attempt the exam a maximum of 8 times overall and 5 times within 12 months.
3. The exam score is necessary for 7,700+ programs at 2,400+ universities and institutes across 114 countries.
4. You can take the exam at one of more than 600 testing facilities around the world.

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Overview of the Exam Fees

Depending on where you are, there are different costs for this exam. For instance, the charge in India is $275 or INR 22,000, which is subject to fluctuate based on the exchange rate on the day of registration, whereas the fee in the UK is roughly $310 or £250, and the fee is $285 in a few European nations. The cost is different if you decide to take the exam at home. GMAT online exam costs $300 in India and the US but $340 in the UK.

Every student who takes this exam is required to pay a registration fee. There are also additional fees for the exam, including those for cancellation, rescheduling, and seeking additional score reports.

GMAC just released the GMAT Online exam. You can take this test from home by spending USD 250. Similar to the expenses of services for the GMAT from the test centre, additional fees are also levied for the GMAT Online. You can use the GMAT test as an additional special service in addition to all of the other services that GMAT provides.

You have a few options depending on your situation if you have registered for the GMAT but are unable to take the exam when it is scheduled.

1. Rescheduling

If you are unable to take the GMAT on the scheduled exam date but still wish to do so, you can reschedule for a different date and time. However, please note that rescheduling comes with a cost, which varies based on how far in advance you make the change. To reschedule your exam, follow the instructions provided below.

2. Cancellation

You can postpone your GMAT exam if you are aware in advance that you won't be able to take it. You can cancel by logging into your GMAT account on the Graduate Management Admission Council's (GMAC) official website and selecting the "Cancel Exam" option.

3. Refund on cancellation

Even if you are unable to postpone or cancel your exam, in some circumstances, you may be qualified for a refund. You can ask for a refund from GMAC's customer service if you have a serious illness, injury, or family emergency. You will be required to present proof of your situation, such as a death certificate or a doctor's note. Your request will be examined by the GMAC, who will then decide if you qualify for a refund.

Below are the details of the cost for each one.

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Rescheduling Fees

The procedure for rescheduling your GMAT exam is reasonably straightforward, but you must follow the instructions precisely –

1. Before booking your GMAT exam, it is important to read the rescheduling policy on the Graduate Management Admission Council (GMAC) website. This policy details the deadlines you must adhere to and the costs associated with rescheduling.
2. You must use your username and password to connect to your GMAT account on the official GMAC website to reschedule your GMAT exam. You'll need to establish an account if you haven't already.
3. After logging into your account, select "Reschedule Exam" from the menu. You can choose a new day and time for your GMAT exam on the new page that will appear after clicking here.
4. Once you have selected a new date and time for your GMAT exam, you will need to pay a rescheduling fee. The specific amount of this fee can be found in the GMAT rescheduling policy and will vary depending on how far in advance you are postponing your exam. You may pay the fee using either a credit or debit card.
5. Once you have paid the rescheduling cost, you will receive an email confirmation of your updated GMAT exam date, time, and venue. It is important to double-check all the details in the confirmation to avoid any confusion.

Some clauses permit an applicant to change the exam date. However, there will be a rescheduling cost if you decide to change the exam time. The GMAT payment amount is variable and payable in USD as per your desire.

1. $50 rescheduling fee (if the exam is more than 60 days away)
2. Rescheduling charge of $100 (15 to 60 days before the exam)
3. $150 is required for rescheduling (within 14 days of the exam).

If you need to reschedule your exam, it's best to do so as early as possible. The cost of rescheduling increases the closer it gets to the exam date. If you're feeling unprepared or unable to make your initial appointment, rescheduling may be a good option to consider.

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Refund on Cancellation

You can use the GMAC's official website to cancel your GMAT exam if you need to. An instruction manual for canceling your GMAT exam is provided below:

1. Enter your user ID and password to log into your account on the GMAC website.
2. Once you log in, you will be able to see your upcoming scheduled tests on a dashboard. If you need to cancel an exam, simply locate it and click on it.
3. You will find a "Cancel Exam" button on the details page for your exam. This button must be clicked to begin the canceling procedure.
4. You'll receive a confirmation prompt if you choose to cancel your exam. Before you confirm your cancellation, please read through the refund information and cancellation policy.
5. Submit your request to cancel your exam once you've received confirmation of your cancellation. GMAC will send you a confirmation email with the information.

Candidates may need to reschedule their appointment due to unforeseeable circumstances. In certain circumstances, a refund is offered, although the amount depends on when the cancellation was made. You must pay the new registration fee for your upcoming scheduled date if you reschedule or cancel within 24 hours of the exam date.

1. If you cancel more than 60 days beforehand, a $100 refund will be given.
2. $75 will be refunded for cancellations made 15 to 60 days before the exam.
3. $50 will be refunded if you cancel fewer than 14 days before the exam.

You can cancel your appointment if you have an extra test date scheduled that you won't need or are unprepared for. Rescheduling the exam is cheaper than canceling it and then making a new appointment.

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Additional Expenses

Not all applicants will have to pay additional exam fees; you will only be charged if you choose to use specialized services. You must pay the costs each time you use these services. The various kinds of optional fees you should be aware of are listed below:

All students in a certain location are charged the same basic fees, but the total expenses may differ based on individual needs. For example, a student might need to send additional score reports to multiple institutions or retake the test. If taken online, an extra score report costs $35, while AWA Rescoring costs $45.

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Payment Mode

If you enrolled online, using a credit or debit card is the most typical payment method. GMAC accepts the following credit cards: VISA, Mastercard, American Express, and Discover Network. If your payment is rejected, you must book another test appointment and bring a valid payment.

If you have sent a physical form by mail, you may pay using cash, money orders or a check drawn from an American bank for the entire amount, including any relevant taxes. To make these payments, you will need:

• Include the current date.
• Correct signature
• The cheque should be printed with the bank's name and address.
• Draught your money for processing at least 10 days before your test.

GMAT Fee Waivers

The GMAT Fee Waivers program is designed to assist institutions in covering the costs for candidates taking the exam, to ensure that anyone who wants to take the exam can do so, regardless of financial means. Organizations are entrusted with the ability to distribute waivers, as they have the necessary systems and resources to connect with applicants who require this assistance.

Schools are given the option to use up to 10 free GMAT Fee Waivers within 12 months, either as part of a program or directly to aid test takers.

Fill out the following information on the form to obtain a charge waiver

• Requested number of fee waivers (up to 10).
• Describe your procedure for deciding which candidates are eligible for GMAT fee waivers.

You will receive the necessary fee waiver codes in a secure email. Test-takers can use these codes to register for their GMAT appointment online at mba.com. Each code is valid for the complete GMAT fee and must be used by the expiration date specified.

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