- Apply to atleast 2 schools that you can easily afford (where ever they are)
- Apply to atleast 2 schools that are closest to you (whatever quality it is)
- Apply to atleast 2 schools that are the best in the country which you wanna study in
- Apply to atleast 2 schools that you are sure that you will easily get selected in
A lot of students mainly select B school based on Affordability & Geographic location. But remember that if your GMAT & final year scores are high, you may even qualify for scholarships or financial support. So do not rule anything out.
I know, these applications cost money, but trust me, the pain of multiple applications is worth it. How much ever research you do, there shall always be parts of the picture missing. If you have applied to many schools before, you shall always have multiple options at a later stage. In life, it is always better to have more choices than have less choice or be forced to accept something that you do not like.
Now, after you have completed all the applications, after initial screening, the file is sent to the Graduate Admissions Committee (that meets at a particular time of the week) for review. Then, a decision is made. Then you are given the result by Email / postal mail.
The result may be:
- Acceptance, with request to submit a deposit within a set period (congrats, you made it!)
- Rejection stating reason (like... we had a lot of qualified applicants this year and the number of applications significantly exceeds the number of spots in the program. If you get this without encouragement to apply again, they are basically blowing you off! It is your right to make a gently enquiry about the reasons for the same. You may even ask them to give you suggestions to be eligible to apply for the next session. My personal advise to you?... just forget it! There are other fish in the sea, and there are always other B schools around. Do not fall in love with a B School. Y0u may get hurt! If this B school did not respect your application, you deserve better. Find a School that respects you and you shall perhaps find it a better fit.)
- Request for more documents to be eligible (good sign, you have a chance there, buddy!).
- Request for an interview (Wow, you are in the race now; You made it to the next level! But an interview does NOT guarantee you a spot in the program. Only a fraction of those interviewed are usually selected)
- Request for higher GMAT score (a good sign. they like your profile!)
- Waiting list (I have no experience about this. But do not depend too much on it)
- Rejection with suggestion to try again for the next session (forget it, move on).