Hi Benjamin,
Thanks for writing in. Yes the "rounds" system is an integrated part of the MBA application process, though I'm not sure how this came about while law schools and colleges do not follow this system. mbaMission has addressed this in the past with these blog posts:
http://www.mbamission.com/blog/2010/08/ ... s-round-2/http://www.mbamission.com/blog/2009/11/ ... verything/In re: to your questions,
1) As I said above, I'm really not sure how this came about.
2) As a general rule, you want to submit your best application as soon as possible. A strong R2 application trumps a weaker R1 submission. As a general rule you want to avoid R3 if at all possible, since at that point the class is mostly full.
3) Most schools have gone to the 3-round system, although each have different subtleties in deadlines, turnaround times, etc. The schools should be fairly transparent with this information and it would likely be available on its web site.
Best of luck!
Daniel Richards
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