coakleym
formerlyknownas
Actually it is Sloan
formerlyknownas, I just wanted to say I applaud your decision and had contemplated something similar myself briefly for a different school. I especially applaud your decision because you only applied to one excellent school and got in. You don't even know the extent of what's possible for your profile/interview skills. Good luck and ignore anyone who says this is a bad idea.
Also, cyrez8, you only get to do your MBA once. Don't settle for anything less than what you know you want. Also ignore anyone else who tries to flame you because they don't have the fortitude to go double or nothing next year.
I normally agree with you, but this time I really think you're wrong. I think there has to be a material change somewhere in the application that would change the percentages in your favor. By material change, I'm talking about a shift in what you're looking to do, a big boost in gmat score, a life altering award, huge promotion, etc. Without this change, it's very difficult to make an argument that you'll get in next year. Reapplicant acceptances rates just aren't very good.
There's a lot of risk involved, and yes, there is quite a bit of reward too. I think you lose the safety net of the schools that already admitted you, and you lose a year of post-mba earnings. You say not to settle for anything less than what you want, but you can't always get in where you'd like.
I'm not flaming anyone. I love the ballsyness of the whole idea. I kind of think of this the same way that I'd think of a semibluff in poker. You may end up with the best hand, or you might end up losing a lot of chips. It's definitely ballsy, but I don't know how successful the outcome will be. It seems like the numbers don't work out as much as I would need it to to make the same play.
Really though, I wish you both good luck with this, and I'm going to keep an eye out for both of you next year to see how it turns out.