Although you can apply in the 3rd round, we recommend that candidates do not apply to the final round. Final rounds for a given school (be it round 3 or round 4) are often a bad strategy. For many schools, this is the time they are focused on completing their class and picking very specific profiles. In addition, if you submit an application in March and are not admitted, you do not have much time to regroup and improve your profile before reapplying in October for the next season.
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MBA blogger, US News and Author, The MBA Application Roadmap