You definitely have a solid profile for a top 10 in many ways and often, a good GPA from a top 5 school will help mitigate a GMAT which is lower than a school's average, but in order to be competitive at a top school, you will probably want to target those who are more academically focused on their applicants than GMAT focused. For example, schools in the ivy league are more lenient on GMAT scores and pickier about school performance. Of course the super-elite ivy leagues (HBS for example) is tough to get in no matter what your profile is, so for a white male with a 680 GMAT, your odds there drop pretty low. Still, I would encourage you to go for some top 10 schools--take a look at Tuck, Duke, and Cornell, which all come to mind as schools which will set you up well for your post MBA plan yet still provide a bit of leniency on the GMAT. Of course if you have the cumption to take it again and try to get the coveted 7-handle, you will increase your odds. In short, you can definitely get into a top 10, but it's riskier with a 680 than it would be if you had a 720. The question to ask yourself is whether it's more important for you to go now, or for you to get into a top 10 school. in other words, would you be re-applying next year if you don't get into a top 10, or would you accept a slot at a good school, but one in, say the top 15 or 20. The answer to that question is important, since it would determine your application strategy this year. If the answer is the latter strategy, you should work in a couple of schools in addition to your reach schools which are a bit further down the rankings but still top schools (UNC comes to mind, as does Ross, UT Austin, Anderson, and others). Let us know if we can help.
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Bryant Michaels
Admissions Consultant