As an ISB alumni, who has gone through the process and also evaluated quite some applications to ISB - I can say the following :
- GMAT score is important - but do not spend abnormal amount of time preparing & giving GMAT that it leaves you with only a week to complete the ISB application on the ISB Online Application Portal
Ideally, one should give GMAT at least a month before the application deadline (Round 1 Deadline is 30th August, 2010). Aspirant should spend the entire month introspecting, writing/reviewing essays and the many other important areas in the application (yes, the ISB application is much more than the essays! - which many aspirants forget)
- If you have already taken a date too close to the application deadline (read - an exam date within a month of the application deadline) then it is a good idea to start working on the ISB application content - specially the areas like - Work Experience , Awards and Achievements, Figuring out references for ISB Application etc.
Do it whenever you get bored with preparing for GMAT
The essence of above two points is also captured in an article I wrote a while ago - Plan Do Check Act
Best of luck in your ISB Application / ISB Essays / Research about ISB / GMAT preparation etc. etc. !
Keep reading this blog for more content for ISB Aspirants!