Should You Retake the GMAT

Perhaps the most often-asked question during the entire  MBA application process is,â€Å"Should I retake the GMAT?†Ã‚  The answer to this question will differ  from case to case depending on an applicants score, their target schools, and their  overall profile. If you are considering retaking the GMAT, doing a short cost-benefit analysis,  similar to a business endeavor, can aid your decision-making: 1) Recognize the Investments Needed Apart from the test-taking fee that you will incur for a retake, think about  the hours you will need to put in to re-prepare for the GMAT, and whether this will  affect the timeliness of your MBA applications. Make sure you consider whether or not you have the availability and the energy to put into this endeavor. Often ignored, but just as important, factor in the opportunity cost of the hours you will need to spend preparing for your retake.  Could you spend those efforts somewhere else to strengthen your profile? Maybe you could get involved in productive activities at work, volunteer in the community, or polish your essays. If your application is already strong in these areas, then a GMAT retake could be a better use  of your time.  As such, engaging a test prep service may be the right way to go   taking  a GMAT prep course or spending time with a private tutor  will  optimize the hours that you put into studying, and will  be an investment that pays for itself in the long run. 2) Evaluate the Probability of Success The next  step would be to evaluate how likely you are to achieve your desired results. The most straightforward consideration (that requires a truly  honest self-assessment) is how you have already performed on  the GMAT  relative to your potential: Did you prepare well enough? Did you get enough sleep the nights leading up to your exam? Were the test day conditions conducive? If you believe there’s a reasonable chance that you could have done better than you did, you should seriously think about a retake. 3) Weigh the Potential Benefits Researching the class profile of your target program, and how you compare to the schools average GMAT score, should give you an indication as to where you stand. The standardized nature of the GMAT allows for the most straightforward and objective comparison between applicants, so ideally, you will want to score higher on the GMAT than the school’s average. All things equal, a higher score should improve your chance of admission, and even your opportunities for scholarships. Thus, the expected value of increasing your GMAT score could be high and really worth investing in. Knowing that you didn’t leave too many potential GMAT points on the table can also simply help you be at peace. This is an important benefit, as it will allow you to focus on the next steps in the application process, and know that you have given  the GMAT  your best shot. Applying to business school? Call us at 1-800-925-7737 and speak with an MBA admissions expert today, or take our free MBA Admissions Profile Evaluation  for personalized advice for your unique application situation! And as always, be sure to find us on Facebook, YouTube, Google+  and Twitter. Written by Edison Cu, a Veritas Prep Head Consultant for  INSEAD.