Getting into and going to graduate school is pricey, and there’s no denying that the GMAT cost of $250 is an added expense. GMAT exam fees are hefty, and more expensive than many similar standardized exams (except the MCAT…). Furthermore, the actual GMAT cost is not the only fee you have to consider. Most test-takers purchase some sort of practice materials, and many students even take the exam more than once. No doubt about it, paying GMAT exam fees will impact your wallet. In this post, we’ll go over what fees you can expect to pay and how to minimize the cost of taking the GMAT.
An Overview of GMAT Exam Fees
Before we get into any more detail, let’s look at how much the GMAT might cost you.
|Rescheduling fee (more than 7 days out)||$50|
|Rescheduling fee (within 7 days of the exam)||$250|
|Cancellation fee (more than 7 days out)||$170; $80 refund|
|Cancellation fee (less than 7 days out)||$250; $0 refund|
|Additional score report||$28|
With that in mind, let’s take a look at some of these GMAT costs in more detail. Skip ahead to a section by selecting a GMAT cost or GMAT score report section from the navigation table below, or keep scrolling down to review all information.
- The GMAT Cost
- Rescheduling and Cancellation Fees
- Score Reports and (Un-)Cancellation Fees
- Cost to Retake the GMAT
- GMAT Prep Materials
- Grad School Tuition
The GMAT Costs $250
No matter what country you live in, the GMAT costs $250. Depending on your country, you may also need to pay some taxes on top of this price, though. Paying this $250 fee entitles you to one sitting of the GMAT.
Note, however, that if you choose to pay by phone you will be charged an additional $10. So, if you have easy access to the internet, register online!
Rescheduling and Cancellation Fees
The $250 base fee gives you one administration of the exam. GMAC, however, will add to your GMAT cost if you choose to do something like reschedule your exam. Rescheduling costs $50 if you reschedule your exam more than 7 days before your scheduled test. If you cancel, you can also get a refund of $80 (from your initial $250).
If you decide to reschedule or cancel at the very last minute, you’re out of luck. You’ll be charged another full $250. You also will not be entitled to a refund of your initial payment. That makes your GMAT cost essentially double—$500 for one sitting.
You cannot reschedule the GMAT within 24 hours of the test date. Your account history will instead register a “no-show.” Note that this will not be sent to schools in your score report, however.
Score Reports and (Un-)Cancellation Fees
Besides rescheduling fees, GMAC also charges for score reports. On test day, you are given five (5) free score reports. Any more will cost you $28 each.
Cost to Retake 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). However, there are no discounts for taking the test again. Also, 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. Unsure if you should retake the GMAT? You can find out more about GMAT retakes here.
GMAT Prep Materials
While most of the GMAT cost comes from GMAC directly, you’ll also want to buy some prep materials! Keep in mind that the range of materials is enormous. A full, in-person course will run you thousands of dollars. Something more self-guided, like a GMAT study guide or online test prep could cost you less than $150. You can see some of our Magoosh plans here.
For high-quality free practice, you can also check out:
- GMATPrep Software from GMAC
- Advice from Online Forums
- The Magoosh FREE GMAT eBook is a great way to save money with top-notch materials
- You can also check out the Magoosh GMAT Blogfor practice problems, expert advice, and more!
Grad School Tuition
If you’re hoping to attend a top-tier business school like Harvard, GMAT exam fees will just be a drop in the bucket![/caption]Always remember to put your GMAT cost in perspective. The whole point of taking the GMAT is to get into business school, after all. And that’s very expensive!
Since B-school itself will be pricey, you might want to consider this when budgeting in your GMAT cost. If you’re concerned about expenses, you might consider planning to avoid a rescheduling fee or a retake. You should also be prepared well in advance to send in your score reports to maximize your five free ones. After all, every dollar counts!
This post was updated by Rachel Dale-Kapelke on 3/15/17, with help from Jen Nguyen.
The post How Much Does the GMAT Cost? A Guide to GMAT Exam Fees appeared first on Magoosh GMAT Blog.