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Here is some general advice.
The key difference between the two rounds is that in Round 1, more seats are available and the profile of the class has not yet begun to take shape. Thus, your odds of admission should be higher at many schools. Also, for many top business schools, the number of applicants goes up in Round 2, because many candidates try to work on their applications during winter vacation, when they have taken days off from work.
For re-applicants, if you applied in Round 2 in one year and you were rejected, you may find that you have better outcomes if you apply in Round 1 of a subsequent year, because you will be applying when the most number of seats are available in the top MBA programs.
There are instances when Round 2 might be better for a candidate, however. For example, if you are short on work experience and you need a few more months to add quality work experience, Round 2 might be best for you. If you need time to get your GMAT score up, that might be another reason why you should wait for Round 2. If you simply won't have time to produce excellent essays in Round 1 given work demands, it is likely best that you wait for Round 2, if that means you can present an outstanding application rather than a mediocre one.
Whether the Round 1 vs. Round 2 timing of an application will matter for you, in particular, will depend upon the specifics. If you are a very strong candidate, you likely won't be affected by the timing. Some candidates are so highly qualified that they will have high odds of gaining admission regardless as to whether they apply in Round 1 or Round 2. But, if you come from a highly competitive profile - for instance, if you are a male Indian engineer who will be applying as a foreign national applicant - there are some schools where the timing of your application will make the difference between acceptance and rejection, with your odds much higher for acceptance in Round 1. Please note, though, that this is not true for all schools, but is true only for a few specific schools.
Are there any diffrences between R1 and R2 admissions? Which one give the highest chance for getting admitted?
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