In previous blog posts, we have discussed what the hype is all about applying to Round 1 and the virtues of applying in Round 2. What about Round 3? The last round no one ever talks about. There are a few reasons why you might want to figure out the perfect timing for you. In this blog post we will help you navigate which round you should aim to apply to.
1. Consider your personal readiness to submit an MBA application for Round 1. No matter what strategy you employ for timing.
Ask yourself these following three questions to see if you are indeed ready to apply to Round 1:
Do you have the best GMAT score that you can achieve?
Do you have the appropriate amount of progressively responsible work experience?
What if there is a pending promotion in your near future, and by delaying your application a few months, you will be able to experience something extraordinary which could impress the admissions committees even more?
We had a client at Amerasia Consulting who was on the verge of receiving a new international assignment. They decided to wait until Round 2 so they could add it to their resume. Prior to this, they had no international experience at all. These kinds of opportunities are not only good for the resume, but also provide great content for essays. These experiences could position you as a more mature, seasoned employee.
2. A reason to wait until round two might be to give you more time to visit individual schools.
Be it online or in person, visits to business schools are one of the most important components of the due diligence process. There is simply no substitution for sitting in a virtual or actual class and meeting real, live students in your target program when it comes to deciding if you fit in. Some schools will even give you brownie points in the admissions process for visiting. We suggest you look for schools with a historically low yield number. Yield being the number of students who accept an offer of admission. If a visit indicates that you are truly serious about going there, you should give it a shot.
The most important reason to delay your application is because it is simply not at its best (yet).
If you feel you are rushing things and not spending an appropriate amount of time on introspection, you should wait. Submitting an application that is incomplete or sub-standard, especially one that has not been vetted by either a consultant or confidant who perhaps went through the same process, you should strongly consider delaying. Statistically, your chances of admission in round one or round two is similar. So don’t let application strategy tempt you to submit an application that is not fully ready.
A good rule of thumb for when you should apply to b-school: go for round one if you can, but only if your application is at its best.
This rule of thumb will serve you well, especially if you fall into either one of two categories: you have several different schools you would be thrilled to get into, and you consider yourself to be a competitive candidate.
If you have one school you favor very strongly and/or if you feel you have weaknesses in your application which could potentially hinder your chances, you should take a serious look at a third option which often flies under the radar for many applicants: the early action deadline.
3. What is early action?
Not all schools offer this, but those that do, provide “extra consideration” for candidates who 1) apply early in the process (typically a few weeks before round one), and 2) can commit to attending their program immediately if they are admitted. The rules differ from school to school of course. But these rules range from a requirement that all other applications be withdrawn upon an offer of admission, to simply paying a tuition deposit to reserve your spot, which would be lost if you change your mind. Checking with each school is important, as you don’t want to hinder your chances at other schools, especially if you ended up getting into your reach school.
However, if you would be happy attending University X and you feel you could benefit from some of this “extra consideration” for making a commitment up front, you could be pleasantly surprised by leveraging early action. The bonus? You get to find out before all your friends do, which makes the holiday season much more relaxing.
4. What about the third round?
The third round, being the last round, is the most challenging. But let’s hear from the horse’s mouth. Bruce DelMonico, Assistant Dean and Director of Admissions at Yale SOM, says:
“We definitely advise people to avoid the third round, if possible, because space can become an issue by the time the third-round rolls around. But we do view the first two rounds as roughly equivalent.”
We at Amerasia Consulting would avoid it as much as possible, however, there are exceptions to these rules. And believe us when we say miracles do happen. So, if in doubt, talk to one of our experts and we’ll be able to advise.
SO, LET’S SUMMARIZE THE "WHEN TO APPLY" STRATEGY.
Go for round one if your application is ready and you want to take a chance on your dream school,
Go for round two if you feel delaying your application will make it better,
Avoid round three as much as possible (but remember there are exceptions to the rule),
And go for early action if you can muster a firm commitment to your chosen school and you could also use a bit of special attention in the process due to a weakness.