What's the name of the school that accepted you?
do I apply to the top 7-15 shcools and wait another year, or should I just try to be a 'big fish' at my current school.
If it's UC Davis, UC Irvine, or Pepperdine, I would consider attending. Those are strong programs. But another factor is where you wanna work when you're done. Are you planning on returning to your current company, or looking for a change in careers?
However, if I take the plunge and apply to elite schools, I would have to push my MBA studies another year and would probably not receive such a good scholarship (60% of tuition).
I wouldn't just assume that. With a 710 and a strong application package, you would definitely be eligible for decent scholarship money. By the way, 620 to 710 in two weeks is incredible. Congratulations!