I've missed the first two rounds of applications; I wasn't sure about my plans… or I kept delaying my GMAT/GRE testing dates. Should I apply to round 3 or wait for next year? We get this question a lot!
The answer 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 the top 10 schools. However, for many admissions directors, this final round is also a chance to consider interesting, unusual profiles that will bring diversity to the group.
What you should know about Round 3 before applying:
- By the time this last round comes around, most top MBA programs filled their class, and you will be competing for a limited number of seats, not to mention that priority will be given to waitlisted profiles from the first two rounds, the fact that HBS got rid of round-3 last year speaks volume about this final pool of applicants…
- Scholarships awards are typically lower on round-3, most funds have been allocated during the first two rounds, and the little left is usually earmarked for highly unusual or desirable profiles. So if a scholarship is an important factor in your decision-making process consider holding off till next year.
- Adcoms are no longer looking to fill out the program with good applicants. Round-3 is usually when schools seek out non-traditional applicants to bring diversity to the program and enhance their classmates' experience. Are you in Banking and Consulting? Then your chances will be slim (but nothing is impossible!)
- Many schools recommend for international applicants to apply for R-1 and R-2 to allow for paperwork processing time. This is particularly true in the context of this global pandemic.
If you are still shooting for round 3, then your odds will be higher 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 to why you waited for the final round
5. And last but not least, your application package is exceptionally well crafted
As previously mentioned, your target school is also an essential factor to consider. While your odds are lower on round 3 than round 1 at top 10 schools, you might have your best chances in a lower-ranked US school if you apply to the final round.