burnttwinky
I wouldn't be too worried about your situation considering you have a 770 gmat score. You are guaranteed into one of the m7 schools at some point in the near future (unless you have already been admitted). If I wish to pursue a career in management strategy, (i would like to do 2 years of management consulting at one of the top 5 firms) and then move on to the client side, would it be wise to attend McCombs? Or just try to strengthen my application and keeping trying for a better school?
I don't know.. I'm a little surprised that the misconception about high GMAT/GPA guaranteeing admission to a top 7 school still exists. Almost all the info sessions I've gone to, every admission guide I've read told me that the GMAT and GPA are two things that the adcom looks at out of quite a number of different things like work experience, references, extracurriculars, undergrad institution & major, essays, and sometimes even ethnic background. If you don't believe me, look at the admissions411 website for the statistics from Harvard in 2012. They dinged 4 out of the 5 people with the highest GMAT scores (760-780).
The idea is that the GMAT and the GPA are really more similar to qualifiers to make sure you can handle the first year's academic load. Lower ranked schools may be very nice to you because of a high GMAT because it helps spread the conception that the school is more competitive & reputable (at least in the short term). At Harvard and other top schools, upping the median GMAT is unnecessary because they already have the reputation from a statistical point of view and as the average GMAT scores for schools go up, the admitted students' GMATs naturally will as well. Once a person makes some arbitrary "acceptable" score, I doubt they concentrate on that aspect unless its a complete tie with two equally fit candidates.
Just my two cents.