Should I apply ?

[kerberos]

Hi,
I need some advice before I start my application process. My profile is as follows:

Work Ex : 7 years in programming
Designation/Firm : VP/Goldman Sachs - US
University/GPA: IIT Delhi,India/ 2.6 ( Terrible I know )
GMAT : 710 - Math 51/Verbal 34

Like everybody else I also want to study in Ivy League schools,especially when I will be spending 150K + 2 years in lost salary. I am already doing well within my firm but my lack of knowledge in finance and business in general is hurting future growth. Doing an MBA from an average school probably won't give me the return I expect on my investment and thus the need to go to a Ivy League. I am aware that my undergrad GPA was terrible and my GMAT score is ordinary at best. Should I even attempt the application process or would it be a waste of time ? If yes then will retaking GMAT and scoring 750 plus help ? Although I have worked pretty hard to compensate for my mess in UG, I don't have anything tangible to prove except the recommendations from my bosses. Given the state of economy, the number of applications must be pretty high this time. Also I would not be able to meet the first round deadline as the market volatility is keeping me very busy. Given this background should I even attempt the application process or should I try increasing my GMAT and try next year ?

Thx

[Lisa Anderson]

Dear kerberos,

If you feel this is the right time for you to go to business school, then you should apply. It is not a waste of time, but I do think you are overlooking some great options outside the Ivy League that will offer you a solid ROI for a good education. As you stated, applications will increase this year based on the markets, especially with people from your industry. Thus I think it would be beneficial for you to explore some other schools with both a strong finance curriculum and ties to your desired post-MBA industry. It is always good to have alternatives that have likely positive outcomes.

Your GMAT score is not ordinary; it is quite high. However, in the current state of the applicant pool, it might be worth retaking the GMAT to try and increase your score, especially in the verbal section. Even a 20-30 point increase would make you more competitive in the applicant pool. While your GPA is low, it has been a long time since you graduated. I would not worry so much about that and just write the optional essay acknowledging the low GPA. Be sure to give not only a reason for your academic performance, but also how you are different now and evidence to support this change.

Good luck,
Lisa