Very typical question I am getting right now-- Should I apply in this R3 and take advantage of the longer deadlines or just wait til R1? The answer to this question depends a lot on your situation. If you are an international applicant the case for applying now in R3 is a little murkier. While on one hand you can't get in unless you apply-- the reason that MBA programs are extending deadlines is because many international students may not be able to get here or have decided they don't want to do a potentially online portion for their MBA. So if you are an international student and would also have the same issues getting here, I don't see how applying in R3 helps much. Now every school is different and some programs -- such as Columbia-- have said they want people to apply whenever they can-- and they will decide if you are a good fit and if you are and can't make it they will defer you. As the fact is-- you won't get in at all if you don't apply!
I'd suggest that internationals reach out to schools of interest and ask the admissions team what happens if they apply R3 and then don't get in-- can they have an expedited new R1 application? Do they need to resubmit a whole new application? If you feel you will be rushed to do a half baked job in R3 then I would say wait until R1 when you can put out a really thoughtful application. But for US Citizens I would say there is more reason to rush to get even "half baked" applications out the door! Why? Because many programs are looking to fill seats to make up for the unexpected Covid departures and they may be willing to overlook some things if you have the right stuff and 1) are willing to be flexible with an online start if needed and 2) can get here. For example, Kellogg is waiving GMAT and testing this round-- so they are flexibile in realizing you might not be able to get the test score right now-- or other schools are saying things like if you can't get your recommender before submission they may be flexible there or let you submit only 1. Every school has new rules-- and these rules are being rewritten as I write-- so I would check with any school that interests you and ask if they suggest you apply now. Schools may love your GMAT score so much that they will overlook that ideally you should wait one more year-- they might actually want you now-- or they may be so excited that you have sponsorship or a job already promised post MBA that they are willing to take a slightly lower test score. You owe it to yourself to give R3 a shot. But do ask each school how that impacts R1 if you need to reapply. Again-- if you have to write a whole new essay for a new R1 and you did a half baked job on your best work example in your essay-- it might have been better to wait until R1 and do a proper job. But if you can submit an update for your next application or if you feel like you are fine reapplying and you will not be expected to wait another year before applying again-- then maybe it does make sense to apply now.
Give yourself a warm cup of tea to settle down and accept that all these extra choices are in fact stressful themselves. Now in addition to people wondering if they should apply-- there is the extra stress of when to apply! Normally at this time of year all efforts are now focused on preparing for R1 applications-- and that is still a good thing to be doing! But if you were on the fence about an MBA and now lost your job or just want to skill up, now could be the time to apply and there could be some unique "bargains" in this round in that some programs will waive testing or recommenders or lots of things just to get you in quickly to fill their needs.
Whatever you do, know that there is help out there! Admissions counselors are trying to follow all the twists and turns and can help you find opportunities that you may not have realized existed. Follow the weekly updates on Poets & Quants to see what new school updates are posted. Reach out for a consult to get advice on your best course of option. There really is not a one size fits all here! Best wishes to all of you trying to make decisions and also best wishes to all the admissions teams who are working likely harder than they ever have (and they already work really hard!) to pivot to all online operations and yet still answer all kinds of questions and potentially have to replace a good part of the class that they just spent all year carefully building! There will be a premium on those who can pivot fast in changing markets-- this is a great skill to have going forward no matter what you do! Remember we are always just a call away-- so reach out for a
free consult any time to learn how we can help!