As top business schools start to release their application deadlines and essay questions, a common question we at Stratus hear is “When should I apply?”—or more specifically, “In which round should I apply?”
Most schools have three rounds of MBA application deadlines: generally in September/October, early January, and April. Some schools have slight variations. For example, Columbia’s Early Decision (ED) round falls close to Round 1 (R1), and its Merit Scholarship deadline falls close to Round 2 (R2). If you are deciding between R1 and R2, you should aim for the earliest round when your application will be strongest. Although most admissions committees do admit people in Round 3 (R3) (Harvard is the only business school that does not have an R3), the fewest seats are available in this round—and they tend to be reserved for applicants with unique profiles who can round out the class. This past year, we continued to see waitlists as a strategy (both with and without interviews) in both R1 and R2 to hold on to strong candidates, and we are continuing to see movement or “melt” off these waitlists.
Deciding which round is the best for you is like trying to decide where you want to go on vacation. Trip planning involves many factors such as budget, activity level, location, and travel requirements. What is going on in your life at that particular time will influence your decisions. Here are some key points to consider as you decide when to apply to business school:
Time to Dedicate to MBA Applications
Just like you must decide how much time you want to spend sightseeing versus relaxing when planning a vacation, you must conduct a realistic assessment of the time you will have to dedicate to your MBA applications. You know your work and life commitments best. If your fiscal year ends in September, for example, and you know July and August are your busiest months, or if you are planning a fall wedding, you might consider R2. Otherwise, if you can balance work and applications during the summer, you will be well positioned to apply in R1 if you start now.
Quant Readiness/Test Score
Most business schools still require a test score, so you will need to figure out the best test for you to take and the realistic best score you think you can achieve. In our vacation analogy, when deciding how to get to your destination, you may see that plane ticket prices are too high for your first choice of dates and instead consider traveling at a later date or driving instead of flying. With regard to test scores, if you feel like you have achieved the best score you can attain, then consider applying in R1. If you are not happy with your score, especially if you have only taken a test once, retake the test in early July and then reassess.
Although your test score is only one portion of your application, if you think you can do better, it is worth retaking the test—and doing so may put you on a better trajectory for R2. We generally see diminishing returns after three attempts at a test. If you have finished your testing journey and are still not happy with the quant profile you are displaying to admissions, for example, consider taking Berkeley Extension’s “Math for Management” course, UCLA Extension’s “Mathematical Solutions for Business” course, or MBA Math courses to give the admissions committee further data on your quantitative abilities. If you start now, you should be able to complete a course in time for R1.
Defined Career Path (or “Why an MBA?”)
Do you have a clear idea as to why you want an MBA? This could be to gain stronger management skills and stay on a similar trajectory or to make a career change. Although business school can definitely be a time for exploration, to get the most out of it (and to write a compelling application!), you must have an idea of what you want to get out of it. The bigger the change, the more compelling a case you need to make through your application that the skills you currently have plus the skills you will gain from a given program will position you for success in your intended post-MBA role. If your goals are too lofty, the admissions committee may question your ability to find a position post-MBA—but if your goals are not ambitious enough, admissions might not understand why you need an MBA.
School Research
It’s important to spend time getting to know the business schools to which you are applying, as you would when selecting a vacation spot that you will enjoy. Although business school is not a two-year vacation, it will consume two years of your life! Business schools have worked very hard to put resources online, which reduces the need for applicants to visit campus in person. This availability of information has increased the expectation for potential applicants to engage with schools. Therefore, plan to attend multiple webinars for each school of interest to you, reach out to students at those schools with similar interests or career paths, and understand the culture of and resources available to you at each school. The admissions committee wants to know that you’ve taken the time to get to know their school, and this should come across in your essays, your application, and—most importantly—your interview. If you don’t have time to do this research before R1 deadlines, consider applying in R2.
Scholarship Opportunities
You need to think about your budget for business school as you would when financing a vacation. Business school will likely be the biggest investment of your life other than buying a house. This past year, we saw equal offerings of scholarships across R1 and R2. However, keep in mind that scholarships tend to be awarded to those with a strong background compared to the class profile. Therefore, all the factors discussed above are just as important to put together the strongest profile possible from a scholarship perspective. You have a higher likelihood of getting a scholarship at a school where your profile is stronger than the school’s average profile.
Not sure when to apply? Our Stratus MBA counselors can help you review your situation when you reach out for a free consultation.