I will retake GMAT in early January 2010 but most of the schools that I am applying to have deadlines by 5th Jan, 2010. So I am planning to submit my application with current GMAT score(620: Q 45, V 31) and report the new GMAT score to schools after I retake the test. Could anyone please clarify my doubt: Would the schools accept my new score after my application has been submitted and if they do, would my application be considered to be submitted in Round 1 or next round?
As far as I know some Schools do so but it would be a good idea if you talk to the schools you are applying to regarding this matter. They can give you a time line to submit your second test score. All the best.
P.S. - I did so, my application deadline was 15th Nov 2009. I am retaking GMAT in December.