At what stage of admission process is proof of funds needed?

there is nothing like that, at least for american schools. once you are admitted and pay your deposit, it's up to you to pay the bill, whether through your own money, a private loan, government loan, drug money, etc. nothing is required to prove you can pay beforehand, that would blatantly leave out about 70-90% of applicants who weren't lucky enough to be in jobs where they could save $160k in cash for business school.

Okay, that helps, although I would still love to get opinions from more people...

no such thing is required by the school

Business School doesn't require it before admission submission. I think what you're referring to is the I-20 Sevis process. Once you are admitted to business school, you first submit a financial aid application should you require funds. Then they disburse the funds they feel is a good fit for you at which point you can accept, negotiate or whatever. Sans the funds they give you (loans included) you will be required to show proof to the school for the remaining funds in order for them to issue you an I20 document, which is a necessary document for applying to the US consulate for a F1 visa. Until then, you're good. So the admission offer comes first. You don't need to do anything before that. Hope this helps.

You don't need it while applying but you will need it for I-20 and visa.

rishabhsingla, I suspect you're referring to the visa issuing process. Different schools have different requirements. For instance, Cornell asks that you show 142k+ in liquid assets, which is the total cost of education for both years, whereas Ross only needs proof for 8k, which is only living expenses in year 1, as long as you apply for their international student loan. Official proof is required as part of the I-20 issuing process, which for most schools happens some time in May. I-20 is a school issued document that you then use to get your F-1 study status at the border (for Canadian citizens) or a US consulate if you live overseas.

Hope this helps.

Thanks ariel, this is helpful.