Given the fact that Wharton and Booth interviewed you and Booth further put you on its WL, I feel as though you might be asking the wrong first question -- with the first question being what did I do wrong in this application process not to be admitted (especially since you were offered interviews). Perhaps it is your interview skills, perhaps the overall strength of your application -- it is just impossible to tell without actually looking at what you submitted and having an in-depth conversation about your interviews. Simply put, you have to figure out what you did wrong before you can figure out what needs to be fixed.
Next, you need to realize that you applied to very competitive schools with very low acceptance rates and competitive applicant pools. Also, you are in a very competitive demographic so this makes the admissions equation even more complicated. Distinguishing yourself from your peers is very difficult to start with and closing the deal is even more difficult to do.
For this reason, I would really recommend that you engage a consultant to perform a rejection analysis so that they can provide insight into how admissions would interpret your candidacy.
As for the questions you ask:
1 Shall I re-take GMAT? Will notching up couple of points make a huge difference? WHILE EVERY POINT HELPS, YOUR SCORES WERE GOOD ENOUGH FOR WHARTON AND BOOTH TO INTERVIEW YOU SO I WOULD USE YOUR TIME AND ENERGY FOCUSING ON OTHER AREAS.
2 Shall I switch my job that is closer to my long term goal of being a business consultant (shift from analytics to a more of business consultant domain) NO -- TOO MUCH JOB JUMPING IS NOT AN ATTRACTIVE CHARACTERISTIC
3 Shall I reconsider list of schools that I want to apply to? Though I am fixed on going to top school only -- YES AND THERE ARE OTHER SCHOOLS THAT YOU CAN APPLY TO WHERE YOU WILL GET A GREAT EDUCATION AND THE PRESTIGE FACTOR YOU ARE LOOKING FOR.
4 Any additional extra curricular that I can do? Shall I venture out more into NGO stuff or take up a foreign language course like German or shall I open a firm that aligns me to my goals or something else? SCHOOLS LIKE IT WHEN CANDIDATES HAVE CURRENT AND INNOVATIVE COMMUNITY SERVICE WORK. THIS IS AN AREA WHERE SOME ADDITIONAL CREDIBILITY CAN BE ADDED TO YOUR CANDIDACY.
5 Finally, am I right in re-applying to these schools or the fact that they dinged me once and would not be interested in me again unless I do something extraordinary ( which I can't in like 6 months)? RE-APPLICANTS ARE WELCOME BUT YOU NEED TO MAKE SOME CHANGES TO YOUR CANDIDACY AND YOUR APPLICATION. OBVIOUSLY WHAT YOU SUBMITTED DID NOT WORK SO YOU HAVE TO PREPARE NEW APPLICATIONS THAT ARE OF IMPROVED QUALITY. HOWEVER, THIS GOES BACK TO MY INITIAL POINT OF THIS POSTING IS THAT YOU NEED TO FIGURE OUT WHAT YOU DID WRONG BEFORE YOU MOVE AHEAD.
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