While I occasionally hear tales of MBA applicants offered admission in a top business school with a 640 GMAT score, the truth is that accepting students with stellar scores of 700 or higher is more the norm at the most competitive programs.

Before you start to panic and become hung up on achieving the highest score possible, or fixate on the average GMAT score reported by the schools, I urge test-challenged clients to focus instead on aligning their scores within the 80 percent range, which schools usually list within their admitted class profile.

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Many experts in the test prep industry advise all students to plan on taking the test twice. If your score after the first attempt is already at or above your goal, you can always cancel the second sitting. Remember, top schools want to see scores in the 80th percentile in the quantitative section. So if you score 100 percent in verbal and low in quantitative, you would want to retake the exam, especially if you don't have a strong quantitative background outside of the GMAT.

There is absolutely no reason to retake the GMAT when you score over 700, test prep company Magoosh says emphatically. You've already proven you can handle the quantitative component of the curriculum, so turn your focus toward ensuring all of the other parts of your application are as strong as possible.

Keep in mind that this high number is primarily for those targeting a top-tier MBA program. If you scored a 680, the decision to retake should be carefully considered, as you may be better off focusing on your essays or coaching recommenders instead. Applicants looking at programs in the top 20 or 50 should check the average scores of admitted students to determine their personal target GMAT score.

If illness, nerves, exhaustion, or simply a lack of adequate preparation resulted in a low score, then a second attempt becomes a necessity. Repeat test-taking, with additional preparation, typically results in a higher score as students become familiar with the experience, and therefore, less stressed out.

Although the Graduate Management Admission Council allows you to take the test as many times as you like, you must wait 31 calendar days before retaking the exam. Make sure to check your target schools' application deadlines in order to allow enough time to send in your final scores.

Applicants self-report their highest score, and it's worth noting that the admissions committee doesn't have an issue with students taking the exam more than once. In fact, committees may look positively on the dedication you've shown to improve upon your prior performance. Mind you, I'm talking about a score report with two or three scores, max - not one that shows you've sat for the GMAT seven times.

After your first test, it's time to go over your entire GMAT performance to determine your weaknesses and double-down in those areas as you resume your studies. Don't completely ignore the sections you did well on, however. You wouldn't want to improve in one area but do worse in another the next time.

If you studied alone or took a class for your initial preparation, you might consider studying one on one with a GMAT tutor for the second go-round. A test prep expert can work around your schedule and tailor the curriculum to your needs.

Finally, some people aren't natural test-takers and have a less-than-optimal performance no matter how well they know the material. One of the primary causes is stress under pressure, and it may help to watch this video tour of the GMAT Test Center and detailed explanation of all procedures to increase your comfort levels about what to expect.

If that familiarity still isn't enough to calm your nerves come test day, consider using relaxation techniques such as meditation and visualization to reduce test anxiety. Also, taking the GMAT in the same center will help you feel more comfortable with the test-taking process and any logistics that may have thrown you off the first time.

Business school hopefuls can be incredibly hard on themselves when they make mistakes on the GMAT, but each error is a learning opportunity and a chance to improve. So don't become discouraged if your first score isn't where you'd hoped. Relax, and think of it as a dress rehearsal for a stellar performance to come.

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