While MBA programs cost less in Europe than in the US, going to business school is still a significant investment. According to our BusinessBecause Cost of MBA Report 2021, the average total cost of a top-ranked full-time MBA in Europe is around $130,000, with tuition fees making up a significant portion.
Fortunately, business schools offer MBA scholarships based on your GMAT score. If you score well on the GMAT, you can qualify for a percentage off your tuition fees; often up to 50% off your tuition.
These MBA scholarships make an MBA in Europe more affordable and mean you’ll get a quicker return on your investment. So which European business schools offer GMAT scholarships for MBA students?
Here’s 15 top MBA scholarships for European business school students:
Download our MBA Scholarships Guide 2022
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1. Alba Graduate Business School, The American College of Greece
Candidates with GMAT score equal or over 700, will be granted a partial scholarship of 40% of the total MBA tuition fees. Candidates with a high GMAT below 700 are also eligible for smaller scholarships.
2. Alliance Manchester Business School
Everyone with a GMAT score of over 600 is considered for a merit based scholarship awarded to the most outstanding MBA applicants identified during the admissions process.
3. Amsterdam Business School
The GMAT scholarship for the Amsterdam MBA is eligible for scores above 630 and provides up to €10,000 for the highest scores. The GMAT scholarship is available for all Amsterdam MBA candidates.
4. City University, Bayes Business School
The Academic Distinction Scholarship awards 50% towards the cost of tuition fees and is open to candidates who have achieved a well-balanced GMAT of 700 or above and can demonstrate outstanding academic achievement.
5. EDHEC Business School
EDHEC Business School offers a variety of scholarships based on GMAT score results, academic excellence, and distinction. Applicants with an outstanding GMAT score, an excellent GPA, or impressive experience and extracurricular activities can have their tuition fees automatically reduced by 20 to 50%.
Read: How To Score 700+ On The GMAT—Tips From The MBAs Who’ve Done It
6. ESMT Berlin
Applicants who submit successful GMAT scores will be considered for scholarships to acknowledge their success. Applicants with a GMAT of 700 or higher can get €4,000 in scholarship money; candidates with a score of 650 to 690 can get €2,000.
To be eligible for a diversity scholarship of up to €8,000 candidates are required to have a minimum GMAT score of 650. Candidates must demonstrate a clear interest in responsible leadership, sustainable development, and technology, as well as submit an essay describing an event from their professional life where they challenged mainstream thought in a group setting.
The ESMT Women's Academic Scholarship, worth up to €10,000 is available to two female candidates for the full-time MBA program with an exceptional record of academic excellence and a GMAT score over 650.
7. Frankfurt School of Finance & Management
MBA scholarships at Frankfurt cover a partial amount of tuition for the respective program. Selection criteria includes the candidates’ academic results, admission test/GMAT results, application quality, personal achievements and needs. This includes extracurricular activities, social commitment, intercultural skills, international experience, professional experience.
8. HEC Paris
All HEC Paris MBA admitted candidates can apply for merit-based scholarships. Applicants can receive scholarships worth up to 50% of the HEC Paris MBA’s tuition fees. The final decision is based on academic excellence, the overall strength of the application, the results of the selection interviews and the candidate’s GMAT score.
9. IÉSEG
IESEG’s GMAT scholarships available offer 20% tuition reduction for admitted applicants with a GMAT score between 610 and 640, 30% tuition reduction for admitted applicants with a GMAT score between 650 and 680, 40% tuition reduction for admitted applicants with a GMAT score between 690 and 720, and 50% tuition reduction for admitted applicants with a GMAT score of 730 or higher.
10. Imperial College Business School
A range of scholarships are available at Imperial, including GMAT excellence awards, and all self-funded candidates are automatically considered for all scholarship schemes for which they meet the eligibility criteria, entry requirements and application deadlines.
11. Sacred Heart University Luxembourg, Jack Welch College of Business
Based on your GMAT score you can count on a percentage reduction on the basic rate of your MBA tuition of €39,000, as follows: 550 - 600: By 10% | 601- 650: By 15% | 650 & Above: By 20%
Other achievements will also be considered, such as good study results (GPA) and quality of work experience as well as additional qualifications.
12. University College Dublin (UCD) Michael Smurfit School of Business
Merit-based MBA scholarships cover up to the full tuition fees for either the Full-Time, Executive or Modular MBA—one of the most generous MBA scholarships in Europe.
A GMAT score of 700 or above is required. The MBA GMAT Scholarships will be awarded to academically exceptional students who will be ambassadors for the UCD Smurfit MBA and the School during their studies and after graduation.
13. University of Exeter Business School
Exeter offers three academic excellence scholarship categories based on GMAT score: Score of 600 - 640 awarded scholarship of £2,000; score of 650 - 700 awarded scholarship of £3,000; score of 700 or over awarded scholarship of £6,000.
14. Vlerick Business School
Vlerick’s academic scholarship is for candidates with a strong academic record and a GMAT score of over 680.
15. WHU Otto Beisheim School of Management
WHU grants scholarships for excellent GMAT score results and awards are available to all Full-time MBA program applicants. Candidates must submit the respective scholarship application form, their GMAT score report, and a brief essay describing their financial situation. The scholarship is not bound to a certain amount and is awarded based on various criteria.
This article was updated in May 2022.
For insider tips on maximizing your MBA scholarship chances, download our BusinessBecause MBA Scholarships Guide 2022 | 5 Ways To Boost Your MBA Scholarship Potential
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