Round 3 Question

[southline]

I live in Chicago, and I was planning on applying to Chicago Booth or Kellogg's part time MBA programs which had April application deadlines(thus I haven't begun GMAT prep yet); however, I recently found out I am being laid off at year's end, so now I obviously want to apply to top tier, full time programs, both in Chicago and on the East Coast. The problem is I doubt I can study for the gmat (i need probably a good 2 months of prep) and get all my applications in by the round 2 deadline. Are there any top 20 schools who have a reputation as being round 3 friendly? (taking a larger % of their class from round 3 than other institutions?)
Also, since I have a relatively low GPA- 3.1-would it hypothetically be better to apply in round 2 with a 640-670 GMAT, or in Round 3 with a 700- 720 GMAT. I took a diagnostic test last night and got a 640, with no previous prep, so I believe a 700+ score should be a realistic goal. I think I will be able to put together a stronger app in Round 3- but will that outweigh the increased competition for spots?

[Brett N]

I'm sorry to hear that you are getting laid off. There are a lot of options here but I think your best bet is to try the GMAT twice and shoot for the 2nd round initially.

This is how I'd recommend playing it out - study really hard and take the GMAT asap. See how you do and if you do well enough, get in 1 or 2 applications to your top choices for round 2. At the same time as you're studying, get the minor stuff done (such as recommendations and transcripts). Then rush to get in those essays (I'd also recommend getting help to further speed up the process and take days off if you have any left, since you're already getting laid off).

If you don't do well enough in your GMAT, schedule another one and go for the 3rd round. This way, you'll have experienced the GMAT and it'll look as if you tried hard on the app process (by taking it twice). Downside - it's an extra $250 for the GMAT.

Does that all make sense? If not, send me an email and I'll explain further.