Yeah, I've heard of this too, but definitely do not take it again. They just want to know what you got way back in high school. The test has changed a few times since then, so I believe that consulting firms are putting less and less emphasis on it.
To put it another way, I really, really doubt that you'd get dinged by McKinsey because of your 1990 SAT score. Anyway, a strong GMAT score will make the whole thing irrelevant!
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