As you have likely already found out by now, studying for the GMAT™ can get very expensive very quickly. However, if you are on a budget, it's good to know that you can manage with free resources and just the fee for the official GMAT exam. In this article, we will give you three GMAT packages for different budgets in addition to the bare minimum you need to budget for your GMAT studies. If you want more information on the (specific) GMAT materials we recommend with links to the respective sources, check out this article: 0.8 | Study Materials

The Bare Minimum and Free Material

Studying for the GMAT can be free because there is a lot of content available online. The only real expense you have to incur is the fee for taking the actual exam itself. If you are a strong, independent student, you can obtain an exceptional score using only freely available study materials.

Exam Fees
Depending on where you take the GMAT, the physical exam costs $250-$285, and the online exam costs $275-$310. An additional score report costs $35.

Free Studying Material

• Free Mock Tests: Provided by MBA.com (official guide starter kit) and other free lower-quality mock tests.

• GMAT Club Exercises: A vast database of GMAT questions and solutions.

• YouTube Videos: Numerous channels offer high-quality GMAT prep content.

First Budget Class: Basic Books and Mock Tests

In addition to the bare minimum, you can enhance your prep with basic books and mock tests:

GMAC Official Guide
Purchase the official guide along with additional review books and mock tests. The newest official guide eBook version ($49.99) plus four additional mock tests ($107.99) costs $157.98.

Manhattan Prep Self Study Toolkit
This kit includes GMAT books with question sets and, more importantly, six high-quality mock tests. These tests provide a realistic practice environment with excellent analysis features and can be taken multiple times without repeating questions due to the CAT format. This will cost you $359.

Second Budget Class: Online GMAT Courses

Online GMAT courses can significantly streamline your study process by providing structured plans, video lessons, and mock tests, but we would not recommend these because the provided materials can be found for free and a study plan could be handled independently.

Magoosh: Costs $249 for six months and includes a study plan, video lessons, question sets, and two mock tests. The mock tests are particularly valuable, but the rest of the resources can be found for free.

Target Test Prep: Costs $229 per month and includes a study plan, video lessons, and question sets. These courses can simplify your GMAT prep, but they are not necessary to achieve a high score if you can organize your study independently.

Third Budget Class: 1-1 Tutoring or GMAT Consulting

This is the most expensive option and is useful for those who need quick results and don't mind spending a lot of money.

Private Tutoring
Tutoring can cost anywhere from $100 to $300 per hour, depending on the tutor's experience and reputation. This option provides personalized instruction and can quickly address your specific weaknesses.

GMAT Consulting Services
Comprehensive packages can range from $1,000 to $5,000 or more. These services include personalized study plans, regular progress reviews, and extensive test-taking strategies.

Conclusion

While the GMAT can be an expensive endeavor, there are budget-friendly options available that can help you achieve a high score. By utilizing free resources, purchasing essential books and mock tests, or investing in online courses or private tutoring, you can tailor your preparation to fit your financial situation. Remember, it's possible to excel on the GMAT without breaking the bank if you plan and utilize available resources wisely.