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The nature of your experience is not mentioned. While MS is a big name, but from what I know MSCI is their back/middle office. Which are you a part of? Do you do IT there or M&A related work? This will determine your profile's relative strength to a large extent. For instance if you are already doing front end investment banking, the GMAT hurdle could go lower. Another way to look at things is to apply to a few more schools to hedge your risks. I will not speculate on your chances for reasons mentioned here, but purely that list is likely to be aggressive for most candidates out there.
In Morgan Stanley, I used to perform post trade OTC support and valuations. I have an experience of managing a team on 7 people at MS for about 8 months when my manager was on maternity. MSCI is not a back/office, in fact it is a separate company, a spin off of MS. At MSCI, I support hedge funds with their portfolio analytics and risk management.
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Since you scored close to what you did on your mock tests, maybe the score is not that bad. The only other way would be to signup with a professional coaching (virtual/physical) and see if that can help you bump it up. If I were you, I would try this for a month, see if the scores are improving, otherwise just focus on other parts of the application really instead of going on a wild goose chase
I felt that I could go beyond the mock scores. I just aimed too low and had some personal distractions. I took Veritas test series and wasn't too happy with the scoring. I am thinking of taking another test series say Manhattan. If I do score above the 740 mark, then I will register for the GMAT again.
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You already have cleared all levels of CFA and FRM? That will be show a fantastic commitment to the field of finance. Sure ECs help, but they aren't the end of the world. Don't learn guitar just for the heck of writing it in the application - learn if it you truly love music - and then sure, leverage that in the application. The basic point being, absolutely cultivate a hobby but do it genuinely and then do it seriously. If you plan to apply this year, there isn't really time to do much on this front. If you are looking at next year, check out our Profile Builder package where we help you do exactly that.
I have been meaning to learn a musical instrument since quite some time, but couldn't due to all the study commitments and work commitments. Now considering that I do not have much else to study till I get my admit, I am finally thinking I have the time.
Thanks for your comments. Hope this answers your question.