There’s no such thing as a free lunch, and the road to business school is no different! Here is a quick rundown of the GMAT exam fees you can expect to pay. All fees that are listed below are in USD and are for online transactions only. If you want to call GMAC and do any transactions over the phone, there may be an extra $10 surcharge.
In order to sign up for the GMAT test (GMAC calls it an “appointment”), you’ll have to pay a scheduling fee. You can pay the $250 with a credit/debit card online. You can also send in a check or money order made out to Pearson VUE-GMAT. If you opt to pay with a check or money order, it must be received (not dropped in your mailbox) at least 10 days in advance before your appointment date for processing. If possible, I’d recommend doing everything online because you’ll be able to make changes directly and you’ll have instant access to your account information.
It costs $50 to reschedule your test date, time or location, assuming you do it at least 7 days before your original appointment. If your original scheduled appointment is Monday at 8:00am, you have until the Monday the week before at 7:59am to reschedule for $50. If you reschedule any later than 7 days before your original appointment, you forfeit the scheduling fee and will have to pay another $250 to sign up for a new appointment. You can only reschedule online, not by mail or fax.
If you cancel more than 7 calendar days before the scheduled appointment, you will receive an $80 refund. Otherwise, you will not receive a refund and will forfeit the scheduling fee.
Retaking the GMAT
You may retake the GMAT once every 16 calendar days, but no more than 5 times in a rolling 12-month period (but let’s be real, taking the GMAT 5 times would not be ideal anyway). Don’t forget that the schools you send score reports to will see all of the scores you’ve received in the past five years. There are no discounts for taking the test again. Unsure if you should retake the GMAT? This post may be able to help you out.
Additional school reports
On test day, you will be allowed to send your score report to up to five MBA programs. This cost is included in your $250 scheduling fee. I took advantage of this, even though I took the test 7 months before I applied R1 and I wasn’t 100% sure which schools I wanted to apply to. I put down a few schools I knew I was interested in, and a few I thought I may be interested in. This saved me some money because if you want to send additional score reports any time after test day, it will cost an additional $28 per program.
See the official GMAT website for more information and details.
Costs of prep materials (optional)
You have complete control over how much or how little you want to spend on prep materials, but below are three resources that are highly recommended and are a good place to start with your preparation.
The GMATPrep Software is provided for free by official makers of the GMAT, and is a great tool to use to get a feel for what the computer screen will look like on test day. You will need a computer to download this program (devices like Chromebooks won’t work). In the software, you’ll get 90 free questions with answers and explanations, as well as two full-length practice tests. This is a great way to simulate test day with real questions from the actual test-makers. You can download this program on the official GMAT website.
The Official Guide for GMAT Review
The Official Guide for GMAT Review is a must-have for studying. There are over 900 questions that have been retired from the official GMAT exam as well as answer explanations. The 2016 version has 25% new questions from the 2015 version. You can purchase this on the official GMAT website for $45.95 or for about $26 on Amazon. Read more about the OG.
Other Official Guide Materials
The official makers of the GMAT have a ton of other options to help you with your studying, and it’s never a bad idea to get your practice questions straight from the source. In addition to the Official Guide mentioned above, they have books targeted to quant or verbal, as well as apps, extra exam packs, paper tests, and tools to help you with IR and writing. Check out their website for more information.
Magoosh Premium Study Plan
If you are a self-studier, we are here to help! You can sign up for Magoosh Premium and get access to a world of video lessons, practice questions, practice tests, study schedules and more. A Premium account gives you the freedom to access our resources in the way that best suits you and your schedule. Sign up for our 1 Week Free Trial to see if it will work for you! See this page for more information.
Online forums such as GMAT Club and Beat the GMAT are really good (and free!) resources to help you through tough topics and problems. You’ll find fellow studiers on those discussion boards and you can post questions you have or read through the discussions to see how other people are preparing. For more information, check out our post on online forums.
Want to learn about additional study materials? Check out our post on the Best GMAT Books and Resources!