Many students ask this question. I understand they tried their best to get hold of the complete application and submit it before the Round 2 deadline. But it didn’t happen - either they didn’t have the requisite score, or the LORs were delayed or they could not complete the application essays in time. 

Now, what should you do? Whether you should apply next year or you should go ahead with Round 3 itself?

By now the admission committee has seen thousands of profiles for this year. They have some knowledge of what the MBA cohort of students is going to look like. And by Round 3 almost all the seats are full and many of them have accepted the offers as well. They are looking for a few seats to fill in this round. That’s a reality and something that you must remember. Therefore, the chances of you getting a spot are slim, especially in the top 20 B-schools. When it comes to international students, it becomes even more difficult to get admission because of a presumed understanding that there could be visa delays. Sometimes students who are dinged in Rounds 1 & 2 from the Top 10 schools, start looking for B-schools between ranking 10-20 in round 3. Hence, schools ranked between 20 and 40 are the most difficult in Round 3. 

However, every student has his/her unique position when they apply for the MBA program. 

One such situation can be that the student already has 6+ years of experience, and delaying by one more year will reduce his/her chances in getting into an MBA program itself. The ideal experience for an MBA is 4 to 6 years of work ex. The other situation can be that after 3 years of work experience, you lost your job and you have already tried a good 6 months to find a job. In such a scenario, rather than sitting jobless, it’s better to apply in round 3 rather than applying next year. The longer the break is, the more difficult it gets to justify it. If you are stuck in such situations, you should take a final stab at your essays and submit your application in Round 3 itself.

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There are also other circumstances when Round 3 is a good option: you’re in the military and recently have been released (after a short service commission for instance); you are in between the job change or moving out from a major project (and your next boss may not be able to give you a LOR for some time, whilst this one becomes unavailable as soon as you leave); you had extenuating circumstances that prevented you from applying earlier (and you can reference the situation in the optional essay), or you are not planning to apply in “top 20” despite having that profile.

However, in general, if you have 3-4 years of work-ex then you can think of applying next year in Round 1. If you are looking for scholarships then it makes absolute sense that you apply next year, as getting in this year would be a difficult bet.

More useful links:

Best Time to Apply to a B-School

MBA Applications: The Right Time

Strategic College selection for your MBA applications