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Sir, I gave my GMAT today, and got a score of 590(quant-48, verbal-24).
What are my chances? What do I do?
Give it again? I don't have any functional experience and I have a GPA of 2.6.
Please let me know which B-school would be likely to accept me?

Hi and thanks for your question. Knowing nothing about your background and experience I can't really answer the question "which business school" will accept me. There are lots of business schools out there and a lot of them would probably take you; the question is, do you want to go to any of them? I can't answer that and would refer you to my post at the top of the main forum about choosing an MBA program.

As for the GMAT, a 590 definitely limits your options. If I were you, I would go back and carefully analyze what went wrong. For instance, if you are not a native speaker, then you might not have gone "wrong" at all --for instance, you got a high quant score.

On the other hand, if you are a native speaker and scored poorly on the quant section, then there is a high likelihood that you didn't have your "core knowledge" memorized. Core knowledge is the quantiative stuff like formulas, triangle ratios, etc., that the GMAT assumes that you know. You simply have to know that stuff to have a chance of going well on the GMAT.

If you can identify a major issue that you can correct, then it probably makes sense to correct the issue (take as long as you need; there's no reason to leave anything to chance the second time around) and re-take the test.