I guess you are talking about LBS. Although your score is 710, you do have a Q50. I have 700 with Q47V39, I could have had Q47V50 and a final score around 750. But my quant would have been lower than yours. What I am trying to say, is that you score is good. And have a bit better verbal, especially if you are not an English native speaker, should not make much difference. Don't forget that although there are people with 750 or over, there are also many people with scores between 650-700. It is just particularly important to have in both sections >70-75%. So someone with 650, if balanced between the two sections, could get admitted but someone else with 700 made of a very high V and a low Q would probably get dinged.
Keep in mind that schools like LBS reject people with 800 on their GMATs. i.e. Your application is the most important thing. Regarding scholarships, I think your university grades is the most important thing. So, I do not think you have great chances for a merit based scholarship (although I am not an expert on merit based scholarships).
Regarding admission, you have a Q50 and a great graduate GPA and a science backgroudn so they wont say might have a problem with your quant. Your V37 is not bad either the V33 might have been a problem but you've fixed that now. If I was you, I would really focus on getting great references and spend a lot of time on my application. Make sure you understand what adcoms are looking for and make sure you present your achievements in the best way possible.
If you do all this you should be fine. Your GMAT days are over, focus on your application now.
I am wondering whether it would be beneficial to retake the GMAT exam. I have taken the exam twice and have received the following scores:
June/2010 - 690 Q 50 V 33 AWA 4.5
April/2011 - 710 Q 50 V 37 AWA 6.0
I'm confident I can improve the verbal score with some time and preparation (hopefully to 40-44 range). I don't foresee the math score decreasing below 50. This would result in a final score of 730-760.
Some additional background information:
I am hoping to study at an elite business school in the UK, where the average GMAT score of accepted applicants ranges from 650 - 700. My undergraduate GPA is poor (2.5), but I have three bachelor of science degrees (engineering and hard science disciplines). I have taken some graduate business courses at a local AASCB accredited university to gain some background education in business administration and to demonstrate strong academic capability (To counter the low undergraduate GPA) (Grad - 3.94 GPA). Some of the institutions in the UK offer scholarships for applicants with GMAT scores above 700.
My questions are: Would increasing the GMAT score from 710 to 740+ significantly increase my chances of being accepted to elite schools were 700 is the accepted applicant average score? Is the time better spent on test preparation or in the refining of essays and the CV? Will the 740+ score have much impact on scholarship offer chances? (The average at the institution that offers scholarships is 650 with a minimum requirement of 700 for scholarship admission. Last year, the high GMAT score at this school was 750).
Thank you in advance for your response, SJD