Third round MBA applications
Unlike BS, MS or PhD applications, there are usually three deadlines for MBA applications. Applications received by each deadlines are evaluated in one batch. You are restricted to apply in one round only. A large number of admissions are offered in the first round. So the probability of admission reduces significantly in the second round, and even more so in the third round. According to Harvard Business School MBA Applications webpage , “We encourage applicants to apply in the first or second round, as space in the class may be limited by the third round.”
Third round decisions are so late that often there is not enough time for visa related paperwork or for the English proficiency classes, if required. Admissions to top B-Schools are anyway competitive. It also takes a lot of time and efforts. If you want to maximize your chances, you should only apply in the first round. What if you miss the first round deadline? Apply next year, in the first round!