Research the schools carefully. When applying to business school, it's easy to be influenced by rankings, recommendations of friends or the buzz in online discussion forums. However, it's important to keep in mind that there are a lot of great schools, and there are probably several that would be a good fit for you and your personal goals. Think carefully about what you want out of your b-school experience and then conduct your own first hand research. It's always great to visit the schools, speak with current students and alums, sit in on a class. Only you can decide which program is the best fit for you. This is an incredibly important decisions and a big investment, so you want to do it right.
Apply to a realistic number and group of schools. If you are serious about going to business school, you should apply to a set of at least four schools, but not so many that the quality of your application suffers. Six is a reasonable maximum. Within your group of four to six schools, feel free to add in a reach, but make sure that you also have some choices that are a good fit for your background.
Apply when you are ready. Some people apply even though they are not sure this is the year they want to attend, and plan on deferring. This is not recommended, as a deferral is by no means guaranteed. In fact, schools are very hard on deferral requests. Although schools receptivity to reapplications varies, it always makes sense to apply when you are most ready and to do it right the first time. Schools will question an extreme improvement in the quality of your application if you reapply.
Don't be afraid to take the GMAT twice. Unless you completely ace the test the first time, most applicants should plan to take the test twice. Because schools will look at your highest scores, there is no harmful impact of retaking the test. The first test can be stressful - there is a lot of pressure on that one experience. Knowing that you have another chance can help to ease the anxiety.
Give your self enough time. This is a very time consuming process. Between recommendations, GMAT, data forms (which take more time than you may think) and the essays, the application process will keep you very busy. This highly competitive process is not forgiving of "good enough". To be successful you must put your very best foot forward and in order to do this, you will need enough time.
Expect to struggle. This is a very introspective, personal process. You should expect to struggle up front as you try to sum up some very important things about your life. It is also an iterative process. Most essays come a long way between first and final drafts. Don't be frustrated if the soul searching takes a long time.
Pay attention to word limits. While it may feel like summing up your three greatest accomplishments in 600 words is impossible, it is important to adhere to word and page limits. If you carefully review your essays, you will likely find that there is a lot of unnecessary verbiage and detail. You can omit a lot without changing the meaning. If you fail to heed word limit warnings, you are demonstrating that you cannot follow simple directions.
Select recommenders who know you well. There is always the temptation to ask the CEO for a reference, but this really will not help your case if that person is not able to comment on the specifics of your work experience and your personality. The goal is to choose someone close to you, who knows you well and who is happy to write often time consuming letters on your behalf.
Prepare for your interview. While memorizing your answers and sounding rehearsed is not recommended, it is essential that you are well prepared for key questions. Make sure that you have succinct yet thorough answers for basic questions such as "Why an MBA?", "Why our school?" and "What are your career goals?". Thinking it through in your head is not enough; practice in front of a mirror or with a friend to ensure that you can say it out loud.
Treat the waitlist as an opportunity. While the waitlist is not an acceptance, it is also not a "no". There are large numbers of applicants who are admitted off of the waitlist in most schools. Schools have varying policies, but in most cases, submitting a higher GMAT score, a letter updating them on your progress or an additional recommendation can really help your case. It's important to convey that you remain interested and would attend if admitted.