I would encourage you to apply in round 3 if you have enough time to put together a solid application. I wouldn't rush an application just to meet a deadline. I know many people who have got admitted in round 3 (some even got major scholarships).

Not being admitted doesn't necessarily negatively effect your chances next year. But lets be positive and aim for this year!

Hi Orion007,

3rd rounds are always tough and depends on the availability of seats left. If you get rejected this year and apply as a re applicant next year then your application is generally scrutinized in greater detail since you have already been rejected once. So my suggestion would be to wait till next year and put your best foot forward.

Hope this helps.Let us know if you would have any further queries and we would be happy to help.
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First of all, please note this list of late (but not necessarily last round) deadlines for this year: https://www.aringo.com/lowseasondeadlines.htm
The reasonable scenario is that even if you are not accepted this year, this will not significantly (or even not at all) undermine your admission chances next year. As long as your application is of reasonable quality and its content does not wreck your future prospects, you will even score some extra points with many programs (Wharton is the most prominent one in this respect) for sticking with the school year after year.

The biggest mistake that MBA hopefuls make is not applying.

3rd round is certainly more competitive, but you lose nothing by giving it a shot and have a tremendous amount to gain:

Heading to B school a full year earlier in your career path.

Lawrence

I put together some thoughts for round 3 that might help you...
Apply Round 3 - Pros
One of the first questions I ask students is how set are they on going to school THIS year? Well if there is some extenuating circumstance that is essentially forcing the applicant's hand, then let's go ahead and apply. Applicants that fall into this category can include an international student whose visa is expiring or someone who was recently laid off from their job. So if you are set on applying in round three, the most important tip I can give you is adjust your school expectations. You might think you have a top ten profile, but you will need to apply to a much wider range of schools in order to make it in round 3. Also, lower ranked schools will probably have a higher percentage of seats available than higher ranked ones. Especially as waitlists at higher ranked schools clear and applicants "trade up" from lower ranked schools.
Apply Round 3 - Cons
It's fairly intuitive that most schools have already admitted a majority of students in their first few rounds of applications. While there is no firm number, you can expect that at least 90 per cent of seats have already been given away by a particular school, so the odds are definitely against you, and you'll have to be a fairly outstanding applicant to have a shot in round three.
Wait for Next Year - Pros
I'm a big fan of waiting for next year for fringe students. Especially those who have some kind of hole in their application, such as less than 3 years of work experience, a low gmat, a low gpa or less than stellar work experience. An applicant can use that extra year to add quite a bit to their profile. First, there is plenty of time to take a GMAT course and bump up a low score fifty or more points. Secondly, the applicant can search out new and challenging work assignments or leadership positions that would impress the admissions committee. Finally, the applicant can apply in the first round and open up more opportunities for themselves.
Wait for Next Year - Cons
If you don't think that your situation will be any better, then you might as well apply now. If your job is so consuming that you don't think you'll be able to focus on your application all that more over the next year than you were able to do this year, the extra time won't help you. Additionally, the competition for those seats are not going to get easier as more applicants come to the age where they will be applying to school.