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v1468k, Did the school inform you of what went wrong in the last application? I mean, was it the GMAT/GRE score or some other area where you could improve?
I applied in round 2 last year. They said that for Round 2 they were considering candidates (with my similar profile) with at least 5yrs of experience and 720+ GMAT score . I had only 4.2 yrs experience that time and GMAT was 710. I haven't taken GMAT again. So this year I will be applying with the same GMAT score. I hope it will be OK as I have some strong quant background with R&D experience and a masters in engineering.
Round 2 is difficult especially for candidates from over represented groups like mine, as candidates with similar profile would have already secured admissions in round 1. I know people with similar profiles securing admits with even 700 Score in round 1.