I would definitely re-attempt the GMAT if you plan to apply to Wharton or Booth for a 3rd time. You want to show improvement in as many categories as you can, and while your GMAT was not the reason you were rejected, to show improvement would be good. Having said that, it's likely the first attempt was problematic because of work experience (since it appears that you applied with only a couple of years expereince that first time. Not sure why the second attempt was unsuccessful, but could certainly have been for the same reason. Without a full forensic analysis of your application and comparing it year over year, it's tough to say. Schools typically like reapplicants, but there must be demonstrable progression in your career and tangible improvements or else they will reject again. This time around you are right in the sweet spot with work experience, but you will need to emphasize what's different about your experience or achievements which makes you better positioned this time around. THe mere fact you have logged another year will not be enough. I see that you have broadened your school selection a bit this time too which will help. Not only will having some fresh schools on your list be good (being a first time applicant at least means they won't be scrutinizing what you have done in just the past year like the reapplicant schools do), but also it will better position you as an international applicant to be competitive. Why? Because your applicant pool is so large, you should never only apply to just top 5 or ten schools. Simply too many competitors and your profile is not distinct enough (consulting, good GMAT etc= not uncommon and therefore very competitive). Again, can't really say why without full review. Who knows? Maybe you simply blew the interview? Anyway, I think it's wise to have Duke and Darden in your list and you might even look at UNC, a school which is very Indian applicant friendly. This is a critical year for you since you are not getting any younger and the longer it takes to get in, the more critical schools will be of your achievements and advancement. This is the perfect year to apply. There's no need to limit yourself to consulting, but your post MBA career vision should be clear and achievable. Try to avoid being a "double switcher," which is when you change both your industry and job function in your goal. Trying to switch to investment banking now is probably a bad idea--you're getting too old and it would put you in this double switch category. Most importantly, cast your vision around something you are passionate about. Schools love to see true passsion for something in their applicants.
As for improving your profile, your career progression will go a long way, and make sure to freshen up your recommmenders too. If you haven't used a consultant before, I would highly recommend doing so this time around. With two strikes, you can't afford a third, and clearly you are doing something wrong in your application. Whether it's us or someone else, sounds like some professional guidance would help you. Best of luck. No reason why you should be rejected this year if you have a thoughtfully created application package.
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Bryant Michaels
Admissions Consultant