Should I retake GMAT? [Profile Eval related Question]

Gave my GMAT today. Got a 720. That’s pretty disappointing considering my 6 mock GMAT scores were 740-770. I choked in verbal. Got a V38 where my lowest mocks was V40. Pretty sure a reattempt takes me to 740, minimum.

Profile : 34 year Indian Male.

Colleges Targeted : Kellogg 1 year, Insead, LBS (15 months)

Story : Worked in IT for 2 years. Did MBA from India as job prospects were limited. (So yes, I am looking for a second MBA). Post MBA , worked in IB ( Indian brands, no global names) for 3 years. Post that, founded my own bootstrapped digital consulting firm. Scaled company to 60 employees, $1 m revenue. By the end of this November, will have sold the company off for $1.1 million. Company has won major digital services awards in India under my leadership. I’ve written articles for leading digital marketing journos of India. . LORs will come from the CMO of a listed Indian company and from the CMO of a UK Based company.

Other qualifications - CFA charter holder. Cleared all three levels over 18 months and in first attempt (2012 Dec - 2014 June)

Do I have a decent shot at the above colleges at a 720 score or should I redo my GMAT for a 750?

P.S. : Highlighted part will be the core of my application.

Hi MJ2488.

I'm not expert in admissions, but given that you would likely score significantly higher on a retake, maybe you should. Granted, 720 is already above average for INSEAD and LBS, and just below average for Kellogg. At the same time, since a retake for a higher score wouldn't take much effort, it may make sense to spend an afternoon to put some additional shine on your application.
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Hi MJ2488 hope this finds you well

Your profile is impressive, and you likely have a good shot at all three schools on your list. 

The B schools are especially critical of the applicants who are on the upper side of the age spectrum for the MBA cohort, so having a high GMAT score will be a definite advantage. If you have been scoring 740+ on your mocks consistently, you may try to maximise your score on the next official attempt. 

However, since the INSEAD R2 deadline is not far away, you should make a conscientious decision regarding the timeline so that the quality of the application does not suffer. INSEAD is not too critical of the verbal scores for non-native speakers. I am assuming that your quant score is 50, so you should be in good shape, especially since you have CFA certification to back your quantitative aptitude. 
With what little time you have, you must also reach out to the school and alumni to gather insights and use them toward building a solid application. You haven't mentioned your goals, but make sure they show thorough deliberation.

Best wishes
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MJ2488:

You should retake the GMAT. Since your range on mock tests and overall ceiling is higher than your average score, you should give it another go. You have literally nothing to lose besides the cost to take the exam and any associated time.

Why not give yourself a better chance at being admitted? There are very few components of one's profile that can be changed this late in the game once the application season begins. This is one such element.

We're not saying a 720 is a bad score. In fact, it's quite good. It's more about how you can improve your overall chances. Adding ~30 points would help someone such as yourself.

Thank you everyone for your inputs. I've decided to retake the GMAT next. Will take it on Tuesday or Wednesday. As no slots are available in physical centers, I'll be taking this one at home. Have started prepping with the whiteboard as well.

Hello MJ2488,

Thanks for writing in.

There is a lot working for you, profile wise. However, considering you have the potential to improve your score and keeping in mind the league of schools you are targetting, it would be worth taking a shot at re-taking the GMAT.

All the best!
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