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All About GMAT Exam Vouchers from GMAC
The graduate management admission council or GMAC is a governing body that provides strategic guidance and support to a variety of business schools and business institutions. This includes some of the best business schools in the world like Harvard, MIT, London Business School, IIMs etc. This council is also the governing body for the GMAT exam, where it works with 2 partners ACT inc. and Pearson VUE which develop the questions and give the exam support at various centers respectively.
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What is it?
GMAC offers several tools and resources to help these institutions in getting a database of the prospective candidates and in turn helping them with the GMAT exam. GMAT vouchers are one of these tools where the institutes can help candidates with the cost of the GMAT exam. The important thing to note at this point is that these GMAT vouchers are available and accessible only to institutions that meet certain criteria and not to the individual test takers. The institutions in turn can then help individual test takers by nominating them for the exam.
As you might be aware, the cost of the GMAT exam is $250 which isn’t a very small sum by any means. So anyone who is finding it difficult can approach the school that you have applied to and ask for financial assistance. GMAC gives out a minimum of 10 vouchers to each school and the schools decide on the distribution of these vouchers.
Eligibility (for schools) :
The schools that want to be a part of this GMAT voucher program should 1st become the recipients of the GMAT score report and therefore have a valid program code. There are essentially 2 categories of institutes that are eligible for these programs-
- An institution that grants degree courses at least at the graduation level in the areas of business and management. It must also be agreed that GMAT is the qualifying examination for all candidates wishing to pursue a program in the institution.
- Any organization that grants scholarships/fellowships or any other aids pertaining to the field of business and management and which is approved and operational.
Apart from these requirements they have to agree to the terms and conditions applicable as per the GMAC protocol. These are available on http://www.gmac.com/gmac/TheGMAT/.
To apply you just have to download an application from the link mentioned above and forward it to the council. The institute will be assessed and approved if it meets all the criteria. This may take about a month of time. Eligible institutes may download the application from the score reporting page on the site given above. The GMAT vouchers are available in denominations of $50-$250 and should be bought via credit card only. For any inquiries you can contact firstname.lastname@example.org.
Eligibility (for students):
There are no particular terms and conditions that are prescribed by the council on who is eligible to apply for the GMAT voucher, this decision lies completely with the institution that you are applying to. As already mentioned above, the institutions are free to decide on how many GMAT vouchers they want to buy, therefore they have to make a thorough check of the candidates before they allot vouchers. This will be done when the institute checks on your background and financial status and makes its decision. If it feels that you can pay your own fees then the voucher won’t be granted.
It is strongly advisable that if you are not financially weak then it will be better if you don’t apply. It will be an unnecessary waste of time on your part as well as for the school that you are applying to and they will not appreciate that.
Once you get the GMAT voucher from your institute, you can use it at the time of applying for GMAT. In the payment section of the application you will have a choice on the methods of payment which also includes voucher payment. Here you can enter the unique code that your institute has provided you (which is on your voucher) and the payment will be taken care of.
Benefits (for schools) :
- The Graduate Management Admission Search Service or GMASS (it is a database maintained by the council) will be at your disposal, where you can purchase the names and contacts of thousands of aspirants and test takers.
- You are eligible to be registered at Pathfinder which is a database of top management and business institutions around the world. The aspirants and test takers can find your school here based on some predefined criteria.
- All the market research data from the most trusted resources will be available at your fingertips. You will have access to a mine of surveys and studies conducted in various scenarios which will enable you to take strategic as well as academic decisions based on this data without having to do any hard work.
- Full access to www.mba.com where you can advertise your recruitment events, campus events, scholarships etc. This is a site accessed by MBA aspirants around the world.
- You can put up your brochures and events on GMATCH, a virtual fair that is accessed by candidates and working people alike across the globe.
- Your school will be added to a database that GMAT test takers use to select their score-report recipients. This way you will have direct contact with the aspirant and you will know immediately who has opted for your institute.
- The GMAT score reporting website lets you access the scores of hundreds of applicants easily at your personal convenience. You can also search for an individual candidate.
GMAC vouchers are extremely useful for people who are in financial problems and for schools who want to have international recognition and growth. So if you are an upcoming B-school then this is definitely for you. All the best!!
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