Short Answer – The average GMAT score at MIT is 716 for the last entering class. If you score above 716, you have a fair shot and you will receive an encouraging response to your profile evaluation from the admission committee.
Long Answer – There is no such thing as a safe score, higher is always better. In our years of consulting experience, we have seen our clients with 640 getting selected into top schools like INSEAD and on the other hand, someone with a 770 getting rejected too. A good benchmark that we advise all our clients to beat is the average GMAT score of the last entering class as mentioned in the Class profile published every year. Scoring above the average gets you a fair shot;
“The higher your score, the better is it for your interview or admission chance.”
If you plan to apply with a score that is below the average, then you are starting a fight with one hand tied behind your back or, let’s say, you are starting a few yards behind your competitors. You can definitely catch up in other sections of the application by writing outstanding essays or performing really well in an interview later. But it is always nice to start ahead of the competitor. A higher GMAT score helps one gain a competitive advantage.
“What if you are from the over represented Indian or Asian Pool?”
The over-represented candidate pool of Indian or Chinese applicants usually goes through a rigorous preparation process for GMAT, with a lot of Indian applicants scoring quite high. Hence, the overall competition and the Average score for this diaspora goes up by a few notches. That is why we recommend candidates within the most over-represented profiles to shoot at least 20 points higher than the school’s class profile average.
The average salary at MIT Sloan for the last graduating class was $109,000. 100% of the class was employed within 6 months of graduation with the majority of the class going into consulting (7.7%), Finance (88%), and others (4.3%) oriented functional roles.
MFin graduates have found opportunities for impact in quantitative rigorous roles across a spectrum of financial career opportunities, such as asset managers, consulting firms, investment and corporate banks, brokerage firms, financial data providers, ratings firms, hedge funds, venture capitalists, insurance companies, public institutions, fintech, and more.
The Tuition fee for MIT Sloan is $ 118,470 for 18 months and $ 86,300 for 12 months and an additional $ 77,855 and $ 50,965 in living costs respectively.
For many years now, MIT Sloan has been committed to enabling the most talented international students to pursue their studies within their elite business school. There are various scholarships for students such as Aker Scholarship, Kennedy Memorial Trust Scholarship, Life Scholarship Program, etc. Along with this various assistantships and fellowships are available.
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We strongly advise all our clients to have a proper excel sheet or a timetables mapped out.
Once you are done with GMAT the entire application process usually take 4-6 weeks
GMAT / GRE Score
If you are not sure about what score to target then look at the average score of the schools you want and shoot above the average.
Get your profile evaluated from a professional consultant and figure out what schools you can target based on your profile
3-4 weeks at least.
Start writing at least 1 month in advance of their 1st deadline. First application usually takes the longest.
School will notify you and give you roughly 1 week to schedule your interview. Ideally, start your prep ASAP and Do some mock interviews.
MIT’s Admissions Committee looks for applicants with demonstrated academic excellence, proven personal achievement, excellent communication skills, and a strong commitment to pursue the field of finance and make an impact. MIT believes high academic potential and personal achievement are typically reflected in academic records, relevant experience, and recommendations that go beyond a polite endorsement.
There is no minimum GPA. MIT understands this is one component of your application and will review it alongside any other relevant coursework you’ve completed. View MIT’s Class Profile to see the average GPA of current MFin class.
The majority of MFin students use loans to finance their education. These come from two government programs, from MIT directly, or through an alternative lending source. Some students supplement their tuition expenses with fellowships and research assistantships.
MFins are in a unique position to access both MIT Sloan and MIT main campus career resources and job postings. MFins also have dedicated career advisors to help them navigate their career exploration process.