Moved the post to the appropriate section.

You are bringing up an interesting question. I think technically the score should be valid for 5 years, unless the school expressly states conditions on the timing of the exam. Are you looking at US Schools or Schools in India?

Well I am looking for European and US schools.
Also, the person from whom I got the knowledge got this reply from ISB as far as I remember. But still I would like to know about the impact of same thing on European and US schools.

Thanx for moving the post though...I realised it only after I made the post.

The best thing to do would be to contact your target schools with your question. You will get the final word on the subject.

Thanx alot for your guidance stacey and prasanna...I did it and got the reply from three schools already...and they have confirmed that they will consider the score as per GMAC's rules, i.e. five years..

I actually think that you have a good strategy, subject to the 5 year constraints. One of the most common thing an instructor hears from students is something along the lines of, "I haven't done anything like this in years!" Well, if you take the exam in the near future, I think you'll benefit from "having done this kind of thing" recently. Your recent test taking stamina and study habits would, I bet, help you.

FWIW, the Univ. of Chicago has a program call Chicago Business Fellows. It is a part-time program expressly for students of high scholarship but low work experience. You can check it out here.