I completely agree with Ripper on the fact that people who are recently out of college have a better chance to score higher.
Take my case, I have been out of school for the last 5 years.Now I took the derivatives and risk management class in school.Hated the prof and hated the subject.Got into trading and all i've done is trade and analyse markets. and I dare say, I've done well so far.
In view of that, my grades in school do not reflect the fact that I've made money on my trades.And I can only specify so much in the essays about my trading success.
Besides, how do I know that the person reading my resume and my essays really understands my business and my achievements............
Another thing, coming from an overrepresented majority of the applicant pool, I feel I am shortchanged at every step. there are those studs out there who can score in the 700's. But talk of quality of work and most of them sit on front of their computers and program all day. Their quality of work experience to my mind isnt too great. Afterall, the kind of leadership and business skills you can develop in those kind of jobs are limited.
No matter what schools say, GMAT is the most important factor in the end. GMAT scores are a big factor in deciding the rankings. Afterall, schools have to improve on the rankings coz that means more applicants and more money in grants/sponsorships the next year.
And finally, community service. For anyone worth his salt who works 6 days and 80+ hours a week really doesnt get much time to get involved in community service. Add to that travel for work and it gets worse.
As a friend of mine says, community service is a pastime of the richer societies. If you got 2 days a week that you dont have to work, you can plan out community service accordingly.
Ask anyone who has had a position of responsibility or accountability in a company in the developing economies or for that matter peoplke in the consulting business.You barely get time with your family. If you're gonna spend the one sunday doing community service, then you'll have a very unhappy family.But to schools it doesnt matter. you need to serve the community and thats a differentiating factor too.