Cash Rewards for GM and IM Titles in Chess

In the news recently: Indian GM Arjun Erigaisi believes that discontinuing cash rewards for achieving GM and IM titles will discourage parents from supporting their children’s chess aspirations.

Earning the titles of Grandmaster (GM) and International Master (IM) is a prestigious achievement in chess, signifying a player’s exceptional skill and dedication. While these titles do not come with direct prize money from FIDE, many countries, chess federations, and private organizations offer financial rewards to players who achieve them.

Cash Rewards for Grandmasters (GM)

1. Government Incentives – Some countries, like India and China, provide cash rewards to new Grandmasters. In India, various state governments offer financial grants ranging from ₹5 lakh to ₹25 lakh ($6,000–$30,000).
2. Chess Federations – National chess federations often provide stipends or bonuses to newly titled GMs.
3. Sponsorships & Scholarships – Becoming a GM can attract sponsorship deals from companies and chess organizations.
4. Higher Prize Money in Tournaments – GMs gain access to elite tournaments, where cash prizes can range from $10,000 to $100,000+ in major events like the Grand Chess Tour.
5. Appearance Fees – Some organizers pay GMs to participate in events, simuls, or training sessions.

Cash Rewards for International Masters (IM)

1. Government Grants – Some governments provide financial support for achieving the IM title, though typically less than GM rewards.
2. Tournament Earnings – IMs gain access to stronger tournaments, allowing them to earn higher prizes.
3. Coaching Opportunities – IMs are often hired as chess coaches, earning steady income from training young talents.
4. Federation Support – Chess federations may offer training stipends or small cash incentives to IMs.

Long-Term Financial Benefits

• Professional Coaching & Training – Many GMs and IMs become chess trainers, charging anywhere from $20 to $200 per hour for lessons.
• Streaming & Content Creation – Top titled players earn through Twitch, YouTube, and online platforms.
• Corporate Sponsorships – Players like Magnus Carlsen and Hikaru Nakamura have lucrative sponsorship deals.

While the GM and IM titles themselves do not come with direct FIDE cash prizes, they open doors to numerous financial opportunities in the professional chess world.