@apples2apples it's a different thing in that numerical indicators alone are not going to get you into a top program.
Oodles of people with great GPAs and high GMAT scores don't get into top Business Schools.
The idea behind business school is to be part of the living laboratory before coming back into the classroom and sharing what you've learned.
You're not just learning from professors but also fellow students, and they look at what you could contribute in the classroom and outside of the classroom.
It's more about selection that evaluation. And what I mean by that is it's not about being good enough, it's about being what they are looking for to complete a class, and by extension, having a unique contribution to offer. Bringing diversity in many different forms to the school.
I would vote for going for the research project. Top schools are not looking for people who are just checking boxes and get a 4.0 but are dynamic, innovative and intellectually curious.
I would look for opportunities to demonstrate that. The GPA needs to be over a 3.5, but if it has to take a slight dip from 4.0 in order for you to get some of these leadership experiences on the board, it would be worth it.
However when it comes to the GMAT I do think that that is worthy of your best effort.
Reach out if you have any other questions.
Farrell Dyan Hehn, MBA
Admissions Consultant & Verbal Strategist MBAPrepCoach.com