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I see no reason not to re-take the GMAT. Most schools will ask for your best score although the will see all your scores when you send your official report. If you take the test 4 or 5 times that will raise some eyebrows and probably isn't the best use of time but taking it a 2nd time is quite normal.
I will be frank and honest here since i am in need for some help, i took the GMAT and got 700 , I was not satisfied with the score and wanted to take it again , but this time i had some issues (personal as well as professional) which unfortunately happened to occur just before the exam and I messed up my second attempt and got a very low 600 , now i am really scared since if i take a 3rd attempt and if for some reason it doesn't go well schools might think that i got the 700 by fluke ,hence i am unable to take a concrete decisions of what to do ,can you please advise.
I understand your concern and it's a valid one. However, currently, the schools will already see both. So currently, it states a 700, followed a low 600 and there's no way around that. Therefore, if you do not take the exam again, the impression you are leaving with the admissions committees is the one you are already fearing.
I would recommend you take it again - with 2 takes under your belt, you should be in a good position to prepare for the exam and work directly on your development needs. If you pull something at the high 600s, they'll think that to be your most realistic score. If you earn a score higher than 700, you may choose to explain in your optional essay the story behind the score history (not to mention it would be a great score to boot!). Keep in mind, this would be the only additional attempt I would recommend. Like the previous poster stated, after 3 it tends to raise eyebrows.
I know that might not have been exactly what you were looking to hear but unfortunately it's the truth.
If you have any questions - please don't hesitate to ask! I hope I could help.
But schools will still see both and if you apply at a school with a high average GMAT score that won't help you regardless of them mainly considering your 700. But it really depends on your school choice
To be honest with you, I would really not worry about taking it another time. The school will use the highest GMAT score of course, but you should look at it this way - a school really won't care how many times you take it as long as the rest of your application/candidacy is compelling.
If they like you, but your score is borderline and they have another candidate with a similar background and a higher GMAT score, you might get waitlisted - even if they like you a little better on paper. Don't give them a reason to do that. So if you retake the GMAT 4 times, you just need to get a score that allows them to say "Sidd has a good GMAT score, on par with his his peer group, and we like him better after reading his essays and interviewing him" .... "so let's waitlist all these other candidates and extend Sidd the acceptance."
But i have heard that schools take your best score,so i would like to apply with my 700 score itself without taking any further risks.
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WomeMBA is correct - most schools do request that you put all the times you have taken the GMAT down on your application.
Therefore let's bifurcate between what they will COUNT versus what they will SEE.
SEE: for this, my above statement still holds true. Because they can see both attempts (sometimes they can also request for report validation if they don't ask in the application itself) and the story is what it you wrote above, I would most definitely question your 700 and that's simply not a position you would want to be in.
COUNT: yes, they count your highest score with the caveat of the above paragraph. However, in lieu of your other thread "Request for Profile Evaluation please" and the candidacy you state there, I think it is in your best interest to retake the GMAT. Paul, who has replied above, makes some valid points on that thread that I agree with. While you have some interesting work experience (e.g. R&D) with tangible impacts, from your candidacy pool a 700 is on the lower end. And that is not a position you want to be in if at all possible.
Getting a lower score here is a gamble I believe you should take but prepare so hard as to mitigate the risk. Otherwise you'll be at risk to get dinged despite being a great candidate simply based on this one metric.
Thank You Sir for your encouraging comments , but I am a bit nervous about another attempt ,i gave my first attempt in Jan and had prepared a lot for that ,then took my second in April and messed that up ,so I am not very confidant right now about where my preparation stands , also another attempt would mean preparing rigorously for at least another month or 2 to get it up all the way to 750 level , and that means the deadlines will be very close and proper application time will be lost , so keeping in mind these 2 factors i think i would go ahead with my application with this score itself, what ar my chances with may be if not the top 10 but the the next 15 ie from 11-25 schools , i am not sure though , please advise.
Before I say anything else - let me say this. Keep your chin up! This is a long, difficult process and you've got to stay confident! Like they say, it isn't over until the fat lady sings and that could not be more of the case here! There are a lot of things that go into a great application and a GMAT is just one (albeit important) component! You're going to move your goals forward with a great education, but you've got to believe that too!
I understand your hesitation regarding retaking the GMAT. It's a personal choice and if you're uncomfortable with it, I think you go with your gut. You also have a valid point regarding what this will do to the time you have available to prepare you applications. We start working with our clients in the mid-May to mid-June time frame and if you were busy studying for your GMAT, you would be a little behind.
If you go forward with your applications, your chances increase the moment you go below #10 from a candidacy perspective. The stigma of "top 10" carries with it certain application requirements and thresholds that have a little more wiggle room lower in the ranks. So the moment you start looking in the next 10 - 15 ranked schools, you're in a much better spot. In this case, your candidacy is different than a lot (not all, but a lot) of your candidacy pool so that will help significantly.
What it will come down to is how do you convey your value beyond metrics. How do you make a case for each of these MBA programs to invest in you because of what you bring to the table. Your story must be compelling and unique - without this, despite the fact that your metrics are in line with these programs, you may still not get the results you desire.
When it comes to selecting programs and the associated ranks, there's a much larger discussion around that to determine not only what is a stretch versus realistic, but also which match you best and to which you match best.
With your score and your experiences and your overall profile, you've got a solid fighting chance in the 11 - 25 range. You may even have a chance at the lower end of the Top 10 but without knowing your entire profile in detail I'm not comfortable making that assertion.