I visited Admissions411.com after seeing many of you refer to it. You guys know I can't resist some good statistics - I'm freaky deaky like that. Some of the numbers are astounding. Check these out (with the caveat they are self-reported, and admitted people probably report at a higher rate, etc.)
First of all, for those of you that believe there's some magical GMAT hurdle at 700 or something and that all scores above that are the same. That is DEFINITELY not the case at some of the 8-16 ranked schools. Check these out (Stats from last year because results aren't in for this year):
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Yale R1 & R2
740+: 18 Accepted/7 Ding/6 Unknown ~ 58%
700-730: 17 Accepted/13 Ding/20 Unknown ~ 34%
(I will assume that a large percentage of Unknowns are Dings that didn't come back to report)
Duke R1 & R2
740+: 36 Accepted/8 Ding/4 Unknown ~ 75%
700-730: 36 Accepted/19 Ding/11 Unknown ~ 54.5%
Cornell - Sample size too small, only 3-4 people per round 740+.
Berkeley R1 & R2
740+: 15A/19D/12U ~ 32.6%
700-730: 18A/31D/13U ~ 29%
Darden - Sample too small
UCLA R1 & R2
740+: 20A/2D/3U ~ 80% !!
700-730: 21A/11D/14U ~ 45.6%
Let's just stop here and look at UCLA and Berkeley - for years they ran neck and neck but things have changed. UCLA accepted 20/25 with 740+ last year (of those reporting). I attribute this to one school (UCLA) that buys a few high scores, and another school (Berkeley) that can afford to be selective.
Tuck: R1 & R2
740+: 11A/10D/6U ~ 40.7%
700-730: 14A/18D/10U ~ 33.3%
NYU R1 & R2
740+: 16A/6D/11U ~ 48.4%
700-730: 22A/12D/22U ~ 39.2%
So, for anyone with lingering doubts, I think it's pretty clear that there is additional benefit the further you move up in GMAT score, and as far as I can tell, there is no magic barrier of drastic diminishing returns.
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Ok class (hehe), let's move on to another subject that is a favorite here at GMATclub - GMAT scores as they relate to demographics. Now, this is going to be scary for some of you so brace yourselves (again, these scores are self-reported, etc.)
Breakdown of 740+ GMAT scores at Chicago:
Class of 2009 R1: 7 US/7 India/1 Australia/1 Canada
2008 R1 & R2: 41 US/11 India/1 Russia/3 China/4 Korea/3 Singapore/4 Other
Wharton 760+ (too much counting from 740):
2009 R1: 20 US/8 India/1UK
2008 R1 & R2: 67 US/19 India/2 China/1 France/4 Korea/3 Singapore/7 Other
Ok, I go to Kellogg but I'm tired of counting - d@mn that Indian demographic must be tough to crack with all those high scores. Here's something else that will blow your mind. Last year of the 222 Kellogg applicants that reported GMATs of 720 or below, only 10 were Indian and none of those reported a score below 700! Also, none of the 10 reported an admit (6 ding/4unknown). Let me repeat that; no Indian that scored 720 or lower reported an admit to Kellogg last year (in R1 or R2). Yeowie!
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Ok, next I wanted to check out the validity of the 80/80 rule at Wharton. So the following are GMAT scores where either Q or V is below the 80th percentile, and the result (scores above 700 only):
Round 1
79Q/99V/760 - Ding
79Q/99V/740 - Ding
70Q/99V/720 - Ding
73Q/99V/720 - Ding
73Q/99V/720 - Ding (this is not a repeat of the line above)
79Q/93V/710 - Ding
79Q/93V/710 - Ding (not a repeat)
73Q/96V/710 - Unknown
99Q/72V/710 - Ding
73Q/97V/710 - Ding
70Q/97V/710 - Ding
71Q/99V/710 - Unknown
71Q/99V/710 - Unknown (not a repeat)
57Q/99V/700 - Ding (is that 57Q a typo? I think they mean 77Q or something)
77Q/91V/700 - Accepted!
96Q/70V/700 - Unknown
95Q/67V/700 - Unknown
99Q/63V/700 - Unknown
95Q/77V/700 - Unknown
Man, they take this 80/80 rule thing seriously! The only person admitted without 80/80 got 77Q/91V which is pretty darn close. Balance matters a lot at Wharton, apparently. In R2, only 3/31 made it (79/99/730, 73/97/720 and 73/96/700).
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And finally, there has been a lot of discussion about whether 650-680 GMATs give you a fighting chance at top schools (I think most people understand that scores below 650, the cutoff for the middle 80%, are longshots), so the following are stats for scores of 650-680:
Wharton R1 - 3/13 admitted
Wharton R2 - 1/31 (a Mexian National)
Columbia ED - 3/10
Columbia RD - 3/12
MIT R1 - 4/14
MIT R2 - 3/21
Stanford R1 - 0/9
Stanford R2 - 1/20
Harvard R1 - 0/13
Harvard R2 - 6/27
Cornell R1 - 1/3
Cornell R2 - 3/6
So, there you have it. We can probably assume that the bulk of the people admitted in this score range were under-represented minorities. Also, remember that these are just the self-reported results, and as discussed above, the admit rates are likely higher because of self-reporting.
Don't ask me how I selected which stats to count. I pretty much went with the flow as I checked out some of the schools. Definitely some other schools I wouldn't mind gathering some more stats on, but I got bored. Maybe some other time.