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I recently took the GMAT and am unsure whether or not I should take it again. Can you still get into a top 25 business school in the US with a 670 score, assuming you also have good work experience, a solid GPA, and have held a leadership role in a volunteering organization for several years? Should I retake the GMAT (and pay another $250) to try and get a 700 or would a 670 be sufficient?
670 should be sufficient for being reasonably competitive (Assuming your goal really is anywhere in the top 25 and not just the top 5 or something)
That said... there are a lot of variables.... I've seen people with 640s end up at Harvard and seen 780s rejected at Chicago. Theres no formula, but certainly, a 670 is almost certainly in the 80th percentile for most top universities. Combined with a strong and carefully crated application, it wont be a problem.
In my opinion, you should do all you can to stack everything possible in your favor. You can't go back and change your GPA (not that you need to), but you can work to improve you GMAT score. A 700+ *might* be enough to put you over the edge at the school of your choice. GMAT scores also have a big impact on scholarship money, especially at schools in the 15-25 range which you seem to be content with.
If you're applying for fall 2009 admission, you've got plenty of time to improve your score.
Definitely take it again. I recently decided that I will be retaking in a few months. I scored a 700 and after reading these forums, I realized that I did not prepare correctly. The time invested in studying is much more of a concern for me than the 250 + the cash for more study aids, but I am excited at the chance to improve on an acceptable score.
without knowing more about your background, profile, other stats, it's hard for us to tell you anything other than very general statements. Looking purely at the 670 score, you'll be competitive at schools outside of the top 16 (the UE and Elite schools). For the Elites, yo'ull be competitive at many of them, but probably will need strong background, WE, GPA, recs, and extracurriculars to get into any top 10 school.
Of course, this is just my opinion and the entire process is very "holistic" and random at times, so take it with a grain of salt.