ignatova wrote:
hi everyone -
I am an LBS aspiring candidate for next year. I saw this discussion topic so I thought to ask a question lurking in my mind. I have a GMAT of 700. I think I have left about 20-30 points on the table based on my practice tests but I have an interesting profile (according to some) and a potential increase of a couple of points didn't seem like is going to make much of a diference when it comes to acceptance at LBS. I am wondering though, as it would be great to have as much financial aid as possible, does anyone have a view on how much the GMAT plays a role in scholarship awards? Any insights would be valuable. Thank you.
Yep it will make a big difference.
Your potential for scholarship will be much higher with a GMAT score that sets you apart - talking 750+ (Possibly 730+ from less common applicant pools) will give very strong potential for some form of scholarship. From my view they are offering scholarships to those with unique profiles backed up with a high GMAT score.
Therefore you want to be able to show you are one of the best examples of your 'applicant pool'.
However you can be smart and make a play for particular awards - i.e. if you work in luxury/retail - then putting your short term goals on you application as continuing in that sector will put you in the bracket for the Sector Luxury and Retail scholarship. Many of the other scholarships will be utilised where appropriate - such as the women, military, nationality ones and these will depend solely on the merits of your applciation (including your gmat score).
Other things you can do to help is state openly you are applying to competing schools - (there is a part of the application form that will ask you who else you are applying to but be careful it is a double edged sword though) - if you have a strong profile and are applying to INSEAD/Couple of top American schools then they will potentially seek to offer you more. However if your profile is weaker/they dont belive LBS is a top choice then it might make it more difficult to get the admit.
The important thing to note is the majority of scholarships are handed out alongside admit offers so it really is based on your applciation and interview (note the alumni are asked to rank you on a scale of 'actively pursue' to 'not worth considering', so absolutely rocking your interview is also very critical.
If you've only sat the GMAT once and got the 700, and have the time to actually study and take another serious go at the GMAT it likely would be worth it. At present you have the GMAT average which is great (especially if not from the Consulting/Finance/Engineering pool) but every 10 points above it you get, the exponentially more attractive your application becomes.
Also - last thing - apply in round 1. If you do all the scholarships are in play.