IMO, there's no real downside to taking it again - if you have the time. From what I've read, AdComs want to see you on your best day for the GMAT, and if that happened on the first time, then so be it.

Honestly, I would have taken it again if my first score was a 700 because:

1) A few extra points couldn't hurt - especially for recruiting
2) There's no pressure since the worst case is that the 700 is my best score

However, it took me 3 times to get a 700, which gave me an appreciation of how difficult it is to get a 90%ile score - there was no way I was taking it a fourth time.

Hi BSchool3,

Thanks for the response. Just FYI. This was the 2nd time I took it. I had taken it a month earlier and scored a 650. I'm looking for info on any possible negative consequences of taking it again. Any insight into that? or Any experts out there want to shed some light on how the AdCom views retakes at 700+?

There's no simple yes or no answer, but a number of factors that come into play. In your specific case, the 700 isn't so much a problem, but you did very well in verbal and only a little better than average in quant. If your undergraduate gpa isn't stellar, or if you have bad grades in math classes then your score might come under scrutiny (although it's definitely not a "deal breaker" even at the best schools, they all admit people with sub 700 scores). IF you are confident you can do better, and can commit the time to study more and practice for a few months, then I think you should retake the test.

However, I would only retake if you put in the time. While it will look good to study and improve your score, it might look bad if you retake the GMAT and get a lower score. This would indicate that either the 700 is your theoretical limit in terms of potential (not good) OR that you weren't motivated to put in the effort to even prepare for the 2nd test (something you DEFINITELY don't want to indicate to the ad com).

So, in sum, if depends.