If I were you, I'd reach out to Stern and ask them that exact question. On one hand, PT programs are a bit more flexible on things like GMAT and GPA, since they do not have to submit those stats to the rankings boards for the part time programs (rankings are based on the full time programs). On the other hand, not only is your score a bit lower than they will want to see in general, in the Asian/Indian IT pool, it will be remarkably lower and at the end of the day, you are really only competing for a slot against others with a similar background as yours. For PT programs, the recommendations weigh in quite a bit as well as your personal interview, so I would say if you have those components in place, reach out to the adcom and express your concern and they will likely be able to guide you towards going ahead with an application or deferring for a higher GMAT score. They will have a feel for the applicant pool and will be able to give you the exact advice you need. I do know that international applications are up this year in general, so it might be a bit tougher than usual to get a slot. Make sure you tell them it's the only program you're applying to, since that will demonstrate a high level of passion and commitment for the program (which couldn't hurt). A 40 point increase should actually make a big difference, since it would put you above the average.
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Bryant Michaels
Admissions Consultant