How to choose the right MBA application round
I recently provided some insights to the US News & World Report on how MBA candidates should go about choosing the right MBA application round. Here is an excerpt from the article:
"To be able to successfully execute Round 1 applications requires planning and being able to dedicate a lot of time and effort to the process," Petia Whitmore, founder of My MBA Path, an MBA admissions consulting firm, wrote in an email. "That’s not always possible. Sometimes the timing of applying is impacted by external events – family, jobs. Often as the deadline looms, candidates find themselves needing more time to work on their materials than they anticipated."
Furthermore, a B-school hopeful may be dissatisfied with his or her standardized test score on either the GMAT or GRE and could attempt to raise the score by studying more, explains Whitmore, who previously served as dean of graduate admissions at Babson College's F.W. Olin Graduate School of Business.
"In the end, the most important thing is to ensure you have put together the strongest possible application," she says. "If that’s not possible for Round 1, a candidate is better off applying for Round 2."
You can read the full article here.
And here are five more things you should keep in mind as the countdown to the first application deadline this fall begins.
1. It is a well established fact that all things being equal, the odds of getting admitted and receiving a scholarship are indeed highest in Round 1 and become lower in subsequent rounds. But the difference in odds between Round 1 and Round 2 of MBA Admissions is no longer as stark as it was when I first started working in MBA admissions more than a decade ago.
2. With this being said, one of the top correlating factors to gaining admission to a top school is the amount of work you put into your application. That’s not always possible in Round 1.
3. Many students apply to multiple schools, often 4 or 5. Being able to submit multiple applications over a relatively short span of days is not an easy task. You should make every effort to apply in Round 1 to the schools that are at the top of your list, which are usually the most selective ones in your consideration set.
4. In Round 3, your odds of being admitted to a top MBA program and getting a scholarship are pretty slim. Round 3 is not even always an option. A couple of years ago, Harvard Business School eliminated Round 3. Unless your candidacy is extremely competitive and unique, Round 3 is not advisable when applying to a very selective program. Round 3 could still be an acceptable time to apply to schools where your candidacy is very competitive.
5. Applying in Round 3 is a bad idea if it is the result of a last minute decision and is hastily executed. It will mean wasting time, money, and potentially landing at a program that may not be a good fit for you. If you have been unsuccessful in Rounds 1 and 2 and can afford to wait (which should almost always be an option), you are much better off strengthening your application and applying again in the next Round 1.
The bottom line is that getting your MBA is a fundamental decision, which impacts your life and career forever. It should come as a result of careful consideration and it requires and deserves substantial effort. The timing of your application should allow you to put your best foot forward. There are rarely any shortcuts to any place worth going.
Onwards and upwards,
Petia
P.S. Hungry for insights on how to build a great MBA story? I’ve got you covered: MBA Story Differentiation Dos and Don’ts