Did terrible on the Gmat: Are Top 10 Schools out?

[Cinemasia]

Hi, I'm new to the forum. I took the GMAT today, but was very dismayed by my score. Despite constantly breaking 700 on Prep, I only got a 690. (50 Q, 33 V). I think it was because I was too tense and did not take the exam carefully(I finished the verbal with almost 20 minutes to spare!)

I'm Chinese American and worked in banking. Unfortuanetly, I became a victim of the crunch in December and since have been out of work. Undergrad GPA is 3.6/4.0 at UPENN, but unfortuanetly, I had a very niche major (East Asian Studies). Work experience wise, I worked at a major UK Bank since graduation with rotations in UK (all of 2008), HK (3 months), Milan (6 months) and New York (1 year).

Should I retake the exam? Especially in today's market, how bad is it for people to be out of work this long? Are top 10 schools out of the picture?

[Lisa Anderson]

Dear Cinemasia,

I do not think your 690 is too low for a top 10 school. However, it is below the average for these programs and as such, you will need to be a compelling candidate who is strong across the board. You appear to be a strong student based on your undergraduate GPA and you have some great work experience. Since you are in an unfortunate employment situation, I do think it might be helpful to try and increase your score at least 20-30 points. Your verbal score is on the low side, so that is where you would want to see improvement. You did not indicate when you are planning to apply--now or in the fall for entry in 2010. If you are trying to apply now, then being out of work since December will not necessarily reflect poorly on you. If you are planning to apply in the next admissions cycle, then you will want to find a new job or another professional development activity for the next year.

Good luck,
Lisa