Hey there,

This is an interesting question with, unfortunately, no right answer. Your GPA isn't fantastic but you went to Stanford. What did you study? That makes a difference.

If you're looking to apply top 5, then a 720 is average for most of those programs. On the other hand, you're not the first person to say, with confidence, that they can improve their 720 by 20, 30, or 40 points because of how they have done on their mock exams. It doesn't always pan out. That's something to consider.

Overall, in your case, would 20 or 30 points make a difference? I'm inclined to say no. If your R1 applications are ready to go, I'd suggest you actively pursue this round versus the next.

Then again, it's a personal question that has a lot to do with your comfort level. For example, if you get dinged you may spend the rest of your life wishing you had retaken the GMAT (even if your ding had nothing to do with your score). So, in that regard, it might be worth future peace of mind to consider retaking it.

All that said, I still think you should go for R1 - there's no guarantee you'll improve your score while there is an advantage to applying earlier. As the adage goes, a bird in hand is worth more than two in the bush.

Bhavik