Let me start off with some context to my question. I graduated from a top 5 US public university (bottom of the Top 30 overall US schools) three years ago. Unfortunately I graduated with only a 3.24 overall GPA with a double major in Economics and Political Science. For my MBA I'm planning on targeting schools in the top 15 (Stern, Ross, Johnson, Darden, Haas). The last one is probably a stretch. As the subject of my post suggests, my questions is should I consider retaking the GMAT?
I took the test yesterday and scored a satisfactory 720 (Q49, V40). However, I had a terrible nights sleep prior to the test and believe I didn't perform near my peak. I also started the quant section ~2 minutes late, which threw off my timing a bit. However, I believe I got slightly lucky with the quant subject matter. As for the verbal, none of it came easily. I was in a complete daze. In particular, my timing was terrible and I had no clarity in my thought. I believe the latter was due to my poor nights sleep.
Is it worth studying for another month and potentially bumping up my score ~20 points? My motivation for considering this is that my GPA is probably a bit on the low side for my target schools. The reason I'm torn is that my score is within the +-30 point error from my practice tests. Accordingly, it's not like this score is entirely unrepresentative of my ability. Yet I think I can do better given a good nights sleep.
I don't plan on applying for to schools for another year so I have time. I also believe I have decent work experience in a desirable industry (biotech) and have a relatively compelling reason for pursuing my MBA.
Should I consider retaking the GMAT? Or does the 720 already do enough to counteract my low GPA? One of the reasons for my thinking is the recent PLoS ONE article about grade inflation. I think everybody has known about the low-challenge high-GPA phenomenon for years, but this brings the subject to the fore.
For reference, I've reproduced below the results of my practice tests over the past few months. Kaplan
CAT1: 610 Kaplan
CAT2: 640 Kaplan
CAT3: 630 Kaplan
CAT4: 670 Kaplan
CAT5: 640 Kaplan
CAT6: 660 Kaplan
CAT1: 720 (Repeat) Kaplan
CAT7: 730 Kaplan
GMAT Prep1: 740 (Q48, V44) (took on 07/07/13)
GMAT Prep2: 740 (Q48, V42) (took on 07/20/13)
Thanks in advance to everyone for any advice!