Should You Apply in Round 3?

Wondering where the last six months went? They flew by in a blur. You’re not alone. The first two deadlines for top MBA programs slipped away. You’re not alone there either. Now you’re questioning: Is MBA Round 3 worth it? Or should you wait until next year?

The Truth About Round 3 MBA Applications

We can’t decide for you. But we can share the truth. Spoiler alert: You should probably wait for Round 1 next year. Here’s why Round 3 MBA is so challenging.

• Chances go down, waaaaay down in round 3. Unfortunately, by the time MBA Round 3 arrives, most of the class at top programs has filled with prior round applicants. In fact, HBS decided to eliminate its round 3 cycle last year. In many cases, the adcom is also re-evaluating waitlist candidates from the prior two rounds. Competition is fierce for a finite number of seats.
  Although the schools don’t publish acceptance rates by round, our friends at Poets & Quants have estimated them. They based this on self-reported data from GMAT Club. This is not a perfect sample. Please take it with a grain of salt. But it can be used directionally.
  For example, acceptance in round 3 at Stanford declined by 75% (vs. round 1). That’s a mere 2% of applicants — ouch! Other programs such as HBS, Haas, and Tuck declined 65-68%. Their final round acceptance rates drop below 10%. Some schools have acceptance rates that round to zero for round three!
  
• The adcom is refining, not building the class. At this point in the application cycle, the adcom has reviewed applications for six or more months. They’ve likely admitted applicants similar to you. This means the bar is set higher. You must distinguish yourself and stand out as a candidate.
  Perhaps most importantly, however, is that we’ve consistently heard from adcoms at the top programs that they look at round 3 applicants to refine and fill any gaps in the final composition of the class. While that’s much more art than science, it does present a challenging case for many traditionally over-represented applicant profiles (i.e. consultants, IB/PE, engineers from India, tech etc.)
  This is not to pick on these folks, but the reality is that the chances that a top program has a lack of consultants, for example, among its pool of admitted students is simply lower. Have consultants ever been admitted in round 3? Of course! But it’s an uphill battle.
• Scholarship money is typically less available for MBA Round 3 applicants. Some schools consider all applicants for merit-based and need-based scholarships. This applies no matter the application round. Others, such as Columbia Business School, have a January deadline. You must apply by then to qualify for scholarships and fellowships. Since the timing and process around financial aid varies from program to program, we suggest confirming that for your specific list of schools. However, even if your school(s) awards financial aid on a rolling basis, the funds left over for round 3 applicants are simply lower as earlier applicants will have received priority.
• Additional considerations for international applicants. Lastly, if you’re an international applicant, most schools recommend that you apply in round 1 or round 2 in order to give yourself plenty of time for visa processing, housing arrangements, etc. It’s not impossible to make the timing work for round 3 but it will most likely be stressful. 

Although round 3 does come with its risks, it’s not all downside. Every year, dozens of fantastic candidates are admitted in round 3. If they weren’t, then all of the schools would just do away with the late round(s), right? But we know the bar is just a lot higher. In our experience, round 3 could be right for you if:

1.You have a tight and differentiated application. The adcom expects MBA Round 3 applicants to be buttoned up. After all, you’ve had more time to work on your application than prior applicants. If you’ve done the hard work, this could be your time. You need a compelling story. You need thoughtful, well-written essays. This takes multiple edits and drafts. You also need a great GMAT score. And if it doesn’t work out, you can consider that you gave them a preview of what’s to come in round 1 of next year! (And this is not a bad thing). You just have to be confident that between now and round 1, you’ll have a really interesting and compelling update to provide if you have to apply again.

AND / OR

2.You have a compelling reason for your round 3 timing. The adcom will expect a compelling reason for your MBA Round 3 timing. Sometimes circumstances push you into this round. An illness or military service may be the cause. Sometimes it’s wrapping up an important project at work. Travel or a promotion can also delay your application. No matter what it is for you, be sure to explain your reasoning and don’t leave it to assumption.

Not too certain after all if round 3 is right for you? Well, it may be worth waiting until round 1 of next year if:

1. You’re a younger applicant. If you have less than three years of work experience, you fall below average for top MBA programs. It may serve you well to get a few more months on the job before applying. During that time, you could strengthen your leadership experience. You could manage summer interns. You could take on an innovative project. All of these experiences improve your profile.
2. Generally, your app isn’t the best it could be (GMAT, ECs, leadership experience, etc.) If you’re aiming for the top programs and there are any aspects of your application that you could still impact for the better, it may be worth focusing on getting those right before you apply. No matter what the timing, we always advise our clients to submit their applications when they’re in the best place possible.
3. You don’t think you’d make a good reapplicant. These days, being a reapplicant is NOT a bad thing. Most schools tell us that they like to see the commitment of reapplicants. We helped a third time reapplicant get into HBS and Stanford just this past year! However, to be a good reapplicant, you need to demonstrate growth. You need to show development and progression since your last application. If you don’t think much will change between March and September, wait. Apply with your best foot forward in round 1 instead. It’s NEVER a good idea to submit a sub part application in haste – as a reapplicant, they will be looking at your original application again, so if you submitted a sloppy piece of work, it will haunt you. 

As always, reach out to us if you aren’t sure and we can help:  www.vantagepointmba.com