Hi Francisco,
You're definitely right - this is the perfect time to start thinking about an MBA. After 3 - 4 years in consulting, the right next step can take a few different forms but an MBA is definitely one of the more appealing ones! You have a strong professional footprint so let's talk about your GMAT question.
Let me answer your question with a series of potential scenarios. That way, you can figure out which one you fall into. If you'd like to share more info or have any other questions, I'm happy to help!
Scenario 1 - Stellar GPA, 710: this gives you a strong academic component. If you went to a prestige institution, that helps even more. Overall, this tips the scales slightly in your favor.
Scenario 2 - Ok GPA, 710: Essentially, this washes out your academic profile. It won't hold you back, but it won't help you either. Balanced.
Scenario 3 - Poor GPA, 710: The 710 helps offset the poor GPA but overall, it doesn't wipe the slate clean. This leaves you with a slight negative tilt.
So I'm not sure where you stand in there. I think if you're looking to apply in R1/early next year, you should definitely retake the GMAT. Not because you absolutely have to, but because it might really help make your academic profile a differentiator. Remember, rankings are at stake here so if you can get a 740, why not give it a shot?
But once again, it's not a need. A 710 puts you in play and at the median range for both of those programs!
Bhavik