Round 1 vs. Round 2: B-Schooled episode 71

Is there an advantage to applying for business school in Round 1? If your MBA materials aren't ready in the fall, is it significantly harder to be accepted in Round 2 after the new year?  This episode focuses on the differences between Round 1 and Round 2, whether or not there is an advantage to applying in either round, and what the single most important factor should be in choosing when to apply.