Apply R1 with low GMAT, or retake and apply R2?

[avaluxe]

I'd love advice on this dilemma. My GMAT second attempt was 610 (38v, 35q) and I don't have time to re-take it before round 1 apps. Considering that my two dream schools - Wharton and Stern - have mean scores of around 700, I'm unsure whether it's riskier to a) wait for round 2, delve back into insanity to study and take the GMAT again and perhaps not improve much, or b) apply round 1 with the 610.

My background: female, liberal arts major 3.69 gpa, master's in journalism, recent course in stats (final grade: A), no real quant work at job due to lack of opportunity, some extracurriculars now/lots in college, 9 years of web marketing experience in nonprofit/healthcare/financial industries.

Any advice would be appreciated!

[Bryant@VeritasPrep]

The key question is, do you think you can improve your score and if so, by how much? Some say your odds for Round two vs. round one are not dramatically different (just don't wait until round 3). If you can improve your score dramatically, you might benefit by retaking, especially considering you don't have a whole lot else to demonstrate quant ability as you point out. There is little risk in retaking other than delaying your application, but there will be plenty of slots left for round two applicants, so again, if you can get a better score, you should retake.

[avaluxe]

Thank you for the advice, Bryant.

I'm leaning toward taking the GMAT again in December and applying to Wharton and Stern in round 2.

Though I have no idea by how many points I can increase my score, I'm looking into Manhattan GMAT prep books (the Number Properties book is amazing) and more importantly, I'll be mentally ready to take the test again. The second test was taken a day after a family member passed away, and I had to miss her funeral to take the test. Needless to say, my focus was shaken, though I improved my score by 20 points overall, and by 4 points in quant.

Thanks again!