I've been studying for GMAT for the last 3 months. I have GMAT scheduled in 2 weeks from now, but when I took official GMAT practice test this weekend I got 540. I have never taken the real GMAT before. The highest score I got on practice tests was 580. I would really want to apply to NYU or Columbia. My undergrad GPA is 3.95. But I understand that I shouldn't even bother applying to those schools with my GMAT scores, but I don't want to apply anywhere else. So, should I even take my GMAT in 2 weeks, get low score and retake it later or should I study more and try to get a better score later for the 1st time, in which case I won't be able to apply for fall 2011? Should I even bother to study more? I feel that I need to study more, but is there a limit to how many points I can improve my GMAT score from the average on practice tests? Thanks.
While the GMAT score is definitely not the only factor considered in an MBA application, a very low score can significantly decrease your chances of admission at top programs. London Business School, for example, does not accept any applicants with a score below 600 (even though they don't officially say this, but in the past years the lowest score was always 600).
If you take the GMAT now and score very low, you will have to re-take the GMAT anyways correct? I'd suggest studying more until you feel confident. Perhaps look into a prep course if you can't increase your practice test scores on your own.
