Financial Costs of the GMAT
The cost to take the GMAT is $250 USD. This does not include the price of study materials, preparation courses, tutoring you choose to have before the test, or the potential cost of needing to miss work or other obligations as you prepare for and take the GMAT. Additionally, GMAT scores can be submitted to up to five schools for free, but each additional submission will cost $28.
These GMAT costs can add up substantially and do not guarantee that you will score well on the test, nor do they guarantee that you will not need to retake the test. If you are dissatisfied with your score the first time you take the GMAT, you have the option of taking it again after 31 days of your original test date. A retake costs an additional $250 and you are allowed to retake the test up to five times a year.
Time Costs of the GMAT
In addition to the financial costs of the GMAT, there are also time costs (after all, time is money). This will vary by individual and can include time needed for studying, practice tests, GMAT tutoring or preparation classes, traveling to the testing location, and scheduling and taking the three-and-a-half-hour test.
Additional Cost for Rescheduling or Cancelling the GMAT
Rescheduling the GMAT
If a conflict arises prior to your scheduled day to take the GMAT, you must reschedule the test at least seven days before the day of the test for a $50 date and time change fee. If you do not reschedule within seven days of your scheduled test date, your $250 test fee will be forfeited.
Cancelling the GMAT
If you decide to completely cancel taking the GMAT, you must do so before the seven-day window and you will be charged an $80 cancellation fee. If not notified of the need to cancel before the seven-day window, you will forfeit the full $250 test fee.
Want an MBA without having to take the GMAT? Here is a list of MBA programs that don’t require the GMAT.