I scored 700 on the GMAT and I have 3 years of work experience. Which MBAs should I apply to?

I looked at the GMAT tier posting and the schools in the above 670 GMAT tier need more work experience (I was interested in IE Business School but it looks like the average work experience is 5 years...)

Can I apply to a school like Pennsylvania Smeal? The average GMAT score is lower but the work experience is higher... Would it balance out for me?

That depends on how strong you are as an applicant. I'd look at the bottom of tier 2 unless you are an Asian engineer or IT guy.

I actually did my bachelor's in engineering but I now work in a telco. Do you think I can still target tier 2 schools, like Boston University or Vanderbilt?

You're on the low side in terms of work experience for these schools. I wouldn't consider this a deal breaker exactly, but it's going to depend on how well you present yourself in your application essays, interviews, etc.

The schools will be looking for clear goals and a good explanation to as why you need an MBA now, at this stage in your career, since they clearly target applications with more work experience, generally speaking.

You might also hedge your bets by applying to a safety school, where your GMAT score is higher than average. Something like Babson or Purdue, for instance?

Thanks for the vote of confidence. I will make sure I put a lot of thought into my MBA essays. I looked at Purdue and it looked like a really good program.