I took the GMAT the first time in June of 2013, and got 650. After studying for another 3 months (plus working full time) I took it again in December and only improved by 20 points even though on the GMATPrep exams, I've gotten a 700 and 720. I felt a lot more relaxed during the test the second time around and truly believed that I would be able to get to 700, so you can imagine my disappointment when I saw I only improved by 20 points after months of hard work.
My target schools are MIT, Columbia and UPenn, all of which have average GMATs of 700+
Should I retake it a third time in the fall of 2014 (I'm taking the CFA in June 2014 so I will most likely retake the GMAT around Thanksgiving of 2014).
I don't plan on applying to schools until 2016, 4 years after graduating.
Any insight is much appreciated. Thanks!