FergTron, emontThanks for dropping in! I got your point
EstreetThanks for the hint!
PigglesI think you’re right. That’s exactly what my initial question was about. Choose the best school, although it may be Harvard or Stanford, for the different “best” to different people, and put as much effort as you can to get admission. And if your profile doesn’t fit that school at the moment, bolster it and try later. I for some reason thought that’s the approach everyone sticks to.

Please, tell me, what is EC? Extracurricular?
There is one more question I'd like to review here. I once happened to attend an open day at a b-school of Ukraine where I was told that when applying to a foreign b-school I have to compete with Indians and Americans, English for whom is a native language. I've always thought and I do now that when b-schools seniors plan class attendees nationalities they tend to diversify it. I mean they think like "we want 35% of Americans, 30% from Europe and ..." so in this way I'm forced to compete only with 30% of Europeans. Am I wrong?