ereims1 wrote:
I really wanted to thank everyone here that makes this forum so great, and now I am asing for a bit of advice. How much difference would it make for someone with a 3.6 GPA in finance to have a 740 rather than a 720? I know my GPA is low for a lot of top Phd programs and I am thinking that raising my score might not help because of my low GPA.
Are you looking for a PhD in Finance? I guess so but your post isn't too clear about it. My thoughts:
1) I'm not sure a GMAT re-take for a 720-to-740 jump is worth that much. To me, the best way to offset your GPA 'problem' would be to take a few graduate Econ (Econometrics, Microeconomics) or Math/stat (Stochastic calculus and so on) courses and shoot for top grades. The difference between a BA and an MA is significant, and the difference between MA and PHD is even greater, so whatever signaling you can do to show that you can perform in tough classes will be good. Another positive (ultimately more important than your chances of admission) is that those classes will help you a lot with early PhD coursework, as opposed to working some more on the GMAT, which won't help you much.
2) There's no common standard as to how professors evaluating your application deal with GMAT scores. The common thinking among students is that they just take the highest but there's not much evidence out there to support that statement. Some schools may average out recent scores or may only take the last one. In any case, I don't know whether the "0 pressure" assumption about your GMAT do-over is warranted. You also need to ask yourself how you are going to improve your score, i.e. were there any question types or areas that you blatantly left out? Given your comments it seems to me that your preparation was rather serious; you shouldn't overrate the "pressure" effect.
Hope this helps!