The GMAT Cost is the Same Worldwide (except when it’s not)
What is the cost of the GMAT? Well, in theory, the cost is the same in much of the world. The Graduate Management Admissions Council sets a global price of $250 USD. However, there are some notable exceptions to this. In the U.S. and Canada, where a very significant portion of the world’s GMAT test-takers live, the registration fee is $275 (interestingly, U.S. overseas territories charge the standard $250, though).
And in Europe, another stronghold for GMAT test takers, some countries charge the standard $250, while other countries have either a $285 or €250 fee. Then there’s the United Kingdom, where GMAT registry costs £225. As you can see, the difference in currencies, and the use of just three currencies in the fees, makes the price hard to nail down. The value of Euros, Pounds, and Dollars relative to other currencies can fluctuate a good deal over time.
GMAT Fees In Different Countries
GMAT registration fees in different countries ultimately range somewhere between $250 to $300. The aforementioned local currency differences contribute to some differences in cost. And local taxes and fees can also apply. Fortunately, we only need to really worry about what those fees are like in India. Let’s look at a breakdown below.
We’ll examine GMAT fees in India in terms of the rupee (₹). (Note that this breakdown was updated in February of 2020 using an exchange rate of $1 = ₹71.2)
The Minimum GMAT Fee in India
At minimum, everyone taking the GMAT will have to pay $250 USD, or roughly ₹17,800, to reserve a seat at a testing center. However, GMAT fee waivers may be available to help offset at least some of this cost.
GMAT Fee Waivers
If paying the registration fee is going to cause you noticeable financial pressure, you should contact the admissions department of schools you’ll be applying to. Colleges that participate in the GMAT Fee Waiver program will allow a limited number of students to take the GMAT at no cost (based on financial need).
After your initial registration, you may have to deal with some additional fees. If you discover you need to reschedule your test date, make sure you take care of it as soon as possible. As long as you reschedule more than 60 days from your original date, you’ll only need to pay ~₹3,560 ($50). However, attempting to reschedule within 15-60 days of your original date will cost ~₹7,100 ($100). And you’ll pay ~₹10,700 ($150) if you reschedule within two weeks of your originally planned test date. You also can’t reschedule at all with less than 24 hour notice.
Likewise, if you need to cancel your registration, make sure you do so as early as possible! Cancelling more than 60 days out will net you a ~₹7100 ($100) refund (not much, but it’s better than nothing!). In the 15-60 day cancellation range, you’ll get ~₹5300 back ($75). Then, 14 days or less before the test, you get a refund of ~₹3560 ($50). There will be no refunds for cancellations within 24 hours of the scheduled test date (ouch!).
Additional Score Reports
On your test day, you will be able to send your score reports to five institutions without any extra charges. If you need to request any additional score reports, expect to pay ~₹2500 ($35) per report. So if you need two additional reports, you’ll have to pay ~₹5000.
Students interested in retaking the exam may want to purchase an Enhanced Score Report (ESR) for themselves, which contains detailed information about each subsection of the test. The fee for the ESR is ~₹2100 ($30).
For information concerning the overall scoring trends of test takers from India, check out this blog post about GMAT scores in India.
How To Pay
The easiest way to pay for the GMAT is by using a credit card online. If you plan on using a debit card, please note the following potential complication (as mentioned on MBA.com) that may occur:
“In India some banks will not allow the debit cards to be used on the internet unless the merchant participates in Verified by Visa or MasterCard Secure Code. This requires that the customer enter a pin number. We do not participate in this program. Please contact your bank for assistance. Some banks may be willing to issue their customers a special onetime use card or lift the pin restriction so you can use it on our web site.”
As you can tell, GMAT fees in India (and elsewhere) are definitely not insignificant! Make sure you choose your initial test date wisely so that you have enough time to study as you reach for your target GMAT score.