B-School scholarships on the rise

January 12, 2012
Lucas Weingarten

GMAT BlogDo you think GMAT prep classes are expensive?  Well, a top score on the GMAT can result in a huge ROI.  In a recent CNN Money article, the story of the growing trend in b-shcool scholarship awards is music to anyone’s ears, especially to those that are doing what it takes to crack the GMAT.

“Some schools are literally buying applicants with high GMAT scores…  To put it in perspective, each year Harvard Business School is giving its students a sum of money that is nearly equal to the entire $31.5 million endowment of the London Business School.”1

MBA scholarships used to be extremely scarce.  After all, we are dealing with a group of people that clearly understand the need for revenue and that stuff simply costs money.  But, applications are down for the third straight year and tuition rates have been outpacing inflation for over a decade.  Some argue that these new and growing scholarship funds are in response to those two forces.  However, the implications of the trend are as yet unknown and many in the business wonder alound what it all means:

“We have all collectively started a very dangerous game,” says Trip Davis, a senior associate dean at the University of Virginia’s Darden School and the president of the Darden School Foundation. “A new standard has been set and there are some, like us, who have set a priority to fund that in perpetuity.”2

All this is excellent news for top applicants.  Some are even pitting offers against each other in search of the most lucrative deal.  So when you are looking into GMAT prep course offerings, you may be very well served to realize a good investment when you see one.

Lucas Weingarten Lucas Weingarten is a full-time instructor for Kaplan Test Prep and he loves preparing GRE students for Test Day. The classroom is Lucas’ arena. When he cannot be found in one of Kaplan’s cage matches of learning, he is very likely dancing around DePaul University’s College of Commerce/Kellstadt Graduate School of Business in Chicago professing various courses offered by the Department of Management, up to and including monikers such as: “Managing for Effective and Ethical Organizational Behavior,” “Entrepreneurship Strategy,” “Strategic Managements and Analysis,” “Human Resource Management,” “Recruitment and Selection,” and “Foundations of Business Thought and Theory.” (Although that last one was cancelled just before the quarter started and he’s still not gotten over it.) Lucas spent most of his formative years in North Carolina, but hit the long road as soon as he was able. A world traveler with a currently expired passport, he has lived on and wandered around three continents with the expressed intention of finishing the job. He holds a BFA with a concentration in sculpture as well as an MBA with dual concentrations in Entrepreneurship and Finance. When not challenging standardized tests to a duel or wondering how to corrupt the business students of America, Lucas can be found brewing delicious beers, riding-then-fixing-then-riding his motorcycle, hanging out with dogs, pretending he’s a good cook, and feeling like the luckiest guy in the world to have such a fantastic wife and endlessly amazing young son. He’s in Milwaukee now, but is in Chicago often. Email him anytime about anything at: lucas.weingarten@kaplan.com

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