Great post! I totally agree with you and this has been my experience as well. The GMAT score becomes just a number after a certain point -- and everyone I have talked to about this (alums, ad coms etc) insist that it's more about *your* story. Very few people get admitted to these top schools purely based on numbers (in fact one article about stanford said that they rejected all of the 800 gmat scores one year because those candidates were not well rounded).
And I also heard the following from these people -- that they look at a candidate's decision making skills -- as in if a candidate has a GMAT score of 740 -- and decides to take it again for some reason -- and scores a 750 -- it actually hurts the candidate in a strange way. The more unfortunate ones have their score actually go down -- and that can be a bit of a problem as well.
Another point that I keep hearing is the importance of leadership, extracurricular activities and community initiatives -- something that a lot of applicants do not pay particular attention to. Quite a few of my college classmates participated in programs like "teach for America" and taught in tough urban neighborhoods, making a huge difference to society. Some of these people were rewarded with scholarships to some of the top b-schools and law schools.
garimavyas
hmmm, you are from the dreaded Indian IT male category, that is the main problem. Almost everyone in this category has a GMAT score of 740-750 , so i think you should retake the GMAT and score at least 750.
There are so many IT professionals from India applying to the top B schools in the US that you will be just another one for the ad coms. So buddy, you need some serious boost in your score

. And if you are serious about R1 , than you need to hurry.
Sorry, I don't quite agree. You are being too hard on bschool2014. I have seem my frnds from my school with stellar GMAT scores (760-800) + stellar GPA (9.5/10) getting dinged from Harvard, MIT, Kellogg, Wharton, etc, and some of my frnds from my school (same batch) with mediocre GMAT scores (700-730) + below par GPA (7/10) getting calls from ALL of the above.
eg.
Friend-1RANK 1 in his class with GPA ~9.6/10 IIT Bombay
GMAT Score 780 (q51, v48)
Normal 3-4 yrs of work-ex in IT
REJECTED for 2 consecutive years from Harvard, Sloan, Kellogg (wait-listed in 2nd attempt, which cleared later on, but decided to go to other school), Wharton, BUT accepted in another top 10 univ in 2nd attempt.
Friend-2Below par GPA ~7/10 IIT Bombay
GMAT Score ~730
5 yrs of work-ex in different companies including BCG.
Applied in 2 places - Harvard and Wharton in 1st attempt and ACCEPTED in BOTH.
My friend-1 is in Admissions Panel in his MBA school. I went to that school multiple time and stayed with him. I met many students in the school and the staff, and talked to all of them. It was so very clear that after a point (say ~700-710) NOBODY in the panel even looks at the GMAT score unless he/she had screwed up bigtime in his/her acads, so they want to see if it is consistently reflected in his GMAT score.
I also went to Harvard, MIT and Wharton - met my friends doing MBA there (including friend-2), other local students and the admission directors in the respective schools. All had unanimous say about GMAT. Nobody seemed to care after the threshold. They know that most people who have heavy work load (5-7 years into their work) at their current work will NOT have enough time to spare on GMAT as compared to people who have 1-3 years of work-ex and "probably" have a little bit more time in hand relatively (also they are more fresh off of school).
So, I THINK, just a GMAT number does not give you anything as long as the GMAT score is around the average of a school - there is NO school that has 730+ average. If you don't have the resume to back it up, even 800 won't do any good.
Everybody should evaluate their own case, and see whether he/she really needs that GMAT 760 to help his/her resume. If one already has a stellar resume, 720 should not block anybody.