Re: 730 - Should I retake?
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25 Jun 2021, 14:02
Even though I voted no, I would say if it isn't a large burden in time or cost, why not? The difference between 730 and 740/750 may be only a question or 2. Instead of those 3 questions you were 50/50 on and got 1/3 right, perhaps this time you get 2/3 or even 3/3. You had a 3/8ths chance of getting 1/3 right and also a 3/8ths chance of getting 2/3. It doesn't take much to move the needle.
However, I wouldn't spend time studying a ton to get from 730 to 740/750. At 730, they know you can do the work. How you present yourself is far more important at this stage. It may be true that fewer students are admitted at 730 vs 750, but it also could be those at 750 are simply rockstars with super impressive backgrounds on their resume (perhaps they were already working at Bain, which is a huge bump to any M7 candidate) and it they would have gotten in had the GMAT been only 730. You can't read too much into it. It is like being an NFL player and getting a 4.4 time at the combine, vs. a 4.35. Sure, the 4.35 time is more impressive, but straightline speed alone is a poor predictor of on-field success. Teams rarely draft on one variable alone (at least not the smart ones!).
I studied to get from 710 to 730 and re-take, as it meant an additional $20k in scholarship money. I wasn't working at the time so spending 50 hours meant I was getting paid $400/hour (under the table too if you look at it from a no-tax on scholarship perspective).
Also, use the time to really, really do your homework on schools. Connect with people here (such as myself) that are working at firms with a fair amount of recent M7 grads. Get their feedback on the program. Depending on your needs, perhaps a different school will pop up that isn't M7 but fits your requirements perfectly in terms of industry alignment. I went to SMU partially as I wanted exposure in Dallas, partially due to exposure to private equity, and partially because it was essentially free w/scholarship. I ended up getting employment at a general strategy consulting firm that does a lot of PE work; talk about a perfect fit.
As a bonus, SMU is re-working their full-time MBA program in being more selective and with heavy fundraising. Being a recent alum, I am excited to be involved and help to grow the program as they climb up the ranks. This school has incredible financial resources-and now has the willingness to bring in top students. Given Dallas' location as a huge corporate, real-estate, and private equity capital, there is no reason for us not to be an elite program.
These intangibles may not exist at a larger, more "prestigious" school, so don't limit yourself! Don't just look at rankings: get to know the schools, their leadership, and their trajectories.