There’s no yes or no answer here, but I will give you some points to consider that will help you make your decision.
You probably should retake the GMAT if…
• You have other weaknesses in your profile and you feel a high GMAT score will help you compensate for them.
• You have the time to prepare, study hard, and change the outcome.
• You are a reapplicant who has received feedback that suggests you need to boost your GMAT score.
• You blame you’re not-so-brilliant score on a bad day and know that if you retook the GMAT you’d have a meaningfully higher score.
You probably shouldn’t retake the GMAT if…
• You proudly overshot the 80-80 hurdle. (Note: If you scored above the 80th percentile in both the verbal and quant sections of the GMAT, then you generally don’t need to retake the GMAT, even if you apply to a school at the tippy top of the tier.)
• You’ve already taken the GMAT 3+ times. (Think about the law of diminishing returns.)
• You are aiming too high and know deep down that you should probably just apply to b-schools with lower average GMAT scores at matriculation. If your GMAT is high enough for schools that you would be happy to attend, then you don’t need to retake it.