What GMAT score needed for top 5 MBA given my stats?

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Education: UC Berkeley Undergrad, BS in Business Administration (Haas), GPA: 3.95 (Highest Honors); also received Certificate of Entrepreneurship and Technology (essentially a minor in Entrepreneurship)

Work Experience: Currently work at a tech boutique investment bank (I plan to apply to MBA schools after two years or maybe make a move to Venture Capital and apply in 3-4 years). Interned at PricewaterhouseCoopers last summer in the audit group. I also worked at a startup for about 8 months during my senior year.

Certification: FINRA Series 79 (Investment Banking), 63 (State Licensing Exam)

Extracurriculars: At Berkeley, I held a series of leadership positions. I was VP and Alumni Chair of my fraternity. I also was a Senior Research assistant for an MBA professor for 3 years (promoted after just one year). I was a mentor for youth entrepreneurs as well at Haas.

If I was to take the GMAT today and apply in 2-4 years, what score should I be shooting for given my GPA and other statistics? Since I have a high GPA does that give any leeway for a lower GMAT score or do I still need 700+? Also what are some things I can do to strengthen my application from now until I apply? Since I work so many hours it is tough to find time to volunteer even though that is a passion of mine.
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by Lisa Anderson » Tue Sep 14, 2010 5:34 pm
Dear ucbucb,

A GMAT score is good for 5 years, so be mindful of that when you think about when you might apply. Generally speaking, scoring in the 700s is ideal as you will be at or above the average for just about any program. Based on the information you posted, you might still be competitive with a score in the 670-700 range, but it is hard to know at this point in time as your professional experience is a question mark. I think an acceptable range to shoot for is probably 670+, but higher is always better.

The best things to be doing for future applications are progressing in your career while gaining quality experience and being involved in activities outside the office. You want to have solid professional accomplishments and contributions on your resume, as well as great leadership and teamwork examples you can write about in your essays. While I understand your work hours are plentiful, many people find the time to spend a few hours a month on an activity or volunteer to work on a short-term project for an organization on a periodic basis. How do you plan to find the time to prepare for the GMAT? I think you will find that your available time will increase a bit as your career progresses, but it is best to get involved in something sooner rather than later to reflect a track record over time.

Best of luck,
Lisa
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by ucbucb » Tue Sep 14, 2010 5:43 pm
Thanks for the quick reply! I just started work a few months ago and am still getting adjusted to the work life, but plan to start volunteering or join a non-profit board at some point this year.

As for preparing for the GMAT, that is the biggest question mark. While in school, I did begin preparing for the GMAT, but had to move my studying back because of professional licensing exams and never had the time to get back on track. I think I will have time as my career progresses over the next couple years, but don't want to delay too long.

Do you know what other investment bankers have done with regards to volunteering and finding time to study for the GMAT?