Before we can offer any guidance on whether submitting your business school application in Round 3 is a good idea or not, we need to clarify some terminology. Business schools typically have three rounds of application submission deadlines: Round 1 is usually in September or October, Round 2 in January, and Round 3 in March or April. Some MBA programs do have four rounds, however, in which case the first is in September, the second in November, the third in January, and the fourth in March. Four rounds tends to be more common with European schools, though. So, when we talk about “Round 3,” we are generally referring to a school’s last round. The advice we offer here therefore applies to the final deadline in an application cycle, whether that is labelled Round 3 or Round 4.
Business schools typically consider Round 3 the “shaping round.” By the time admissions officers are reviewing Round 3 applications, they have already accepted the vast majority of the next incoming class of students (in Rounds 1 and 2) and have a pretty good sense of how balanced the class is in terms of diversity (e.g., gender, age, race, citizenship, industry, college, background). Therefore, in Round 3, the schools’ are primarily focused on increasing the diversity of the class, and this is the lens through which they view that round’s applicants. Of course, the programs must first confirm that any candidates they are considering are qualified, but beyond that, their goal is ensuring that the class is as varied as possible. Keep in mind that Round 3 applicants are competing for the few remaining spots not only with other Round 3 applicants but also with waitlisted candidates from Rounds 1 and 2.
Given these factors, we would say that if you believe you are coming from an overrepresented demographic in business school admissions (e.g., consultant, investment banker), you would likely have a better chance of being accepted at your target program if you wait until Round 1 of the next admissions season to apply. However, if you are from a less represented industry or country—or have some other particularly distinctive attribute in your candidacy—you might have a better shot at success in Round 3.
We should note that these concerns about Round 3 are generally only applicable to the top 20 or so U.S. schools. This means that if you are considering applying to an MBA program in Round 3 (or the “last” round), one way of balancing the risks is by applying to schools outside the U.S. top 20.
