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I agree with longshot. One thing I saw in several profiles is an almost obligatory application to many (if not all) of the top 20ish programs and then disappointment when the applications were rejected far more often than not. I am as big an offender along this dimension as anyone else but I got lucky. The vast majority of people who commit to the same bad strategy as me of sending a handful (6 in my case) of application to only top 20 programs are rejected across the board since business schools at most take a few applicants in each concentration.
If there is one take away from this last year, the most strategic approach would be to spread a wide net; much wider than you might think. It is hard to sell yourself short in the sense that it is hard to be over qualified for any program. If you happen to be at the top of the application pool, you simply get better funding offers.
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