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The median GMAT score is a little over 500, but a score of at least 650 is needed to be considered competitive by leading MBA programs.
There are no mistakes in the original sentence.
This answer choice changes the original meaning by replacing but with so.
This answer choice is grammatically incorrect, because the correct singular verb is has been replaced by the incorrect plural verb are.
The verbal form are does not grammatically agree with (=match) the singular subject The median GMAT score.
This answer choice is redundant as it replaces the concise phrasing at least 650 with the wordy phrasing 650 or more than 650.
This answer choice does not fit into the original sentence because of the omission of the word by.