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&lt;p&gt;Applying to business school in the third and final round of admission is often considered the Hail Mary play of MBA admissions.  Business schools have already accepted more than two-thirds of their new class, so competition is pretty steep, to say the least.  So if there&#39;s any way you can wait until next fall, postponing your application is often a good idea.&lt;/p&gt;&lt;p&gt;&lt;img src=&quot;http://www.vault.com/VCM/blogs/HBSRiver.png&quot; border=&quot;0&quot; alt=&quot;Harvard University photo from across the Charles River&quot; width=&quot;310&quot; height=&quot;197&quot; align=&quot;left&quot;&gt;But for college seniors, applying in Round 3 might be the smart choice, rather than the last-minute one.  Dee Leopold, admissions director at Harvard Business School, posted five reasons why applying to HBS as a college senior is a good idea.  Perhaps even a great one.  Here they are:&lt;/p&gt;&lt;ol&gt;&lt;li&gt;&lt;em&gt;The positive outcome is going to be &quot;deferred admission&quot;--a guaranteed spot in the class of 2014 with the stipulation that you work for two years before matriculation. &lt;/em&gt;&lt;/li&gt;&lt;li&gt;&lt;em&gt;No target or cap on the number of deferred admit spots we will offer.  Last year 43 college seniors were offered deferred admission. &lt;/em&gt;&lt;/li&gt;&lt;li&gt;&lt;em&gt;No downside: If you aren&#39;t admitted, apply again in a couple of years--lots of denied college seniors are successful in the future. &lt;/em&gt;&lt;/li&gt;&lt;li&gt;&lt;em&gt;The application fee is only $100. [ed. The regular fee is $250.] &lt;/em&gt;&lt;/li&gt;&lt;li&gt;&lt;em&gt;GMAT/GRE scores are good for five years--why not take the test in college while you are still in test-taking mode?&lt;/em&gt;&lt;/li&gt;&lt;/ol&gt;&lt;p&gt;For college seniors planning to apply to business school eventually who aren&#39;t bogged down with graduation woes, applying now seems like a no-brainer.  As Clear Admit points out, Leopold&#39;s reasoning is both &quot;interesting&quot; and &quot;pragmatic&quot;--certainly &quot;food for thought.&quot;  The HBS Round 3 deadline is April 3rd.  While it&#39;s probably too late to study and take the GMAT or GRE, if you&#39;ve done either you should have enough time.  Round up some recommenders, take your resume to career services and write your essays!&lt;/p&gt;

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