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I'm hoping you can help me with a question. I have a 650 GMAT and am applying to top schools (Ross, Cornell, Fuqua). I'm planning on retaking the GMAT however, to do the studying justice, I won't be able to retake until late December/early January. With that in mind is it better to apply now, 1st round consortium then submit new scores, or wait until January the 15th, 2nd round consortium, with the test scores in hand.
I recommend you wait to apply until you have received your GMAT score. You should apply when your application is strongest- from our experiences we have not seen an advantage to applying in Round 1 as opposed to Round 2 (the only exception is to avoid applying to the last round).