UPDATE: This article was originally posted on October 24, 2018. It has been updated with new information and tips below. 

Deciding when to submit your MBA application is one of the most important strategic decisions you will need to make during the preparation process. 

For most schools, submitting your application as early as possible (especially for programs with “rolling admission” like Columbia Business School) is a clear advantage, though clicking “submit” before your application is at its strongest can lead to disaster. 

That’s why we’ve prepared this guide to help you not only understand the differences between each MBA application round, but have also broken down how each round can potentially influence your application strategy and, thus, your chances of getting into your dream school. 

 

1. What are MBA application rounds?

Unlike many other programs, business schools accept applications in rounds. Most top business schools have 3 rounds, though some schools like INSEAD, NYU Stern, and Dartmouth Tuck have 4 rounds.

For each round, all applications sent before the established deadline are considered equally. 

For example, if the deadline is September 1, a candidate who submitted an application in July is considered at the same time as a candidate who sent his application 5 minutes before the deadline expired. The exception to this rule is rolling admissions, which we cover in more detail below. 

TOP TIP: You cannot apply to multiple rounds at the same school in a single year. For example, if you apply to Stanford GSB in Round 1 and are denied, you cannot apply for Round 2 that year. You must wait until the next year to reapply. 

By choosing to send your application at the optimal moment – when you have a strong GMAT score, outstanding letters, and polished essays – you can maximize your chances of turning your dream of attending a top MBA into a reality. 

 

2. Which round is best for my application?

You should submit your application when it is at its best. If you’re not sure your essays are ready or if you plan to take the GMAT additional times to improve your score, you may need to change which round you choose for your application. In general, we recommend students apply in Round 1 or Round 2. If you are applying for European schools, Round 3 is also a viable option. 

 

2.1 Round 1

When considering that most of the world’s most competitive programs open their doors to only 300-400 talented professionals each year, applying in the first round can make a difference. 

This is especially true if you are part of an over-represented group (like male management consultants), since it will be much harder to stand out the more people with a profile like yours the school hears from. 

Furthermore, if you have a strong GMAT score, have solid letters of recommendation, and spent ample time crafting winning essays, applying in Round 1 gives you the chance to get your answer in mid-December, rather than in late March. This means that, if for some reason you are not admitted into your first choice schools in Round 1, you still have the option to apply to additional programs in Round 2. 

On the other hand, even if you have a great GMAT score, if you need to rush to complete your application, it’s better to wait. With top schools receiving more than 10,000 applications each year, an essay thrown together last minute is likely not going to help you gain admission into your dream school. 

 

2.2 Round 2

For most of the top schools, except Harvard Business School and Stanford Graduate School of Business, acceptance rates are nearly identical in Round 1 and Round 2, so if you have a stronger application in January than in September, don’t despair!

Though we suggest perhaps increasing the number of schools you apply to in Round 2 to ensure you pass in at least one of your target schools, our clients consistently land spots in top programs every year. 

 

2.3 Round 3

For applicants focusing on US schools, Round 3 may not be the best time to pursue your business school dream. Compared to Round 1 and Round 2, Round 3 acceptance rates are generally much lower, hovering between 0-2% for many top programs. 

This does not mean that Round 3 is impossible. 

In general, our clients who have had the most success in Round 3 have been those who can show that mitigating circumstances prevented them from applying earlier and who cannot wait another year to start their studies. Reasons include military engagement, medical issues, and family crises. If you do decide to apply in Round 3 for a similar reason, make sure to include it in your application. 

If you are considering an M7 school in the US, however, it may be a better idea to wait for Round 1 in the next application cycle. 

 

2.3.1. HOW ROUND 3 CAN IMPACT YOUR CHANCES AS A REAPPLICANT

If you can’t point to any extenuating circumstances in your application, you may want to think how applying in Round 3 would impact your chances as a reapplicant the following year. 

According to Brooke Baranzano, Associate Director of Admissions at Berkeley Haas, however, candidates shouldn’t be concerned, as applying in Round 3 and reapplying later shows you have a vested interest in attending their program.

Nonetheless, take care to ensure that you present a strong first impression when applying to the school and that you can demonstrate sufficient growth in your application between Round 3 and Round 1 of the next cycle. 

If you send identical materials, you may get an identical answer. 

 

2.3.2. EUROPEAN SCHOOLS ARE AN EXCEPTION TO THE RULE

Unlike most US schools, European schools often work with 4 rounds, rather than 3. When applying to INSEAD, for example, many of our applicants choose to apply in Round 3 and pass at the same rates as clients applying in Round 1 and Round 2. If you’re interested in Europe and feel your application is strongest in this round, don’t think twice! 

It is important to note that in 2018, Harvard Business School decided to eliminate its Round 3 option, reinforcing the message that Round 3 is a less than optimal moment to apply. Though this changed dramatically as the COVID-19 crisis hit the US in early 2020, it’s still a good idea, in general, to avoid Round 3 for US schools. 

However, if extenuating circumstances have kept you from applying and waiting another year to apply does not make sense for your timelines, it’s always worth giving it a shot! 

 

2.4 Round 4

Only a few schools have a fourth round of applications. This round is much more difficult to apply to, as the school has very few spaces available at this point in the application process. 

It is not, however, impossible to be accepted in Round 4. Depending on the school, the Round 4 deadline is usually in mid-March, with notification in mid-May.

 

3. Rolling admissions

Unlike application rounds, a system in which all applications submitted up to a certain date are all evaluated together, rolling admission means that applications are evaluated in the order submitted. 

For example, if you apply to Columbia on June 1st and your colleague applies June 15th, your application will be evaluated a full two weeks before your colleague’s. 

Though this can prove to be a major disadvantage if you plan to apply later in the application cycle, according to Columbia, it is an advantage for early applicants, as “rolling admissions means more spots are open at the beginning of our process.” 

For example, two years ago, our client, Caio, was not able to achieve the GMAT score needed for CBS until nearly February, long after the application initially opened in June that year. Though Columbia wasn’t able to make space for him that year, he reapplied the day the application reopened the following year and became Columbia’s first admitted student that year. 

Therefore, you should carefully consider how serious you are about attending a school that utilizes the rolling admissions system, as timing is everything for these schools. 

Luckily, Columbia Business School is the only top MBA program in the US that utilizes this system. The rolling admissions system is more popular in Europe, however, so make sure you plan far in advance. 

Though an early application carries with it numerous advantages, the rolling admissions system also means you need to consider if you’re willing to pay a hefty deposit before receiving your admissions decisions from other schools.

 

4. Deposits and financial considerations

Though often overlooked, the MBA deposit is an important strategic consideration you should factor in when building your application timeline. 

To secure your spot in the next incoming class, most US business schools ask you to pay a non-refundable deposit of $1,000 to $3,000. 

For Round 1 applicants, this amount is often due sometime in February, and for Round 2 applicants, this amount is usually due sometime in April. (Individual amounts and deadlines vary per school, so make sure to check the sites of your target schools for specific information.)

The major exception to this rule is Columbia Business School. Columbia employs a rolling admissions approach, meaning you usually get your admissions decision 6 weeks after applying. Applicants then have an average of 2 weeks to pay a $6,000 non-refundable deposit. 

In similar fashion, INSEAD asks admitted students to pay a €10,000 non-refundable deposit weeks after admission. 

This means that, if not planned properly, you may be on the hook for thousands of dollars to secure a spot at one school before hearing back from all of the programs you applied to. As such, make sure you plan your initial application strategy around these all-important deadlines. 

As a final note, many loan programs, such as Prodigy Finance, do not allow you to finance the amount needed for a deposit for certain programs. To make sure this does not end your business school dream before it starts, we recommend creating a budget in advance to ensure you have the funds necessary to make all required payments. 

 

5. Develop a winning strategy

Applying to business school can be challenging. 

There are thousands of choices and decisions you have to make along the way, and each greatly impacts your future. 

If Columbia Business School is one of your top choices, you have even more complex decisions you need to successfully make to ensure you maximize your advantages during the MBA process. 

That is why we are committed to going above and beyond for each and every one of our clients. 

We know that the process of applying to business school is so much more than writing an essay and sending an application fee. Any question—big or small—we are here to help you.

That’s exactly the approach we took with Helena when she was preparing her own application to Columbia Business School, the only MBA she applied to. 

In her words, “Ellin knows the specifics of each school, and knew how to tell my story in a way that stood out. She was very dedicated to helping deliver the best application possible and treated my application like it was her own. She was really committed to making me succeed, and I really believe I could not have done without her!”

We’ve helped numerous clients like Helena secure spots at elite MBAs like Columbia Business School.

If you’re looking for an ally in the process, or just need some help developing your application strategy, sign up to work with us today!