GMAT Strategy

A little background information: Graduated from UF in 2005 with a 3.8 and a double major in Finance/Economics. Went on to UVA to get my Masters in Accounting. CPA Certified with 4 years experience in public audit. Looking to transition into private equity, and going back to school would make this transition alot easier. I took my GMAT yesterday and scored a 640 (Q 47, V 31). I was a little disappointed with this score as I was averaging 680 during my practice exams. My question is, would it be worthwhile to retake the exam? Is the difference between a 640 and 680 big enough to significantly effect the decision by the admissions department? I am planning on applying to a few of the top schools (Stanford, Kellogg, Columbia, etc.). I know that admissions take everything else into account, and not just the GMAT score. Just looking for some advice from someone who knows more about the admissions process than I do. Thanks in advance.

Just my 2 Cents (not an expert):

The schools that you are targeting will probably want higher GMAT scores. With that being said, the rest of your application seems quite strong and you probably have a shot at them with your current GMAT score, but improving to 680 would SIGNIFICANTLY improve your chances, IMO.

I'm looking to apply to the same schools you are, and I understand your concern about your GMAT. If you feel that you can pull your score up with a few more weeks of studying, I would definitely recommend it. My suggestion to retake is based on the following two points:

1. I read a post on here from a guy that applied to Wharton with a 730 GMAT (quant was 78th percentile), and he was instructed by the Wharton adcomm to rewrite the GMAT to upgrade his score. Essentially, top programs want top people. If you feel that you can improve your score, it will be to your benefit.

2. Depending on the type of job you are looking to get coming out of b-school, employers may be interested in your GMAT score. I know that consulting firms and i-banking firms will not interview prospective employees with a GMAT score outside of the 700s, and they prefer candidates with mid- to high-700s (I confirmed this with a good friend of mine who is a consultant at Bain). Given the talent level of applicants that apply to private equity positions, it may be in your best interest to allay any potential worry a PE firm would have based on your GMAT.

Good luck with apps!