Apply Extended Round 3 or Next Cycle Round 1?

Question

Hi everyone,

I was wondering if anyone had advice for my situation. I went to undergrad at top-15 US college, GPA 3.65. My GMAT is currently in the 730-750 range in practice tests, but the online version will likely affect this score. I have 3 years work experience at a finance consulting firm and 3 promotions.

I was originally going to wait until the next cycle to apply to b-school, but I am now considering taking advantage of the extended deadlines, particularly for MIT and Booth. I'm reading on various forums that numerous students are asking about deferrals which might open up spots in the US for the upcoming year, especially for Americans. I'm also worried that admissions will be much more competitive next year because of the potential deferrals (fewer spots available) and the looming recession (more applicants).

The downside is that I would be rushing my essays, GMAT, and recommendations a little bit and would be giving up the chance at potentially getting into a H/S/W, but if it means a better chance at a school like Sloan, I would definitely be willing to go this route (my three references are MIT alums, one of which is a Sloan alum which I think would be an advantage). However, I am also worried that the extended deadlines are a bit of a false hope and that those schools are only looking to fill very few spots, which would actually decrease my odds for this year and next (as a re-applicant). Should I take a shot at MIT/Booth right now or wait until the next cycle?

Thanks!

HqLife · Answer

I will provide my two cents to this post.

Your school rank, work experience, academic performance, GMAT test (mock scores) are all on your side. But applying to the extended round or next year is a bit tricky. While next application cycle for sure is going to be one of the most competitive year, I believe that the extended round will also be competitive.

While schools continue to extend their application round due to the current circumstances, they have also dropped some of the requirements to apply. No GMAT/GRE/TOEFL, no application fees, etc... This will only make the application cycle for the extended period competitive since a lot of individuals will be thinking just like you and trying to take the opportunity. But remember, all of these schools are one of the best in the world and with their name comes prestige. They will rather have low incoming class but will not lower their requirements. No GMAT/GRE means they will HIGHLY focus on high GPA/essays/recommendations/WE. MBA at a top school is a once in a life-time opportunity, so do not ruin it for yourself for speeding through the application process and submitting a bad application.

From what I have heard, re-applications are looked down upon unless there is an amazing improvement. Others can comment on this, but this is from what I have heard.

At the end, if you are able to score in the 750 range and provide amazing essays and recommendations, go for it. If not, wait till the next cycle or the year after.

Remember that we do not know when COVID-19 will end, and looking at how quickly the business schools are removing requirements, it might work it your favor if they do the same for next cycle.

Enjoy and let us know about your decision. I will be glad to hear your story.

EDIT: Please also note that most of the schools are also reaching out to their R1 & R2 applicants that were competitive but declined/Waitlisted.

MBAPrepCoach · Answer

I agree with the above. Don't rush through the process out of some fear and then ruin your opportunity with the school. Because I'll tell you now MIT and Booth are not exactly reapplicant friendly unless you have a significant jump in your job title or your GMAT score. And there's been some time in between submissions.

Schools are looking to fill lots of spots and that's actually kind of the reason they're extending deadlines and dropping requirements because they have to backfill for people who are Reneging from their acceptance because of the covid situation.

A lot of people are not interested in potentially doing remote learning for the price that they would have to pay.

So the seats are there, however if you are not putting forth your best effort in terms of the application evidence of Quant skills, the whole bit of it then you're just speeding up the process of being rejected

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maplesnow · Answer

That makes sense - thanks both for replying. Given that schools are dropping test requirements, wouldn't someone with a relatively high score be more competitive than someone with no score? And all things equal (high GMAT, good essays and recs), do you think odds are better for this extended round or next year's early rounds?

On a different note, if I'm happy being either in the US or Europe post-MBA, what are your views on INSEAD in January vs. a top-10 US school in the fall of 2021? INSEAD seems appealing because I would be graduating a year and a half earlier than at a US school and start building work experience (and I do like the program a lot) but if I get in, I won't have the opportunity to throw my hat in the ring for some of the top US schools which could be more valuable in the long run.

Thanks!

HqLife · Answer

Yes definitely - Someone with 3.6 GPA and 750 GMAT will have a higher chance than someone with 3.8 GPA and no GMAT. (Using these numbers as an example).

Let's look at MIT that has a class size of 416 and 41% International students for 21'. Immigration into the US is now closed. So keeping the numbers the same, we can see that MIT now has 170 seats to fill + any students that cannot make it due to financials. Some of which will be filled through waitlisted candidates and other competitive candidates who were declined in R1 & R2.

On another note, imagine that everything goes back to normal by July/August. In this case, the application cycle for next year will be one of the most competitive anyone has seen. It will include everyone that originally planned to apply for next year + everyone that dropped out from this year + all international candidates.

I personally prefer any US top 10 school over INSEAD - even if I want a job post-MBA in USA or Europe. It might take longer with US schools, but I think it is worth it.

What I would do if I was you: Get my recommenders lined-up, take your GMAT and apply for extended round 3, as well as round 2 for INSEAD (January 21 intake). This way you have a decision by summer.

*Please do not let my personal views hinder your application decisions.

VantagePointKatie · Answer

Hi All,

Wanted to add my two cents on how schools view reapplicants. While I typically agree that someone must show significant improvement to have a shot at admission after a ding, this year may be different. On its recent webinar for admissions consultants, Kellogg re-iterated several times that there's no downside to applying in round 3 and then reapplying in round 1 if it doesn't work out. They recognize that the reason for rejection in round 3 could very well be that the class was simply full and that the outcome could be different in round 1. I read that as less of a need to show change/improvement than a typical reapplication. Could vary by school or just be them trying to encourage round 3 applications, but the emphasis they put on this point make me believe it.

Katie

MBAPrepCoach · Answer

Awesome and helpful info! 
Thanks for posting. I need to look into these calls...

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PersonalMBACoach · Answer

Others have given very good advice in this thread. I'll add that the internship/job market is likely be strained next year. If you think about the true purpose of business school - it's the access to the jobs and companies you wouldn't otherwise have. While it's plausible things improve shortly in the US market, we may still see effects in growth and hiring for a while as demand begins to creep back to normal. Depending on which industry you are focused on post-MBA, the opportunities may or may not be there next year. Moreover, you'd want to take advantage of the strength of your GMAT...not compete with others who do not have to submit. With only 3 years of work experience, you've don't need to rush the application process. First impressions are important here, and you want to put forth the best and most comprehensive application you can. In terms of re-applicants, I don't think there's a stigma attached to those who apply R3 and R1 in the same calendar year. The misconception is that there are all these new spots up for grabs due to the current situation, but competition is going to be fierce and schools will not lower their admissions standards to fill a class. Happy to discuss the situation in more depth, feel free to reach at scott@personalmbacoach.com. Regards, Scott

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