This depends on your goals, but if you focus on the verbal side you should be able to get an improvement easily.

Thanks for replying.

Have always wanted to apply to tier-1 schools, and to specialize in fields such as Operations and Strategy.
Following are some of the details which will help you in evaluation.
Quant - 50, Verbal - 30, IR - 3, AWA - 5
TOEFL score - 103 (Reading - 28, Writing - 27, Speaking - 26, Listening - 22)
B.Sc. - 72%
M.Sc. - 7.14/10
4.2 yrs exp as Software Engineer
Worked for Teach India as a volunteer-teacher for about 7-8 months and as a volunteer for IYM for 1 month.
Have short term client side experience as well.
Won team awards and individual award.
Need scholarship to fund my MBA.

If you suggest me to go ahead to re-take the exam, please suggest the correct date to re-appear. I took my test on 15th Nov., 2015. Will it be 16th Dec. or 17th?

Thanks in advance.

It's hard to answer this, especially since it really depends on how much progress you can make while studying and how much scholarship you need. I'd say it's not very likely that you will get a full scholarship to a tier one school. Tale a look at The sad facts about scholarships http://www.find-mba.com/board/37055

You're in a competitive applicant group so your chances of getting good scholarship money are not very good.

For your best chances target lower tier schools and then try to substantially outscore the average GMAT. The Average GMAT score at Smeal for instance (a good school for operations management), tends to be in the 615-620 range, if you were to score 700+ that would help your chances. Smeal's round 2 deadline is January 15.

But for the best chances, wait until next year, apply for round 1's with another year of work experience and a substantially higher GMAT score.

Thanks Laurie.
But does it mean that I can not think about tier-1 schools now? Actually, I am planning to apply this year taking some other factors into account.

You can think about tier one schools but your chances will be low and depend on the group of applicants that those schools receive. Also, your chances of getting substantial funding will be lower.

Let me add that as an Indian candidate from a VERY big and VERY competitve applicant pool you do not want to apply with anything less than the best you can get. What is that exactly? You know bettter than me.


Best,
Yaron

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I understood your point Sir. Thanks.