GMAT Exam Fees Rise 10 Percent: Is It Still Worth Taking the Test?

For the first time since 2005, the cost of the GMAT test has increased in North America, from US$250 (£191.81) to US$275 (£211).

A spokesperson from the GMAT said: “The GMAT fee increase in the United States and Canada enables GMAC’s ability to continue making investments and enhancements toward the quality and integrity of the GMAT exam, while delivering a streamlined testing experience that empowers test takers to perform at their personal best on exam day.

“GMAC will continue to provide free resources for candidates to confidently prepare for their graduate business school journey while creating the best test-taker experience possible.”

The increase in price only concerns the cost of taking the exam. Other potential costs – such as reschedules, cancellations and additional score report requests – will remain the same.

With over 250,000 attempting the GMAT every year, it is seen as a test with a high potential candidate pool.  

And participants are eager to put in the additional prep time (and funding) to ace the exam. In 2019 alone, Americans spent US$1bn (£768m) in test prep hoping to get ahead of the competition. An unsurprising fact when you take into account that a degree from a top MBA program is guaranteed to boost one’s salary. People have gone as far as paying over US$5,500 (£4,224) for in-person classes at top prep schools, while individual tutors can get away with charging US$500 (£384) per hourly session.

Even though some schools have dropped the GMAT from their application requirements and test prices have increased, hundreds of thousands of people keep taking the test – why? Is the GMAT still worth it?

Here’s three reasons why it is.

If you’re planning on applying to top b-schools, the GMAT is a viable option and investment, as it’s accepted by all business schools and is sure to open doors – especially if final scores are high.

25 percent of business schools said submitting a GMAT test score over a GRE result gives applicants an advantage as opposed to a miniscule 2 percent favoring the latter test score.

This is likely because admissions departments are more familiar with the GMAT, making it easier for them to gather information about candidates from their submissions.