Your overall score out of 800 results from your performances in quant and verbal, each of which is first scored independently on a scale of 0-60. These subscores are then combined to yield your overall score according to formulae to which only ETS (the organization that administers the GMAT) is privy. Each subscore (verbal and quant) receives a percentile ranking as well. This indicates the percentage of test-takers who scored below your level over the past few years. So, for example, if you receive a verbal subscore of 40, you are in the 90th percentile, which means that 90% of all test-takers did not perform as well as you in verbal.
Some recent scores of 750 broke down as follows: 41V/51Q, 46V/47Q, 44V/49Q, 45V/48Q, 47V/47Q. Notice that both sections are strong. Some recent scores of 760 broke down as follows: 51V/46Q, 42V/50Q, 46V/48Q, 44V/50Q. Again, these test-takers posted excellent subscores. To break 750, you more or less need to reach at least the 84th percentile in quant (subscore 46) and the 90th in verbal (subscore 40). While a significant number of test-takers can reach one or the other of these goals, very few can reach both on the same exam. Hence the reward of 99th percentile status to those who can.
How do you get there? By understanding how the exam changes at its highest levels. At the 750+ level, you will no longer be tested on the basics; by the time you start seeing 750-level questions, you will already have proven to the CAT that you have mastered the fundamentals and are ready for the tough stuff. So the CAT will try to gauge your level by taking the same concepts you would see at the 650 level and "gussying" them up. In quant, it is now more about logic than about calculation. Did you spot the pattern hidden in the numbers? Did you spot the hidden equations? In verbal, you will need to resolve subtle flaws of logic and grammar. The issues no longer announce themselves; you have to seek them out. The 750+ exam is for active test-takers. If you sit back and let the exam wash over you, chances are you will not break 750.
What about 800? Does anyone ever get the "perfect" score? Indeed. But a score of 800 does not necessarily mean you got every question right. It means that you answered so many extremely hard questions correctly that your few errors were statistically insignificant in comparison. What kind of numbers do you need for 800? A recent test-taker who managed an 800-level performance received 51 in verbal and 51 in quant, subscores so rare that the GMAT does not even separate them in percentile (99th) from the theoretical upper limit of 60 on each section.
So to break 750, review the most challenging questions you can find. Pick them apart. See how underneath all the fuss, they still test the same basic concepts. The only difference is the amount of insight needed to see which basic concepts are being tested. That insight will come with practice.
What happens if you take the exam and you do not break 700? A common myth among GMAT hopefuls is that you only get one bite at the apple. In other words, if you do not hit your target score on your first attempt, all your subsequent efforts, even if successful, are somehow diminished in the eyes of b-school admissions committees. This is totally false!
The vast majority of business schools take only your highest GMAT score into account when evaluating your application. Why? First, it is in their best interest to inflate their mean and median GMAT scores to keep their rankings high. Second, business schools do not see the GMAT as a test of innate intelligence but rather as a measure of your preparation for business school. They want to know that at the time of your eventual matriculation, you will have the basic skills (quantitative, reasoning, writing, etc.) necessary for success in their programs. Whether you prove yourself on your first, second, or third attempt is irrelevant as long as you demonstrate your readiness somewhere along the way.
Also, keep in mind that business schools evaluate not only your academic qualifications (e.g., GMAT and GPA), but also your professional promise. They gauge this by your career choices and successes and by your demonstrated determination to succeed. If you present a GMAT score that is clearly below a school's standards, the admissions office will question your drive and consider you unrealistic. Taking the exam again shows determination and an appreciation for what it takes to achieve your goals, all desirable traits in a business school applicant.
How likely is it that your score will improve on a subsequent test? It is more likely than not. Many test-takers succumb to nerves on their first try, letting time slip away as they fumble through the exam. On a second attempt, the exam is no longer a mystery. Having learned from experience, many test-takers are better able to manage the time and to recognize the warning signs when they find themselves dealing with questions beyond their reach. Recent test-takers have gone from 620 to 720, 650 to 710, 580 to 670, 630 to 680, 520 to 690, and these are just a tiny sample of people whose scores improved significantly on a subsequent try. Of course, they continued to study and hone their skills, but an essential component of their eventual success was their prior experience with the exam.
If your first attempt at the exam falls short of your target score (i.e., a score that will make you competitive at the schools to which you plan to apply), you will need to take the exam again. But do not see this as a failure. Rather, it is a second opportunity to show the business schools that you are ready. In fact, we recommend that everyone plan to take the test twice, right from the start. The first try is a "practice run" to shake out your nerves and familiarize yourself with the timing and pressure of the real exam so that on your second attempt you can concentrate on the content and time management.
The 700 barrier has taken on a life of its own among business-school applicants. It seems more and more that applicants are shooting for 700 in order to "seal the deal" at a top-20 business school. But is 700 really necessary for admissions success?
While the vast majority of business schools still report average GMAT scores below 700, the uppermost echelon increasingly reports averages at or above that mark. You have to be careful, though, when evaluating reported GMAT scores. Is it an average or a median? If a school reports an average GMAT score of 700, for example, you have no way of knowing what proportion of students scored above that mark, or below for that matter. A few very high or very low scores can skew the average up or down. If a school reports a median GMAT score of 700, by contrast, you know that approximately 50% of its students scored above that mark and approximately 50% scored below. Accordingly, median GMAT scores are more indicative of your admissions chances than are averages, though for most schools the two will be quite close.
For example, the average GMAT score in a recent year at The University of Chicago Graduate School of Business (GSB) was 687, but the median score was 700. The slight discrepancy indicates that even though 50% scored above 700 and 50% below, there were more very low scores (relatively speaking, that is it is still Chicago, after all) than very high scores. What does this mean? It means that some applicants with comparatively low GMAT scores were admitted to Chicago GSB. Another top school with a similar discrepancy is the Fuqua School of Business of Duke University. In a recent year, it reported an average GMAT score of 701 but a median of 710. MIT and Hass (UC, Berkeley) also reported similar discrepancies between their mean and median GMAT scores in recent years. This shows that while your GMAT score weighs heavily in your application, a score above 700 is not necessary for admission to some of the country's most prestigious business schools, even when they report average scores at or above 700.
In fact, you should not think of average or median GMAT scores as "cutoffs". One very prestigious b-school reports an average score above 700, but its admissions officers have been known to tell applicants that the real minimum in their eyes is 660. Will you have a better chance with a score of 760 than 660? Sure, but your application would not be summarily dismissed if you submitted a score of 660. And remember that more goes into the admissions decisions than just the GMAT score: work experience, GPA, recommendations, essays, etc.
Of course, breaking the 700 barrier can only help your chances. So aim high and study hard!