Should I retake the GMAT?
This is a tough one to answer for most students. Committing yourself to the grind and pressures of the GMAT again is no easy task. Before you take a call on this, it would be worthwhile to look at the following five factors:
Scores are an extremely important factor in this decision. Did you bomb the exam the first time round or scored a respectable 650? If you have scored 720+, you probably do not want to take the GMAT again and work on other areas of your application. If you are above 650, take the GMAT if you are not confident about the other aspects of your application and have the confidence to do better the next time. Any lower and you are reasonably justified in taking the exam again. If you have already scored above the range of scores for your target schools, there is no need to take the GMAT again.
If you are just a month away from application deadlines and need to work on other areas of your application, it might not be a wise idea to retake the GMAT. If you are within striking distance of the score ranges of your target b-schools, you may want to spend time polishing your application.
Have you identified your weak areas after your previous attempts? If yes, you can work on these areas and try to score better in the GMAT again. For instance, if time management was a problem for you, you can sit for more timed practice sessions the second time. If you are shooting in the dark, it is unlikely that you will see significant improvements in your score.
Will you be able to give sufficient time for your GMAT preparation again? If your answer is affirmative, you may want to take the exam again. Sometimes, it is difficult for working professionals to create a second window for GMAT preparation again.
It is not easy to focus your energies on the GMAT after a gruelling preparation schedule the last time around. Moreover, work and other social commitments can also hinder effective preparation. Retake the exam only if you are focused and determined enough to make a positive difference to your score.