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Most top b-schools have grade non-disclosure, so firms that go through on-campus recruiting can't even ask for it (if they are off-campus recruiting then it's fair game). I was never asked my mba grades or GMAT during my interviews, but I did put my GMAT on the resume since I got a fairly good score.
Ultimately, for IM, it boils down to your previous experience and pitches.
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Wait, are you currently in b-school? If so I see no point in retaking the GMAT; that would be a HUGE waste of time and quite frankly would be idiotic.
If the school does not have GND, then yes, it's fair game, but even then I don't think IM firms would ask.
I was wondering how much effort I need to put in for classes and whether IM firms ask about GPA for recruiting like banking and consulting firms are known to do.
If you are not in b-school and have time to retake it, sure go ahead. What range b-school will you be attending? For IM anything outside of top 10 will make it VERY difficult to get IM. For banking/consulting any top 15 will suffice. I know that McKinsey asks for GMAT and college gpa but don't think they care about b-school grades. I could be wrong on this though.
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