Dear BhuvanCPA,
Thanks for your post!
I'm sorry to hear that the GMAT did not go as you would have liked. As you've likely gathered from this forum, it's not the easiest of exams to master! Given your situation, I have the following questions/thoughts:
1) Have you only taken the exam once? If so, you may want to consider working to prep for it a second time, since many applicants take the GMAT 2-3 times and the schools typically take your highest result.
2) Have you used a test prep company or tutor to help you? If not, you may want to consider contacting a firm to help identify your areas for improvement, etc. [Note: Clear Admit does not provide any test-prep services, so this should not be viewed as a plug for such services.]
3) Are you weaker in one area of the exam vs. another? If so, you may want to pursue coursework (e.g. a math course or writing course, depending) to help you address what may be more fundamental needs.
4) If you are looking at Rutgers' PhD program, have you investigated whether or not they accept the GRE instead of the GMAT? While the tests are somewhat similar, there are applicants who find the GRE more to their liking.
While no one really likes standardized tests, they are a fact of life in the admissions process. As such, I strongly suggest that you either look to retake the GMAT (with all the needed prep work leading up to it) or consider the GRE (if allowed by Rutgers). For better or for worse, a score of 500 will likely fall well shy of their averages.
Best of luck,
Graham
GMAT is not my cup of tea. Its not that I am a weak student. I have 3.9 GPA in my under grad plus I have cleared all CPA papers. Also, I have 6 years of work experience. My ambition is to get into a Doctrate program at Rutgers, NJ. What are my chances of getting admitted? What other options do I have? 
