Hi again,
See below for my thoughts on your questions!
1) I was under the impression that the GMAT score is just one of many things MBA programs look for when evaluating potential candidates. Do you think that the other parts of my profile (impactful WE at a top 2 BB firm, extracurriculars after my UG, etc.) would outweigh my below average GMAT?
Yes you are correct that the GMAT is just one of many things... BUT at top schools it is SO competitive and they actually turn away many qualified applicants each year... so starting out well below the average score at their school will make it that much tougher (i.e. they accept people at that score range but the #'s are much smaller than the #'s accepted with higher scores, if that makes sense). So I can't quite say those other things would 'outweigh' the GMAT but hopefully will help give you a shot. And what they see and learn about you and who you are from your essays and recs can be hugely important too!
2) When looking at extracurricular activities, exactly how much of an impact does that play into improving my chances? I've seen many profiles that don't have hardly any service or volunteer work. If MBA schools are looking for well rounded candidates, then how do these types of candidates get selected over candidates with much more volunteer/service experiences, but slightly lower GMAT scores?
It is a plus, not likely the one deciding factor unless really unique and involved etc, but a plus! Again on quick glance at someone's 'profile' you are missing critical factors such as the essays and recommendations that could really bring someone to 'life' and share who they are and what they bring to the class.
3) My #1 destination is UCLA.. What would it take to improve my chances of being accepted WITHOUT having to retake the GMAT?
Taking the GMAT out, look at what you can still impact.. the essays being the biggest factor!! Recommendations as well but depends how much influence you feel you'd have on those.
If you'd like a free consult at any point let us know! Otherwise good luck and keep us posted!