For those who are already out of school (the majority of GMAT takers), the answer depends on your mode of preparation and starting score. If you don't know your starting score, take a practice test asap to get your baseline.
Self-studiers:
You'll want to allow at least 2 hours of self-study for every point you need to raise your score. If you need 100 points, you'll want to allot 200 hours to be safe. So if you're working full-time and can only devote ~10 hours of study per week, that's 4 or 5 months. However, you will forget much of what you learned the first 2 months, so if you have more than 50 points to go, you'll want to do something different.
GMAT Class
Students who take GMAT classes don't do that much better than those who put the same amount of self-study in. The difference is on the order of 20 or 30 points. I actually recommend hiring a private tutor for that amount of money.
Private Tutor
This of course depends on the tutor, but they should multiply your score increase rate by a factor of at least 2. My students see their scores increase by between 3 and 7 points per tutoring hour (the fastest in the world). To get the most out of private tutoring, you will need to do homework between meetings and bring them only the questions you struggle with, so that you are not paying your tutor for things you could have done on your own.
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