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A 690 is a very competitive score and you need to move on. The magical 700 is so highly touted as the key, but really, it's not. A GMAT score can't get you in. Write brilliant essays and get excellent recs; those will matter far more.

I would also strongly encourage you to apply outside the top 5. Please please PLEASE don't choose your potential schools based on the ranking. It soooooo does not matter. You need to find a school that #1) has academic programs, and specifically, courses, that fit your goals, and #2) fits you personally (some schools are really competitive and chilly, like Chicago, and others emphasize teamwork, like Darden).

Research them carefully: how strong are they in recruiting in your concentration and industry? How's their alumni network? What kinds of internships do students get, and with what companies? Visit the schools (most important thing you'll do). Are staff and students friendly? Are they happy to be there? Are the professors genuinely excited to share their knowledge and encourage students to do the same, or are they full of themselves? Is the campus in a setting you like? etc.

There are a lot of things to consider when you choose schools, so please look beyond rankings. And if you're really bothered by the GMAT score, prep for it but don't retake unless you're nailing the score you want in practice. You can always apply with your 690, submit that score to the schools, then retake and choose whether to submit after you get your score.
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Honestly, a 690 is competitive at all schools and considered a really good score at basically every school outside the top 10. However, if you have your heart set on an M7 you are below the mean and median. Work experience and a tough degree with a good gpa from a competitive school can help to overcome a slightly below average GMAT.

Of course its better to have a higher GMAT, ideally 30+ points higher than the average since thats out of the variable range of the test. However, it is doable with a score that is slightly below...it just will take more work.

I didn't see how old you are, just that you are young. I am a strong advocate of waiting at least 3 or 4 years to apply. Younger than that and you are held to a much higher standard or need to becoming out of an industry where they do 2 or 3 year rotations or something along those lines. Most schools are not very reapplicant friendly, yes people get in but its tough (especially if its the very next year). If you are sub 25 another year and another go at the GMAT assuming you prep well and are getting 700+ on practice tests, might be the best thing for you.

You can build up work experience and try to improve your score. Also it is late in the year to apply now. If you are just going to be starting at the top 10 schools its going to be a battle to get solid applications together. As rounds go on it gets tougher. R1 is easiest, R2 is easier, and R3 well forget it...nearly impossible at a top school.

If your heart is set on making a run at it, best of luck. It is definitely possible but you execution will be key. This is a process where you want to maximize your chances and minimize your risks, so think it through without rushing out applications to an M7 school in a month.
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