"We would like to thank you for investing your time to get to know XYZ school and submit your MBA application. We have thoroughly evaluated your application package and we regret to inform you that we cannot consider you for the Full-time MBA Class starting in January 2015. We would recommend that you apply for the Full-time MBA 2016.Our school focuses on one-to-one teaching in a small yet diverse class size, with a limited number of seats available. The option to defer your application to the class beginning in January 2016, would also give you the benefit of being among the first applicants for the new year, and might give you a better change to secure a place at our school. Having said this, we would like to stress that XYZ School believes that your application satisfies many of our criteria, particularly with respect to capabilities, motivation, and potential. We hope that you will consider applying for the 2016 intake and let us know so we update your application accordingly"

I have received the above email from one of the top European B school for which I had submitted my application on 30th September, 2014 (In the third round). It is a one year program and I was looking forward to get admitted in the January, 2015 intake. My total experience so far is 3.5 years. I wonder what the email wants to convey me especially with regard to my capabilities being a potential candidate. Do you think I should give it a shot again for the January, 2016 intake ? And how does applying in early rounds affects the chances of getting scholarships ?