From the Sloan Admissions FAQ:

Can my GRE score take the place of the GMAT?
Yes, MIT Sloan will accept the GRE in lieu of the GMAT. The school code for the GRE is 3791.

Am I required to take the TOEFL?
No. The verbal sections of the GMAT or GRE will be used to evaluate your English language ability. Applicants who do take the TOEFL may report their scores to help demonstrate their English language ability, but it is not required.

My Note: In not requiring the TOEFL of international students, Sloan is one of the most unusual programs.

Does MIT Sloan have rolling admissions? Are there advantages to applying early?
MIT Sloan does not have rolling admissions. Applications are received in two rounds.
Applicants should apply when they have completed the application. There is a competitive disadvantage to applying after the final deadline, as the decision process is well underway and the class is being chosen.

My Note: I was surprised to read this because I’ve never even considered or heard of someone applying after a final deadline, but apparently it’s possible.

From the Haas Admissions FAQ:

In which Round should I apply? How important is it to apply in Round One?
Applicants are encouraged to apply as early as possible, provided that you do not sacrifice the quality of your application to do so. If you find that you need more time to revise your essays or to retake the GMAT, for example, you should definitely take the extra time to do so. Do note, however, that we make most of our offers of admission from Rounds 1, 2, and 3. Only a small number of Round 4 applicants are offered admission each year.

My Note: The earlier the better. It is a tough decision, especially between Round 1 and Round 2 for applicants with GMATs in the mid-600 range. My advice is that if, aside from your GMAT score, you have an outstanding personal and professional profile and your application materials express that fact, then you should strongly consider applying in the 1st round. There is no guarantee you will raise your test scores later, but there is a clear advantage to applying early.

From Chicago Booth Admissions FAQ:

Q: What should I know about the GMAT?
A: 1) You should have your GMAT scores sent directly to Chicago Booth. Pearson VUE and ACT, Inc. administer the GMAT. Our school code is H9X-9F-34.
2) Your GMAT score is just one of the criteria we evaluate. While we don’t have a cut-off score for consideration, we do recommend that you try to make all areas of your application as strong as possible.
3) If you score lower than you like, taking the test again can be a way to strengthen your application. The Admissions Committee looks favorably on taking the GMAT more than once, although we do not recommend taking the test more than three times. The highest of your valid scores will be considered the official one.
4) We recommend preparing for the GMAT well before the test date so that you are not struggling to take the test, write your MBA application, and manage your day-to-day life all at once.
5) The GMAT score is valid if the test was taken less than five years before the date of the application deadline. The test date makes no difference in the assessment of an application as long as it was within five years.

Q: Are late test scores accepted?
A: No. It is best to apply when all of your paperwork is in order, as we do not review incomplete applications. GMAT test scores may be self-reported via the online application for the initial review of your materials. Self-reported scores are considered unofficial. We require all official scores to be reported to Booth via Pearson and ACT, Inc by the round deadline to which you are applying. Failure to submit your official scores may result in a delay of your application being sent for review. We will not make a final decision on your application without official GMAT scores.

My Note: This is policy at most schools. I’m including it here because it might also imply that Booth will not accept an improved GMAT score sent after your completed application has already been submitted.

From Kellogg Admissions FAQ:

Does Kellogg accept corrections or supplemental materials to an application that already has been submitted?
No. We will make exceptions only for corrections to factual data (not essays), changes in employment or employment status, grades for classes recently taken, or new GMAT or TOEFL scores. There is no guarantee that new grades or test scores will be considered prior to rendering a decision. New test scores or grades should be scanned and emailed to MBAadmissions@kellogg.northwestern.edu. Submitting multiple versions of any part of the application will delay our review of the application.

My Note: So far, Kellogg is the only program to state clearly that they will accept new (i.e., improved) test scores. If you are considering first round but worried about a test score(s), this may give you another reason to apply earlier rather than later. However, you never know when your application will be reviewed so you need to improve your score(s) as quickly as possible.

Is there any advantage to applying in Round 1, 2 or 3?
International and 1Y applicants applying in Round 3 are at a disadvantage because we typically admit all international and 1Y students during Rounds 1 and 2. For other candidates, there is no evaluative advantage in applying during Round 1 versus Round 2, but we do recommend that candidates apply in one of the first two rounds. Admitted students from Round 1 and 2 can take advantage of our admitted-student weekend, Day at Kellogg. Also, they may receive preference for certain grants and scholarships, as well as registration preference for the Kellogg School’s on-campus housing at the McManus Living-Learning Center.

Which application round is the most competitive? Is there any advantage to applying in Round 1, 2 or 3?
We strongly encourage applicants to apply in the earliest round possible. Historically, there typically was no evaluative advantage in applying during Round 1 versus Round 2. However, round 2 has typically been our heaviest deadline and should the number of applications continue to increase, round 2 may become more competitive. Going forward, we suggest considering Round 1 if you have the time to submit a thoughtful and strong application. Applying earlier also may be advantageous for certain grants and scholarships as well as registration preference for the Kellogg School’s on-campus housing at the McManus Living-Learning Center. Applicants applying in either Round 1 and 2 can take advantage of our admitted-student weekend, Day at Kellogg.

We strongly recommend that international and 1Y applicants apply in either round 1 or round 2. We typically admit all international and 1Y students in these rounds, in order to allow time for Visa Processing for International Students and to accommodate the earlier enrollment date of the 1Y program. As a result, international and 1Y students applying in Round 3 will be at a disadvantage.

My Note: Including both of these notes is somewhat confusing, but to be on the safe side, applying earlier is better, all other factors being equal.

Will visiting the Kellogg School’s campus increase my changes of admission if I am on the wait list?
No. While we do encourage prospective students to visit our campus, a visit does not increase your chance of admission.

Can I re-apply to Kellogg?
Yes. Kellogg looks favorably upon candidates that continue to feel that the MBA is the right degree and that Kellogg is the right school. Any candidate who has previously applied to the Kellogg School must submit a new application. If GMAT or TOEFL scores remain unchanged, there is no need to resubmit this information. In addition, only one letter of recommendation (a.k.a. Career Progress Survey) is needed for a re-applicant. This CPS must be from a different recommender than in previous applications. Lastly, the evaluative interview is not required if one has been completed within the past 18 months, though candidates may re-interview if they wish. If you would like to use your interview from your previous application, please e-mail mbaapplicant@kellogg.northwestern.edu. Only re-applicants will be granted a second interview within any 18-month period. Re-applicants should follow all other instructions as if applying for the first time

From Stanford GSB Admissions FAQ:

Is there an advantage to applying in Round 1, 2, or 3? Does Stanford have a pre-established quota or number of people who are accepted in each round?
The simple and honest answer is that you should apply when you are fully confident that you can submit an application that accurately represents your talents and strengths. Do not submit a weak application just to apply in an earlier round. Take the time to put together a thoughtful and thorough application, even if it means applying in the final round.
If you are considering applying in either Round 1 or Round 2, we encourage you to consider Round 1. Over the past few years, we’ve noticed more applicants applying in Round 2 and, as a result, this round has become bigger and a bit more competitive. You should never rush your application. But on the margin, earlier is better.

My Note: It took them forever to say it, but they said it.

If I send in some supplemental materials after I submit my application and after the deadline has passed, will you read it?
No. If you send something separately or past the deadline date, you should expect that it will not be read. We do this to be fair to all applicants.

My Note: While the answer seems to relate to essay-type materials, I assume the policy is the same regarding improved test scores. For the record, I often advise my clients to send in their improved test scores anyways. That is one of the rare occasions when I will suggest sending additional materials though.

Are reapplicants at a disadvantage?
Reapplicants are not placed at disadvantage for having applied (or been denied) in a previous year. Your new application will be evaluated on its merits, in the context of the new applicant pool.
We encourage you to give yourself a fresh start when you approach your reapplication. Think through and re-write your essays (questions may change each year), update work history, submit new letters of reference (even if you choose the same recommenders), and submit new transcripts. This is also a good opportunity for you to add any new information that may be helpful in the decision process.
Admission decisions are also dependent on who else is applying in any given year and what the total pool and mix of applicants is.

My Note: I included this because of the many rumors that surround re-applying. Realistically speaking, I don’t know of any school that would admit to this, even if it were true. And even if it were true, would that stop you from applying? Probably not.

From Wharton Admissions FAQ:

What if I want to send material regarding my application before or after I submit the application?
If you submit material before you submit the actual application, we will start a correspondence file for you. Once we receive the application, we will transfer the materials in the correspondence file to your application file. If we receive additional information after you have submitted your application, then you must make sure we are aware that you have already applied. We prefer you do not submit additional material after you submit your application. Once the review of an application has begun, we cannot guarantee that any additional materials sent by an applicant will be considered.

My Note: So it is possible to submit your application and then try to update your file later (a strategy many people try, especially with test scores), however it is not a sure bet. If you take this route, submit your new scores/additional materials as quickly as possible

From Wharton’s S2S (Student2Student) Blog:

The MBA Admissions Office welcomes applicant visits to campus solely because it helps them to get to know the school and determine whether it is a good fit for them and their career goals. There is no requirement to visit campus, and whether an applicant has visited is in no way considered as part of the application evaluation.

How closely do I need to adhere to the word limit?
Please respect the word limit specified for each essay question.

My Note: Sounds silly, but other schools do have some flexibility regarding word limitations.

In which part of the application may I enter additional information, including special circumstances?
Please enter important information that you want the Board to know in the Additional Information section of the application.

My Note: There is no “Optional Essay” for HBS, and the space for this answer is very short, 500 characters – not words – maximum.

How do I add new information if I have already submitted my application?
Once the application has been submitted, the Admissions Board is unable to accept application updates other than contact updates.  If invited to interview, applicants may inform the Board of updates at that time.

My Note: If you are thinking of re-taking a test and trying to submit a higher score after submission, HBS’s official policy says no.

What is the latest date test scores will be accepted?
When submitting your application, you must report the unofficial GMAT or GRE score given on the day of the test. This is the only score that the Admissions Board acknowledges. Your official score report may arrive from Pearson (for the GMAT) or ETS (for the GRE) after the deadline dates, and this score will be used for verification purposes. GMAT and GRE scores are valid for five years.

Please be advised that in order to apply for admission in 2010, GMAT scores must be dated January 1, 2005, or more recently. Please note that the HBS code for the GMAT is HRLX892. The HBS code for the GRE is 4064. For more information on the GMAT, please visit www.gmac.com. For more information about the GRE, please visit www.ets.org/gre.

TOEFL and IELTS scores are valid for two years. These tests must be dated January 1, 2008 or more recently to be valid. Please note that HBS only accepts the Internet-based (IBT) version of the TOEFL.

If you have applied to HBS in the past and decide to reapply, report your scores on your application. However, you will NOT need to have the testing services resend your official scores to us if the ones we have are still valid.

My Note: HBS doesn’t mention this specifically, but apparently you can self-report your TOEFL/IELTS scores as well as long as you have the unofficial (online) scores by the deadline.