Should I retake the test?
Giving general answer is difficult. Still I’ll try to address important points that you should consider while thinking of retaking the test.
It is foolish to expect a miracle of ’200 points increase’ in the GMAT score in your next attempt. Although it’s not impossible, it depends on lot of factors. If you have time and money, & if you feelyou did not perform at par your level; if your prospective b-school asks you to, or if you feel your GMAT score is not competitive enough. (‘feel’ & ‘competitive enough’ are very vague terms); andmost importantly, if your splits percentiles are unbalanced. & if your Most of the top b-schools demand balanced score. They definitely don’t want someone who’s extremely talented in quant but very poor in verbal.
However I can firmly tell you should NOT retake the test:
if your GMAT score is same or above your target MBA programs. …talking in numbers NO MBA program has a median GMAT score above 740 so you should not think of retake with above score. Above 740 GMAT certainly doesn’t remain the reason for your elimination, try to improve your other points of application instead.)