There is hardly any other MBA topic we get as many questions on as Round 3 applications. The perceptions of the final round of applications are almost mystical. Potential candidates may have faced a time-crunch in the first rounds, been disappointed by the results of their initial applications or made up their minds about their next educational endeavor on relatively short notice. Regardless of your individual reasons though, let us try to demystify.
We will start with the facts: Round 3 is the last opportunity to enter an MBA class. Statistics show that approximately 90-95% of the spaces available are already filled by the time applications are accepted. The outlook for acceptance is therefore admittedly more challenging than in other rounds. The good news is though, your profile may just be the right fit for those remaining 5-10% of spaces left.
Business schools tend to use Round 3 to add the finishing touches to the class profile. They will consider the current characteristics of a class and may seek to add candidates from a particularly interesting profession, a diverse set of language skills, experience, cultural background or just overall stellar achievements. Of course, business schools may have vastly different approaches. Our experience shows, however, that – you may have guessed it by now – candidates with a unique profile do stand a fair chance of succeeding. For candidates from e.g. more traditional professions such as finance or consulting, the odds may be a bit more challenging.
Another factor to consider is the status of your application documents. Even an outstanding candidate will have a hard time securing a desired spot in an MBA class if the application is not properly crafted. Résumé, essays, letters of recommendation, and even supplementary forms take up a significant amount of time. The same holds true for your test scores. You know all too well that the GMAT or GRE do require a significant amount of preparation. Ideally, your score is already in or within close reach to the required school range. If not, making a serious attempt to re-take should at least still a realistic option at this point in time. With Round 3 being already a more challenging starting point, your application should come as close to perfection as possible. A realistic look at the status quo of your documents and a timeline for polishing it all will thus be tremendously helpful.
Finally, your application should address that you are applying in Round 3. That is not to say you need to make “excuses”. Applying now is perfectly fine. However, recall the facts we considered above. Business schools know best that Round 3 applications are somewhat of a special breed. We therefore recommend that you highlight why you are interested in the school and program you are applying to. After all, you want to avoid creating the impression that you are applying only, because all other options failed.
In order to decide whether you are in a good position to apply in Round 3, consider the following factors:
1. Does my application stand out from the masses (achievements, background, profession etc.)?
2. Are my application documents (résumé, essays, letters of recommendation) in good shape to be submitted?
3. If not, is there sufficient time to get my application documents in good shape?
4. Is there a genuine reason for me to apply in Round 3 that I can communicate to the admissions committee?
In sum, Round 3 applications should not be viewed as long shots. If you feel like your application may fit the mold, we strongly encourage you to give it a try. If not, it may be best to postpone your MBA application until the next Round 1 opens up.
Contact us for a free consultation to learn how our services and our lawyer consultants can support you in the upcoming application process.