I have a scenario - assume the school likes most of what one offers in his application process except the GMAT score - do they keep you on waitlist and send u letter asking you retake the GMAT or, do they reject you outright? If its the former, I would like to complete my application process first, and if they have a problem with my GMAT score(640), I wouldn't mind being let known that i am waitlisted...but if its the latter, I would have to wait for one more year before applying there, and then i'd rather give my GMAT again and see where i stand.
There is not hard and fast rule. Sometimes you might get waitlisted and invited to retake the GMAT, but more frequently you will simply be rejected. If you want to have a serious chance at a top 15 school, then apply with your best GMAT and retake this one.
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