Hi Jks3000,
First off, a 700/Q49 is an outstanding Score, so you can comfortably apply to any Business Schools that interest you. As such, a retest is probably not necessary. Depending on the Schools that you plan to apply to, you would likely find it beneficial to speak with an Admissions Expert about your overall profile and plans. Those Experts should be able to answer your Admissions questions and help define the specific areas of your profile that could use some improvement. There's a Forum full of those Experts here:
https://gmatclub.com/forum/ask-admissio ... tants-124/As far as this lower CAT/mock Score is concerned, there are a variety of factors that could explain the discrepancy. The scoring algorithm on the Official GMAT is far more complicated than most people realize. Since that algorithm is proprietary, no GMAT company has an exact match for it, thus CAT scores can vary a bit based on the 'biases' involved in their respective designs. There's also HOW you took the CAT (the section order, time of day, how well-rested you were, etc.) to consider as well as your overall performance (re: how many questions did you get wrong because of silly/little mistakes?).
If you do choose to continue studying, it's worth noting that while the most realistic CATs available are the 6 from GMAC, retaking a CAT that you've already taken is NOT a realistic way to assess your skills - since you will likely see some 'repeat' questions that you have already faced. Unfortunately, seeing even a couple of repeats can 'throw off' the Scoring Algorithm and impact your pacing, energy levels, fatigue, etc. (meaning that they would likely all appear to be better than they actually are). Thankfully, the CATs from Kaplan,
MGMAT and Veritas are all 'close enough' to the real thing that they will provide you with a relatively realistic score assessment (assuming that you correctly take the CAT in a realistic fashion that matches the parameters that you will face when you take the Official GMAT) - so you can use any NEW CATs from any of those sources next.
Before I can offer you any additional advice for your studies, it would help if you could provide a bit more information on how you've been studying and your goals:
Studies:
1) How long have you studied in total? Over the last 3 months, how many hours did you typically study each week?
2) What study materials have you used over the course of ALL of your studies?
3) On what dates (or approximate dates) did you take EACH of your CATs/mocks and how did you score on EACH (including the Quant and Verbal Scaled Scores for EACH)?
Goals:
4) What is your overall goal score?
5) When are you planning to apply to Business School and what Schools are you planning to apply to?
GMAT assassins aren't born, they're made,
Rich