The GMAT is valid for 5 years. Read below for the specific details from top schools.
You may be wondering whether you should take the GMAT now or later. If you just finished college or you have some free time right at the moment and think you may want to do an MBA in the future then it's probably a good idea to take the GMAT sooner rather than later. You will not be penalized for having a GMAT score that is 3, 4, or even 4.9 years old. However, your GMAT score must be less than five years old. Do the top MBA schools accept old GMAT scores? Yes. Here is what some of the top schools say
Harvard
"GMAT and GRE scores are valid for five years.
Please be advised that in order to apply for admission in Fall 2020, GMAT scores must be dated January 1, 2015, or more recently."
http://www.hbs.edu/mba/faq/#gmat
Columbia
"GMAT scores are valid for five years. Your GMAT score must be valid up through the start of your MBA studies at Columbia Business School. For example, for January 2020 entry, GMAT scores must be dated January 7, 2016, or more recently. For August 2020 entry, GMAT scores must be dated August 20, 2020, or more recently."
Wharton
"GMAT scores are valid for five years after the test date."
http://www.wharton.upenn.edu/mba/admissions/faqs.cfm
Here is what Stanford says
"GMAT/GRE scores are valid for five years and must be taken before submitting your application. "
Also, as you may have heard, the GMAT changed in June 2012. However, many schools still don't pay much or any attention to the new section that was added, the integrated reasoning section as of 2020. There are some top schools that look at this score like INSEAD, but your overall GMAT score still matters much more than your Integrated Reasoning score since the overall GMAT score affects the schools' rankings whereas the Intergrated Reasoning section score doesn't.
Hope that helps!
Dan
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