Rahul,
I got same score but my number of attempts are numerous. I have given GMAT four times but my latest score is 630.
First Score:470 [Q-41, V-15]
Second Score:530 [Q-50, V-14]
Third Score:630 [Q-49, V-27]
Fourth:Cancelled
I have sent mails to aforementioned colleges but didn't receive a transparent view.
For me, It will be next to impossible to get a call from these colleges but I am not sure enough how ADCOM will look over your score and work ex. I am planning to give a final attempt after four months. I think if you are planning for European colleges then even after scoring above 700 there is no such guarantee as for these colleges your profile mattered the most. If you have three years managerial ex. then there is a chance for interview otherwise chances are very bleak. For US colleges, If you are able to crack the interview of Tier1 Universities then the game will be on financial aid.
For further query please send PM.

hi mickey,

thanks for your reply, no I dont have any managerial work ex tho there were 6 ppl reporting to me in the team, then i left the company and now planning to start up something on my own, what do you think where can i apply. I made a blunder in my gmat anyways can you tell me if not mba do i stand a chance in Masters in HEC or good european school.

Thanks

or maybe HKUST or anywhere?

I think you can easily get admitted for Masters but there is huge
difference in salary of Masters and MBA.
In Masters: Less Investment and Less Salary
Reference: http://rankings.ft.com/businessschoolrankings/masters-in-management
In MBA: More Investment and More Salary
Reference:http://rankings.ft.com/businessschoolrankings/global-mba-rankings

I think it will depend on your short term and long term goals.
if you belong to a prosperous family then its better to give GMAT again and if you are looking for a service then you need to analyze what you can achieve both by Masters and by MBA.

forget IE and HEC. They only take over 700

Donho, that's not true. At IE, their average is around 700. But they accept lower than that. Their admissions rep told me the minimum they look at is generally 600. I got in with a 610.

Hi rahul,
I think you should go ahead and apply for IE.
They are more focus on non-GMAT values (ie.enterpreneurship skills) since they are the best at it.
For HEC, maybe you should send e-mail to the admission office for evaluation.
I did send me profile to HEC and they indicate that I should apply with stronger GMAT score (btw, mine is 620).
But, strangely, better ranked-schools (ie. IESE Navarra) do not even care that I have low GMAT.

So nobody knows whether your GMAT is good enough unless you ask them about it.
Remember: beauty is in the eye of the beholder.
One school might think you're not good enough, but other school thinks you're their golden boy.

Thanks a ton everyone, I am planning to start my application asap. Thanks again