Is a 690 GMAT score good enough

[xchopysueyz]

I just took the GMAT's and got a 690 (80th percentile for verbal, 85th percentile for quantitative, 90th percentile overall). Is that a good enough score to apply to PhD Finance programs or should I retake it? I know other factors count too but I was just wondering if my score is considered weak?

[desimba]

690 would be considered weak at several of the top schools within the top 20. Finance in any case is among the most competitive to get into and I checked from my own research that even middling schools such as Indiana and Penn State have average GMATs of 700. I would advise you retaking the test if you have the time and the money for it. Focus more on the quant and try to get it as high as you possibly can.

[asa_sl]

better retake if u consider top 20 programs. but for low ranked programs I think its enough.

[chartreuse]

It depends on which finance programs you are looking at. In general, it's a decent score, but nothing groundbreaking.

[xchopysueyz]

What about for a top 50 or top 75 program?

[desimba]

It might work for that. The best way of finding out though is to look through the websites of a couple of specific schools that you think you might be interested in and then glean the average GMAT scores in finance either from the website or by contacting the admissions coordinator at these schools.

[Hocking]

If you haven't noticed, there has been a tremendous increase in both GMAT and GRE overall scores in the past several years. This is as a result of people completing classes on how to take these standardized tests throughout the world, and various other methods of supposedly "beating" the test through various techniques. I teach at a University, and the University recently released a memo informing Graduate Programs to reduce the weighting of standardized test scores (specifically the GRE) in admission decisions due to the percentage of high scores coming in from applicants. There were more people who scored close to an 800 on the GRE Quantitative score than there were to score below a 700.

I think it is a complete waist of time to spend so much time and money trying to improve your score on a stupid standardized test. But, we have to do it I guess.

[Prawler]

Well, I find my 720 even not competitive for a PhD in Business.
Some schools suggested me to re-take, and they are not Ivy.
So, If you can give your GMAT a second chance.

[tkkoh]

Someone with a 720 just received an offer from University of Arizona (Accounting) for Fall 2008.

[Oldman]

A 690 is a great score for a mid level school. Generally, the recommendation is to aim for the department's average.

At the PhD level, you should be more concerned with your statement of intent. If you have a less competitive GMAT/GRE score, but a statement of intent that fits perfectly with the department you want to research with you have a higher chance of getting in than someone with a stellar GMAT/GRE and a statement that is not aligned with the department's research. Most schools have an average score they maintain, thus all ranges of scores are admitted. They probably have a cut-off which helps them in phasing out applications at the beginning of the process. After that they just need to make their average to maintain their rankings. If you make the average you are not going to have to worry about being cut off in the first round. However, just call the school you’re interested in and see if there is a cut-off. Most will tell you. If there is no cut-off, then aim for the average.