GMAT Strategy

This question is unlike most other "should I retake it" questions in that I'm more interested to know the mechanics behind the admissions process.

I originally intended to retake the exam to try to get a higher score to meet the Round 1 application deadlines but one thing lead to another and the only viable test dates left for me (taking into account prep time and personal availability) are AFTER the application deadlines for the first round. Would it make sense to retake the exam in this case? Would the schools even be looking at my 2nd set of scores considering they'd be submitted AFTER the deadline?

Any insight/thoughts would be appreciated.

It depends on each school. I'd recommend you call the schools and directly ask someone about their specific policies.

If you have the time and feel confident that you can get a higher score, I think you should retake it. If you get waitlisted, having a higher score would be a positive way to strengthen your app.

I'd say go for it. Then you can send them an update. Not all of the schools will accept an update, but since it sounds like you're already on your way to hitting the submit button, you should do it. As Next said, if you're waitlisted you may already have an ace up your sleeve!