I took the GMAT over three years ago (in early 2013). Some unexpected events came up and I ended up not applying to b-school. But now, I'm going to apply for fall 2017.

Question: should I retake the test? I did a lot of preparation before doing it the first time and did better than I expected (720).

I am just worried now that b-schools will not accept this older score. The risk is that I re take and get a lower score (entirely possible)...

You will be fine.

Thanks for the reassurance!