Q: 720: Retake to get off the waitlist?

Hi cosmopolitan,

MIT Sloan is a remarkably competitive School to get into, so the fact that you've been wait-listed isn't actually 'bad news' (getting a rejection is letter IS what constitutes 'bad news'). Many of the Round 1 applicants get 'wait-listed', since Business Schools always make sure to keep 'spots' open in the latter Rounds (in the event that some truly spectacular applicants show up late) and a large pool of 'wait-listed' applicants gives the Schools more room to choose a diverse group of applicants for the incoming class.

If you're looking for specific advice on how best to deal with Sloan, then you might consider talking with an Admissions Expert (there's a whole Forum full of them on this site). In theory, you could contact the School and ask for an interview. Assuming that you could properly present yourself in person (through Skype or to a local Alum), then that might help your case. If the Sloan Admissions Officers are truly interested in you though, then they'll likely reach out and schedule an interview at some point.

Don't get discouraged by how this whole process occurs - only a small percentage of applicants are "automatic yeses' when it comes to admissions acceptance. Most applicants, even though they're all likely highly qualified, get wait-listed.

GMAT assassins aren't born, they're made,
Rich

A 20 point increase will have no effect on your app other than showing that you really are interested in the school. If you are able to get a 780+, there might be some advantage because of the 'wow factor'!
Frankly, you really shouldn't worry about your GMAT score. It's quite decent. Get in touch with the adcom and try to get some feedback. Decide what you do next depending on that.