When you apply to business schools, you’ll have 3 rounds each year to apply to, each with their own deadline and time frame. Picking a round will depend partly on your ability to prepare in time, but there are also some strategies you can use to turn the application rounds to your advantage.
Strategy #1: Avoid round 3
This is simple but important: Never, under any circumstances, should you apply to round 3. If you’re unable to prepare in time for rounds 1 and 2, wait until next year.
The reason you should avoid round 3 is because your chances of admission in round 3 depend on the quality of the first 2 rounds.
For example, Chicago Booth had a very good yield for its first 2 rounds this year, so round 3 will probably make up only 10% of the class size. Normally, 15% of a class comes from round 3, so it has a pretty low yield rate even in a less competitive year.
Applying during round 3 will reduce your admissions chances.
Strategy #2: Use round 1 to apply to your top picks
The advantages of round 1 stem mostly from timing. I applied to Harvard, Stanford, and Wharton in the first round because they were my first choices. Applying early demonstrates your interest in a school and shows that you’re well organized.
However, the main reason to apply to your top picks in the first round revolves around deadlines. If you apply to Harvard in round 1, you’ll get your admissions results back before the deadline for round 2. That way, if you get accepted in round 1, you can skip round 2 altogether, saving you time and money.
Strategy #3: Apply to 1 or 2 less competitive schools in round 1
Looking back, I would have applied to more schools like Kellogg or Booth during my first round. Most applicants will follow the basic strategy of applying to Harvard and Stanford first, and then applying to other schools once they’ve been rejected. As a result, there’s a flood of extra applicants during round 2 at other schools.
If I had applied to Booth during the first round, I would have probably gotten in more easily. In addition to considerations like the timing of deadlines and your own level of preparation, you should prepare ahead of time for the possibility of rejection.
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