How behind am I if I wanted to start the process now for fall 2025 enrollment? Is it worth pushing for this year or should I shoot for 2026?

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T20 program you are too late.
Else. You can still do it

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You're too late, maybe with a few exceptions but not any of the good schools. If you start getting your application materials ready now though you should be very ready to apply for 2026!

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Take a mock gmat. Would depend on your score

I’ve seen for good programs like Penn or Columbia, they offer a round 3 deadline in April. Is round 3 seen as still a good chance to get in, or is the consensus to usually wait until the next round 1?

Will do will do, I appreciate the candidness. Will likely end up waiting for round one next year but I’ll take a mock gmat very soon

Round 3 is for truly exceptional candidates, is the way it was explained to me when I worked in admissions during my MBA program

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