700 is a great score and with 5.5 years WE you should be able to get some attention from your target schools, particularly since your WE is in banking, a less common background for Indian applicants--this will help you stand out amongst the throng of engineering and IT applicants. It never hurts to better your stats, so if you truly think you can get a 740-750 on the GMAT, you definitely have plenty of time to work it in. I think at the end of the day, you have all the right stuff, however, so make sure you spend quality time crafting your application in a thoughtful way which reveals enough about yourself to be memorable and visionary for your post MBA career. LEt us know if you need help pulling it all together. As for specific schools, Chicago is great for finance as is Duke. Most top b-schools will give you the kind of exposure to consulting recruiters you need, so it's really more about where you want to spend two years and also where you want to work geographically afterwards. Sometimes it helps to work in the general region where your school is so you can leverage the network.
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