From Wharton's website:
Applying in Round 3?
It is the time of year when round 1 admits are busy weighing options among schools, round 2 applicants are nervously waiting for interview invites or other communications from various schools, and those who are considering applying in round 3 or waiting for the following year. We are often asked whether there is merit in applying in round 3 versus waiting to apply for an earlier round in a subsequent year. Common wisdom suggests it is surely more difficult to gain admissions in round 3, and schools do encourage applicants to apply in earlier rounds. This does not mean we discourage round 3 applications (if that is when the application is ready), and certainly we admit people each year who apply in round 3. The problem with round 3 is we have already made a number of admissions decisions and often the success of someone applying in round 3 may be somewhat dependent on what has already occured in admissions for round 1 and 2, so the admit rates are typically not as high as previous rounds. Each year those admits rates can vary to quite a degree however so it is very difficult to estimate the admit rates ahead of time. Listed are the advantages of applying in round 3 versus waiting for the next admissions cycle: a. you may get admitted this year (if you don't apply, well then you made that decision for us). b. if you are not admitted you can get feedback from the admissions committee (check different schools on this policy, but Wharton offers a feedback process) and the feedback can guide you in strengthening your application (or applying elsewhere if it is clear we are not an option, which in itself is an advantage over waiting another year to receive that insight.) c. there is a learning curve associated with the application process, thus you will write stronger applications as a result of being a reapplicant based on your round 3 experience. Clearly there are disadvantages in applying in round 3, cost (application fees) and time put forth, but the time put forth can certainly pay dividends in the long run. Thus when debating whether to apply in round 3 or wait consider that there is certainly no stigma attached to those who ultimately reapply (their admit rates are usually higher than first time applicants) and there is an opportunity to be admitted in round 3! How many applications and when to apply? When considering applying to business school the above questions are some of the early strategic decisions to be made. So how many schools are applicants applying to? The trend seems to be to apply to less schools than perhaps five years ago, the average being close to four schools (feel free to add to the comments the number you are planning to apply). The decrease over the last few years can be attributed to more information about schools being available to applicants, which should allow you to make a more selective choice. We (schools) also expect you to know more about us when you apply, and applying to too many schools can be a huge time commitment! Applicants typically fall in to one of two categories when considering business school: A. Those that need to go that year
B. Those that wish to go to certain schools If you fall into category A then it might make sense to select schools that are a decent fit (based on your understanding of your competitiveness and the schools' selectiveness), a reach school (a school you think may be a bit of a stretch) and a safety school (a school you think you are well qualified to attend). This strategy helps ensure you go to the best business school for you the year you have determined you need to return to business school. If you fall into category B then it makes sense to only apply to schools you know you would attend if admitted (i.e. a safety school is not necessary). If you are not admitted to one of your schools of choice, see if you can get feedback and then consider reapplying the following year. You might also revisit whether you are still in category B, or whether you now fall into category A. When to Apply?
Many schools have 'rounds' (we have 3 rounds so we are an easy example to follow in this case). The myth is, you should apply early, whereas the reality is, do not apply late. Applying in round 1 or round 2 is fine, the competitiveness of each round is pretty consistent (schools can use wait lists to ensure this). Applying in round 3 (or the school's last round if a different number of rounds) is typically going to be more risky and the admit rates shrink dramatically (having said that, we do admit out of each round, so if that is when your application is ready, then its better to apply then than not apply at all or apply with a rushed application). This also applies to rolling admissions. Try to apply relatively early in the cycle, do not wait until the deadline to apply. Caveat re: the above: some schools are explicit about advantages of applying early (i.e. they favour early, committed applicants). If you know that a school has this policy and it is your preferred school, you may very well want to apply in that early round, but you want to check each of the schools you are interested in to determine if they do favour an early application. Also consider the conditions that may be associated with applying in the early round. If you are not successful you will then have time to apply to other schools for the round 2 deadlines. For the most part however, the only advantage of applying early to schools is you will get your decisions from schools earlier which may help in your planning to transition to business school (or planning for more applications later in the application cycle). It is also important to note there is a learning curve associated with developing a strong application, so while applicants will tend to prioritize their applications and use that order of priority as the order of submissions, it is seldom the case that the first application you submit is your best application. This further reinforces the notion of applying to your choice schools when you are truly ready to apply and know your application is as good as it can be. | 
