All You Need to Know About GMAT Exam Fees

The Graduate Management Admissions Test or the GMAT, is a computer-adaptive entrance test for students seeking admission in business schools around the globe, for a bachelor's or master's program. It is a highly recognised test of 3 hours 7 minutes. The four test sections measure a student’s integrated reasoning, quantitative reasoning, analytical writing assessment and verbal reasoning skills. In this article, we shall learn about the GMAT exam fees and other related details.

Key Features of the Exam

This exam covers questions from diverse subjects and it seems quite tough to qualify for the test. Listed below are some key points a student must remember before appearing for the exam:

• International students must be aware of the scoring details of the exam, it will be between 200 to 800 points.
• Students can take the exam 5 times in a 12 month period and a maximum of 8 attempts in total.
• The exam score is required for 7,700+ programs in 2,400+ universities and institutions in 114 countries.
• There are more than 600 test centres worldwide where you can take the exam.
  

An Overview of Exam Fees

The fees for this examination vary based on your location. For example, the fee in India is $275 or INR 22,000, which may change depending on the exchange rate on the day of registering, whereas in the UK the fee is approximately $310 or £250 and the fee is $285 in a few European countries. The fee is different if you choose the at-home version of the exam. GMAT online exam fee in India and the USA is $300, whereas, in the UK, it is $340.

Each and every student appearing for this exam must pay a registration fee, there are additional charges for the exam, such as rescheduling the exam, cancellation, requesting additional score reports, etc. So, if you’re planning to sit for this competitive exam you must consider these costs as well.

Rescheduling Fees

There are certain provisions that allow a candidate to reschedule the date of this exam. However, if you choose to modify the exam slot, you will be charged a rescheduling fee. The amount is payable in USD and varies as per your request.

• $50 rescheduling fee (beyond 60 days before the exam)
• $100 rescheduling fee (15-60 days before the exam)
• $150 rescheduling fee (14 days or less before the exam)

For the online exam, the fees are as follows:

• $60 rescheduling fee (more than 60 days before the exam)
• $120 rescheduling fee (15-60 days before the exam)
• $180 (14 days or less before the exam)

Rescheduling this exam will cost more as you get closer to your exam date. You may consider rescheduling if you can no longer make it to your original appointment or if you are not fully prepared for the exam.

Exam Cancellation Fees and Refund

Due to unprecedented reasons, candidates may have to cancel their appointment. A refund is given in such cases, but the value is decided based on the time of cancellation. Rescheduling or cancellation 24 hours prior to the exam date is not allowed and you will have to pay the new registration fee for your next scheduled date.

• If you cancel more than 60 days’ prior, the refund amount will be $100
• For cancelling 15-60 days before the exam, refund will be $75
• For cancelling less than 14 days before the exam the refund is $50

You may cancel your exam appointment if you signed up for an extra test date but don’t need it or if you will be unable or are not ready to take the test. It is cheaper to reschedule this exam date than to cancel and get a new appointment.

Additional Fees

Additional fees for the exam are not applicable for all candidates, these are charged if you opt for specialised services. The fees are payable as many times you avail of these services. Here are the different types of optional fees you should know about:

While the basic charges are the same for all the students in and around a particular location, the actual costs may differ based on the students' individual requirements. For instance, a student may want to reappear for the exam or request additional score reports to send to a few different schools, etc. In case of online exams, an additional score report is charged $35, and AWA Rescoring is charged $45, which is the same as test centres.

Payment Mode for GMAT Exam Fees

The most common form of payment is through a credit card or debit card if you have registered online. GMAC accepts payments from VISA, Mastercard, American Express, and Discover Network cards. If your payment is declined, you will have to schedule another test appointment with a valid payment. If you have mailed a physical form, you can pay by cash, money orders, or cheque, in USD $ and drawn on a US bank for the full amount, including taxes, where applicable. For these payments you will require:

• List the current date
• Appropriate signature
• The bank name and its location should be printed on the check
• Draft your payment at least 10 days in advance to your test for processing
  

Tips to Minimise Exam Cost

The best way to minimise your exam costs is by preparing well for the exam and acing it on the very first attempt. For the right approach, students may consider taking GMAT coaching. Students can learn from top educators, in a competitive environment, and save significantly by eliminating the need to retake tests. Students will also have easy access to study material and get the best guidance to appear for the exam confidently.

Conclusion

A good score in the GMAT examination can help you get admission to one of the top business schools of your choice. KC Overseas is a leading EdTech company, offering GMAT coaching in Nagpur and many other locations, you can get end-to-end assistance, from application to preparation, everything is taken care of by expert professionals.