Help with profile evaluation please

[LSUKnowIt]

When I graduated from college with a 2.86 and went to work for a mortgage company. In late August the company went bankrupt. I was promoted a few times in my 11 and ½ half months there and finished up in sales as an account executive.
My old bosses liked me so I know they will give me good letters of rec.
I didn’t really know what to do at the time but I did do a lot of research on B-school and from that I knew I wanted to get my MBA.
I studied for a few months and had a part-time job with another company in November and December. I took the test right before Christmas and bombed it with a 480.
I’m still studying and looking for a full time job and hoping to get into b-school in the fall. I’d like to take it again in a couple of weeks and I believe I can get between a 600 and a 620.
I never wanted to go to a top-10 school. I just don’t feel that I would be comfortable and able to do the best I possibly can there. However, I would like to go to Georgia, Arizona State with maybe LSU as a fall back school. I’ve grown up a lot since college and there’s no doubt in my mind that I won’t succeed in b-school.

My question is really three fold:
1. How much will the fact that I haven’t had a full-time job since late August impact my possible admissions?
2. I’m obviously going to have to apply in round three. And I’d like to know the chances of being accepted.
3. Would I be better finding employment and refining my test taking skills, taking time with my essays and refocusing on ’09?

Thanks, any other advice you could give me would be great.

[Lisa Anderson]

Dear LSUKnowIt:

With regards to your work experience, the admissions committees at most schools will expect you to address your career to date in your essays. Be sure to highlight your accomplishments in your short tenure at your employer and note you are currently looking for work (if you decide to apply now). It is also imperative you communicate your accomplishments and strong motivation for the MBA in your interview.

I would strongly encourage you to retake the GMAT and try to practice with as many computer-based practice tests as you can find. Whether or not to apply for fall 2008 will be determined by this new score. If you get within one of your target school's mid-50% range, then it might be worthwhile to apply for this fall. I strongly encourage you to contact the admissions offices of these target schools now. Not only will you get on their radar screen (so to speak), but you might be able to determine how receptive they are to your application at this point.

While the third round is not ideal for a chance at scholarship money, being a third round applicant is not necessarily a bad idea if you present a strong application for your target schools. With only about a year of work experience and a 2.86 GPA, you will need to have a good GMAT score, strong essays, a great interview, and glowing recommendations to make up for any perceived weaknesses by the admissions committee.

My final two-cents: it is always best to take the time to present the strongest application possible. That is not to say you couldn't do it for fall 2008, but you absolutely do not want to throw an application together and risk making a negative impression.

Best of luck to you!
Lisa