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I recently took my GMAT exam and scored a 710 (92 percentile), Quant 48 (82 percentile), Verbal 40 (89 percentile. I studied hard for the exam and took several practice tests, including scores of 720 and 740 on the two GMAT Prep exams. I graduated 1.5 years ago from Lehigh University (3.56 GPA in their Business & Engineering Honors Program) and am currently working as an IT Consultant for a large firm. I plan to apply to the top business schools (Stanford, HBS, Haas) in approx. 2-3 years and wanted to know if it would be beneficial to retake the GMAT exam, since the averages for those schools are around 730 and getting in with any score is extremely difficult. Thanks!
To be honest with you, if you're not thinking about applying yet, it might be beneficial for you to study hard again and go tackle the beast. Normally, I'd tell folks that a 710 is good enough for anything, but in your case, since there's a lapse in time before you apply and that you've been seeing a higher score in your practice test, there's no harm in it (except a big drop, which then would tell the adcoms that perhaps your first time was a fluke...). But to be frank, even if you don't retake, a 710 is still good enough for all the schools and that should you be rejected, it was probably something else on your application that triggered the rejection.