From The Staff of MBA Admit.com
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How Will Round 2 Be Different from Round 1?
It is important to understand the differences between Round 1 and Round 2 and to shift your application strategy to best benefit your chances of admission.
In Round 1, more seats are available and the admissions committee does not yet have a clear idea of the class profile. As a result, your odds of admission should be higher in Round 1 at many schools. Also, many top business schools receive a greater number of applications during Round 2 because candidates often choose to work on their applications during winter vacation when they are able to take days off from work. Thus, for many candidates, planning early pays off and a Round 1 application is ideal for increasing odds of admission.
Many re-applicants may find that they have similar experiences: If you applied in Round 2 and were rejected, you may find that you will have a better outcome if you apply in Round 1 the next year. Why the difference? There are simply more seats available in the top MBA programs in Round 1.
However, Round 2 may be a better option for some candidates. For example, if you have limited work experience and you need a few more months to add specific examples of strong performance to your application, waiting for Round 2 might actually increase your odds for admission. Likewise, if you initially scored lower-than-ideal on the GMAT and need a few months to bring up your score, you may also have good reason to wait for Round 2. The same logic holds true for taking the time to produce excellent essays and letters of recommendation. The quality of your application should always take precedence: use time to present an outstanding application rather than a mediocre one.
Whether you are better off applying in Round 1 or Round 2 will depend upon the specifics of your candidacy. If you are a very strong candidate, you may have good odds of admission regardless of timing. But, if you come from a highly competitive profile – for instance, if you are a male Indian engineer who will be applying as a foreign national applicant – there are some schools where the timing of your application will make the difference between acceptance and rejection. Please note that this is not true for all schools, but only for a few specific schools.