Does it matter what round you apply to? The short answer is yes, whether you submit your application in round 1 or 3 there is a strategy to maximize your chances of admission.
Deadlines Vary from School to School
First off, it’s important to stress that all schools are not the same! Top 10 schools tend to have roughly the same deadlines: September for round 1, first week of January for round 2 and early April for round 3. However, many schools have staggered application deadlines, some have more than 3 deadlines and others take applications on a rolling basis. In other words, they will keep accepting applications throughout the admission cycle and if admitted you will be entering the next upcoming class. It’s important for you to keep track of these deadlines. Send yourself multiple reminders to make sure you don’t miss the boat!
Round 1: Odds are in your Favor
For top 10 business schools it’s a well-known fact that early applications are favored. It shows that you have made your decision early enough to submit a full application by the first deadline. Not to mention that scholarships tend to be more generous for those early birds! If you have a typical business background, a decent GPA and GMAT my advice is to always shoot for round 1.
Round 2: Proceed with Caution
This is when the majority of applications are submitted. This round is good if you are confident with your application but want to take a deeper look into your school/program of choice. Perhaps you would like to visit campus? seat in a class? meet current students before you commit? In that case, I will recommend round 2. This round is also good if you would like to take the time to polish your application and perhaps take the GMAT/GRE multiple times to increase your scores.
Round 3: Is it Even Worth Trying?
I get this question a lot! The answer really depends on your background and your target school. The main disadvantage of applying to the final round is that chances are your application will be measured up against previous successful applications. In essence, the final round of applications is more competitive, particularly in top 10 schools. However, for many directors of admissions, this final round is also a chance to consider interesting, unusual profiles who will bring diversity to the group.
If you are shooting for round 3 your odds are best if you meet the following criteria:
1. You have an outstanding GMAT/GRE score
2. You have an unusual profile (STEM or Human Sciences background)
3. You have multiple years of work experience (international is definitely a plus!)
4. You make a compelling argument as of why you waited for the final round
5. And last but not least your application package is extremely well crafted
As previously mentioned, your target school is also an important factor to consider, while your odds are lower on round 3 than round 1 at top 10 schools, you might actually have your best chances in lower ranked US school if you are applying to the final round.