just took the gmat today

Question

scored 680/89% (46/80% quant, 38/85% verbal, first attempt 570....you guys are sweet, thanks for the help. 
my question is what schools should I be looking at. I'm actually looking at some late deadlines as I really want to try and go to school this fall. 
29years old 
gpa 2.7 with econ major and comm. minor from u.c.davis. 
work experience, 4 years in hedge fund accounting. 
recs should be good 
and working on essays. 
locally, i'm looking at davis and irvine as they both have late application processes. 
also, if I weren't looking to apply to schools for this fall, what schools should i target for 2008? 
TIA

GMATT73 · Answer

Congrats on the score improvement. It's kind of late in the game to apply to for admissions this fall at most schools (especially in the elite range). 

If time is on your side, you might want to consider sitting out this season and really focus on fine tuning your essays. Even the most accomplished of essay writers needs at least a couple weeks to get a good coherent theme together. 

On the other hand, if you choose to go with Irvine, you may still have a very slight chance with a late submission, provided a seat is still available.

rhyme · Answer

I was in the same boat last year. I'll tell you what I was told. 

I would wait and apply for fall next year. In my case - I could probably have applied late late R3 for some school somewhere and got in but I would never have been admitted to the schools I got into. Not in a million years. I needed the time to really polish my background and story. 

A few other things to consider: 

Moreover, this year has been brutally competitive, and I can't imagine there are many spots left in R3.... but it really depends where you want to go. That GPA/GMAT combination in a Round 3 is going to be a very hard sell for ultra elites and elites.. An alumnus from an ultra elite told me last yaer about R3 "Unless your GMAT is spectacular don't even bother applying." Remember that in R3 you are competing against everyone waitlisted in R1 *and* R2.... They have a lot of candidates to pick from to fill the class at that point --- you have to stand out against all of them.

Moreover, given the rushed nature of your post - and I admit I'm stretching a bit here - I wouldn't be surprised if your essays were also rushed. A word to the wise: If you haven't been working on them for weeks already, and they aren't the most polished thing youv'e ever made, you may be in for a round of dissapointments. I'm also worried about your statement about where you should apply --- you need to KNOW your schools well and make it clear you know why you want to come. If you haven't yet selected your schools, you likely know very very little about them. If you don't have campus visits, student interactions, alumni conversations, hours of research online, etc - I cant see you putting together an especially impressive package. Thats not a "knock" on you - thats just the truth for anyone - myself included. 

Moreover, you are about to invest $120,000 of your hard earned cash - or debt - picking the right school for you takes time and effort. I don't suggest you rush into applications and selecting a school with a light hand. Really think about what you want, why you want it and where you can get it. Look for cultural fit. Location. Long term prospects. Student body. Town gown relations. Etc. Think about all these core elements and really stop and ask yourself what school you want to attend. 

When you can describe via solid and polished essays that convey a crystal clear message with blinding passion why you want an MBA now from school X, you'll be ready. If thats' now, then go for it. Otherwise, I'd wait.

ayl9899 · Answer

well, I understand your guys point of view. And I agree that I probably do need a little more polishing.
But I actually didn't think I could get into a near elite school. Seem like I'm close/around the gmat for those, but I thought my gpa would take me out of consideration. 
And since several of the schools I have looked into still have rolling admissions, I figured why not give it a try as I'll most likely be applying to these schools even if I wait. So getting in would save me a year and it can't really hurt to apply now....can it?
schools I've looked at are Davis, irvine, boston u, and rice. 
Thanks again.

GMATT73 · Answer

If your cumulative GPA is a 2.7 then your chances will be diluted considerably further. Why not utilize the next 4~6 months and work on refining your essays with a possible retake targeting a 700+? 

Assuming you are a male from an overrepresented minority, you probably stand a fighting chance at most sub top 30 schools that offer rolling admissions. But why not sit out a year and aim higher? What's the rush??

ayl9899 · Answer

well, I feel I've stayed in my field/position too long and another year, would feel like a waste as I don't see any significant room for improvement within the year. 
And as I'll most likely be applying to several of the same schools next year, if I wait, that I plan on applying to now. I don't really see any point in not applying....
Unless of course, theres a good chance I can get into a much better school than the ones I listed with my current stats.

rhyme · Answer

If you plan on doing nothing to change your odds between now and then - then I suppose there is little point in not applying now. Keep in mind thought that if you apply now and get rejected you will be considered a re-applicant if you apply again. This means that you only write one update essay to them ("What have you done since...." kind of stufF). This is good because you have a bit less work but bad because if your other essays were unconvincing or poor you can't do anything to change those.

If on the other hand you spend the next six months researching schools, maybe trying the GMAT one more time, talking to alumni, volunteering in some kind of leadership role with an extracurricular, etc... you can impact your profile and impact your odds. If you dont want to do all this work - and mind you - it is a lot ot work -- then I suppose your odds would not dramatically change. 

I come back to the simple rule many students told me: R3 works if you are an exceptional candidate across the board - high GPA, high GMAT, great WE, etc -- it doesn't otherwise. Personally - and this is just  me  - I wouldnt waste my time trying to rush a R3 application out the door, knowing that the already low (~20%) odds are probably even more unreasonable in R3 (~10% ?). But thats just me.

rhyme · Answer

I dont think it takes you completely out. Talk to Pelihu. He did incredibly well despite a low GPA (though his GMAT was very high). I had a GPA outside the 80% low-high range (lower than, not higher than!) and I made it into the GSB. 

That said, you are right.... If you dont' apply, you can't get in, so why not try? I can appreciate that argument as well. I suppose it comes down to personal preference.

johnnyx9 · Answer

My GPA was below the 80% range for the school I'm going to as well. I really think people sweat low GPA's too much. If it's the only weakness in your application I wouldn't worry about it.

just took the gmat today

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