Feel like I won’t be ready for R2 this year, any downside in waiting until R1 next year with a much stronger application (ample time to write essays, improve GMAT, etc)?

Aiming H/S/W/Booth

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No downside. This year is the most competitive

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I doubt most things consultants say. And even if consultants are busy it doesn’t necessarily mean overall applications are up, just that more people are using consultants because they think they need to because they think it’s Uber competitive.

Personally, I think if you can get the gmat done by end of September you’ll have enough time to hit R2. Anything past is doable but cutting it close.

As for downside, probably not, some may argue it’ll be even MORE competitive next year as more layoffs occur and people have more time to prepare applications but it is all speculation.

If you have the time to wait, there is relatively no harm in waiting.

Prob won’t be done with gmat till late oct

Since you asked for downsides, here are potential downsides/considerations:
Waiting a year
Lower ROI
If you’re an older candidate, might need to consider EMBA
Things can change for the worse in the next year (i.e. layoffs, family obiligations, etc)

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