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Simon ($$$) or reapply next year?

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Congratulations on getting into Simon! and a scholarship too! Great job!
In no contradiction or agreement with previous opinions ;-) I would like to express mine:

1. Simon is good about finance but it is a bit old school in terms of research/etc
2. It has a very heavy skewed towards international students - 47% (half of the class)
3. They report pretty strong employment numbers but keep in mind that is not 100% of class reporting, that is reporting from people who chose to reply to a survey so someone who has not found a job may not have chosen to respond per se
4. As an international, you WILL have a harder time finding or converting opportunities - anything from Visa issues to small talk and interviewing skills (unless you are good at small talk, elevator pitches, interviewing, etc)
5. Your WE seems very strong from what this shows. However, the GMAT is the lacking part (not sure about essays or applications). YOu have to think whether you will be able to improve your GMAT and overall application to get into higher-ranked schools. I would say it would not be worth trading a full scholarship at Simon to a no-scholarship offer at Foster or Marshall for example but it would be worth it for an offer at a Top 10-15 school as the on-campus recruiting opportunities are significantly improved and your chances of a better internship, starting job, and starting salary are all better. So i would consider your application in light of - can you get a 740 to qualify for a Top 10-15 consideration? Can your application stand a chance? (an admissions consultant could offer you insight for a small fee potentially).
6. P.S. the rule of thumb is - don't apply to a school you are not willing to attend. In this case, you did apply to Simon, got a full scholarship and now having second thoughts. This would be something to consider ahead of time.

In summary, if you feel you can put the effort and improve your score meaningfully (at least 70 more points) and likely shore up your application somewhat, and you can wait a year, and you are comfortable, you could consider taking a risk of reapplying. There are benefits beyond just a nice name on the resume esp for someone who is trying to break into elite industry such as IB. (Consulting is more mainstream but MBB is elite as well.)