This is the time of year when we hear some of the best theories from MBA applicants who are grappling with deadlines. Here are a few misconceptions that are out there, along with our two cents on them:

1) “All the super-qualified people apply in round one, so since I have a lower GMAT, it’s best to wait until round two where I can stand out, right?” (This would be true if you weren’t still competing against all the round one wait-listers who get held over and admitted in round two. In addition, the schools are often more likely to make exceptions early in the process – letting a low GMAT or GPA slide by – rather than late in the admissions season when they see that their overall stats for the incoming class are looking a bit low).

2) “Round one is when all the ‘Type A’ people apply, so if you are targeting a school that likes ‘Type B’ people, just relax and submit in round two.” (This is just plain wrong).

3) “My chances are so much better in round one that it makes sense to dash something off and get it in before the deadline, rather than wait until round two.” (Wrong. Round one acceptance rates are often a percentage point or two higher than round two – but it is not worth submitting a sub-par application just to make the first deadline. You are always better off putting together a strong application in round two than you are throwing something together for round one).

In the end, you should just aim to apply to business school as early as you can – assuming that you have the time to craft a strong application. Just keep in mind that it is never ideal to apply in the last round of a given admissions season (round three or, in some cases, four).