Marquis
Since it is a known fact that last rounds offer very few seats and also reduce the chances of any type of scholarship or financial assistance by a large extent so would it be recommended to wait for next year's R1? I will also gain some work expereince in analytics domain at a 2nd tier consulting firm by then which might be of some help in my post MIM career prospects as I crave for consulting positions.
Hi Marquis,
My suggestion to you would be the following:
If you think you can put together a compelling R4/R5 application, why not apply this year? Clearly LBS find plenty of qualified candidates to admit in R5 or it wouldn't exist. If you are not admitted, you can always reapply the following year in R1 after gaining some work experience, at which time you will benefit from having done the process once before and a healthier resume. The Admissions Committee also reserve the right to grant deferrals in special circumstances, so that could even be an option for you. (Such was my case, and I think I am greatly benefiting from a year of full-time employment.)
As for scholarships, according to the admitted students portal, the Annual Fund scholarships and bursaries are "allocated on an equal basis at each stage of applications," though I would guess that you are probably at an advantage for other sponsored scholarships you may qualify for if you apply earlier.
While the decision is ultimately yours, I would learn towards giving yourself the most options possible. This, of course, is just one opinion!