Most MBA applications consist of three deadlines: Round 1, Round 2, and Round 3 (some have Round 4). Basically each round has its own deadline, and in any given application year, you can only apply in one of the three rounds. You can essentially think of it as, each year, there are three unique herds of people applying to any given school. Picking which herd to be a part of does require some consideration and can be a strategic decision depending on your personal circumstances.
What are the benefits of applying early? Assuming you have time to put together a well thought out application, one of the implicit assumptions that admissions committees make about Round 1 applicants is that they are organized and are serious about going to business school. The types of applicants that could really benefit from submitting their MBA applications early are: cookie-cutter candidates such as investment bankers, consultants, or engineers, applicants with a complicated story (I tend to discourage applications that are overly complex), and international applicants. For cookie-cutter candidates, because your profile isn’t immediately distinguishable, submitting your MBA applications early minimizes the chances of admissions officers coming across your application and thinking, “oh geez, here’s the 1232nd investment banker applying.” While your application may truly be outstanding, first impressions can sometimes color admissions officers’ judgments. They are human after all. Similarly, for applicants with a complicated story or international credentials, admissions committees will be more patient about taking the time to understand your application if you’re the 788th application they’re reading rather than the 5232nd application. Admissions officers try to be as objective, unbiased, and fair throughout the entire admissions process across all rounds, but again, they’re human just like us, they get fatigued. Another benefit of submitting your MBA applications early is that the bar for admissions in Round 1 is lower at some schools because admissions committees feel more pressure to fill a certain percentage of the class going into Round 2 and 3.
What are the benefits of applying later? One of the biggest advantages of submitting your MBA applications later is that you have more time to add credentials to your application. For example, you might be expecting a big promotion, finishing up a big non-profit project, or perhaps you started a new job only eight months ago and want to develop a stronger relationship with a certain potential recommender. Some people spend the extra months padding their application with non-profit experience (e.g. launching a new NGO, getting involved as a board member of a non-profit, etc.). The other big benefit of submitting your MBA applications later is that you’ll have more time to work on your applications (assuming you didn’t already start months and months in advance). Each application requires a lot of time and investment. If you’re applying to several schools, the business school application process really becomes a full-time 2nd job for a good part of the year.
