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Raj897
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Yeah, but since you can probably get more than a 500 if you retake, why not do that? Better school means better salary.
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Except the top 50 MBA and with the exception of online and bad private school, the salary will be the same more or less.
In my opinion it is better to get into a small but serious state universities who are flexible about the GMAT score and way more affordable than other schools more selective and expensive.

It is a plus for sure but your future employer wont look at the ranking on US news or your GMAT score , they will look at your education level and your experience.