we didn't have a gpa system then in 2004, but i was ranked 13th among 46 students. So i thought it's decent, given my extracurricular activities.
my graduate gpa is really low though, at 3.3/5. The reason i'm retaking the GMAT is to show the AdCom that i can be academically competitive and what happened in grad school is just an exception (given that i do score above 750). It was after 2 trimesters (after sep 16th, Lehmann), I realized that finding relevant jobs was going to be very difficult, but i didn't see the point in quitting the program after paying so much.
I feel i can explain almost everything, except good professional recommendations. And the reasons for which i quit my 2nd company in 2008 was completely personal and I'd avoid getting into it. So i do realize the hole here.
As long as you realize that there are things that may need patching on the application, you're off to a better start. Of course, some times are better to keep quiet than to discuss on the application, and you're going to have to use your best judgment on that. I personally think that with a 710 on GMAT, you've already shown the AdComs that you're intellectually capable of learning the material, but if you're all geared-up for another GMAT, do it, by all means.
Here's some things you should consider about re-taking your GMAT at your current stage:
if it goes up substantially (740+), you're in good shoes then as you made a good decision.
if it goes down substantially, AdComs are going to wonder exactly what your intentions were and your decision-making skill.
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