Retake to get off waitlist?

Hello trav2020

You pursue the master degree once in a lifetime and some sacrifices are totally worthy of it. A significant improvement on GMAT, together with a revised informal statement to the admission committee, can definitely portray your attitude as well seriousness for the program. Whether the waitlist will convert, nobody knows...but the approach is fine.

Remember that the GMAT (or GRE) score is also a factor on your CV when you apply for jobs during the program. Hence, the effort may be worth it.

Where I have a bit hesitation is on leaving the job for the prep; see if you can study alongside the job to not lose on ~4 months experience; however, if quitting the job is the only way you see, go with your calling.

There isn't a 'right' or 'wrong' decision here. But yes, we each must try!

All the best!
Experts' Global Team