Hi,
By resolving to take the test again you are showcasing immense tenacity especially after a horrible first experience.
Its never easy.


Is 540 low ?
YES

Can 700 be achieved ?
YES

Time you would need?
Depends on your diligence. But I would say set aside 3 month for the GMAT prep.


Next, Identify your weakness.
What is your Verbal and Quant Split ?


I dont mind to sound rude, but have you given a thought to the GRE? Do you know almost all B-schools treat them equally.
GRE isn't easier than the GMAT. The quant part is a bit easier(although the timings can be painful) Especially if you a native student, GRE might be helpful. Plus a 315 on the GRE looks better than a 640 on the GMAT



So at the end of the day, everything depends on where you are and what you want and off course where you want to pursue your MBA.

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Hi phoebe23ST,

GMAC has publicly stated that the Official Score that you earn on Test Day is within +/- 30 points of actual ability. Assuming a similar 'swing' in how your CATs function, your Official Score is in line with the 2 CAT score results - and they show that you essentially performed the same each time (about 550 +/- a few points). Raising a 550 to a 700+ will likely take at least another 3 months of consistent, guided study - and you'll have to make significant improvements to how you handle BOTH the Quant and Verbal sections. Before I can offer you the specific advice that you’re looking for, it would help if you could provide a bit more information on how you've been studying and your goals:

Studies:
1) What study materials have you used so far?
2) How have you scored on each of your CATs (including the Quant and Verbal Scaled Scores for each)?
3) What were your Quant and Verbal Scaled Scores on the Official GMAT?

Goals:
4) When are you planning to apply to Business School?
5) What Schools are you planning to apply to?

GMAT assassins aren't born, they're made,
Rich
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Hi phoebe23ST ,

Any progress on your score? I just helped bring a private student from 520 to 700 and am feeling very confident about my ability to help.

The single most helpful thing that you could do in order for us experts to help you most effectively is to purchase the ESR from your 1st attempt for $25, and share it here.

-Brian
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Harvard grad and 99% GMAT scorer, offering expert, private GMAT tutoring and coaching worldwide since 2002.

One of the only known humans to have taken the GMAT 5 times and scored in the 700s every time (700, 710, 730, 750, 770), including verified section scores of Q50 / V47, as well as personal bests of 8/8 IR (2 times), 6/6 AWA (4 times), 50/51Q and 48/51V (1 question wrong).

You can download my official test-taker score report (all scores within the last 5 years) directly from the Pearson Vue website: https://tinyurl.com/y7knw7bt Date of Birth: 09 December 1979.

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Contact: mcelroy@post.harvard.edu (I do not respond to PMs on GMAT Club.)

...or find me on Reddit: http://www.reddit.com/r/GMATpreparation