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I have been working in an IT firm from past 1.3 year , and now plan to take my career to next level. I plan to take my GMAT in January. I am in a doubt whether to take the exam in January and apply for R3 or take the exam few months later and apply for R1 next year. Also i would like to know that most of the b-schools require 2 year of work-exp at the time of application or at the time of admission ?
The answer of when to apply certainly depends on your personal situation and goals. As far as increasing your chances for admission, I would recommend waiting to apply to Round 1 of next year. 1 year of work experience is not a lot for business schools, and 2 would most likely look a lot better when applying. Additionally, your odds are typically a little better if you apply Round 1 vs. applying Round 3. It tends to become more difficult to get accepted in later rounds, due to the rolling admissions format.