UCLA Anderson has a list of the most common applicant myths. While a few of these myths are specific to UCLA Anderson, many pertain to MBA admissions in general:

http://mbablogs.anderson.ucla.edu/mba_admissions/2010/08/top-10-mba-applicant-myths.html

Here are a few of the more interesting ones, with my commentary:

<blockquote>MBA programs look for a set profile of candidate. Most programs seek a diversity of academic, professional, geographic, and personal backgrounds. We accept many students who have neither studied business nor worked in traditional business careers like consulting or investment banking.</blockquote>

This is generally true, although many programs are oriented toward a specific subset of student. Employers are often aware of the types of students who come out of each program - and know who they want.

<blockquote> There are minimums or cut-off scores for the GPA and GMAT. Both measures are evaluated jointly, along with other evidence of ability to handle quantitative coursework (e.g., CPA, CFA, Chartered Accountancy, financial modeling at work, post-graduate work). The distribution of GPA and GMAT scores among admitted students is broad.</blockquote>

This caveat is no reason to not do your best on the GMAT. A higher score is better, always.

<blockquote>Work experience is a pre-requisite for admission. Candidates are evaluated on both demonstrated and potential leadership and management skills. UCLA Anderson actively encourages individuals to apply when they feel they are ready. For some, this will be directly from undergrad or with only 2-3 years of work experience. For others, this will be with 10+ years of professional experience.</blockquote>

But what about those without work experience? See how they didn't address that?

<blockquote> Applications are pre-screened. All applications are read in their entirety by at least several members of the Admissions Committee. Admissions decisions are made across multiple criteria. It is the rare candidate who is denied based on one area of an application.</blockquote>

This bears repeating: You aren't judged on one area, but on many. A poor GPA can be leveraged if your work experience or GMAT score is stellar.

<blockquote>Applicants are evaluated relative to others with the same professional or geographic background. Applicants are evaluated relative to the entire pool. There are simply too many ways to disaggregate and assess candidate profiles.</blockquote>

They say this, but I don't know how practical the information is. Put your best foot forward and don't worry about other applicants, is the best way to look at it.

<blockquote>International students are not eligible for loans or fellowships. International students are eligible for loans with or without a US co-signer. Other loans may be obtained and may require a cosigner. All students are eligible to apply and be considered for a fellowship.</blockquote>

True, but I understand it's more difficult for an international student without a U.S. co-signer.

<blockquote>UCLA Anderson has a list of the most common applicant myths. While a few of these myths are specific to UCLA Anderson, many pertain to MBA admissions in general:

http://mbablogs.anderson.ucla.edu/mba_admissions/2010/08/top-10-mba-applicant-myths.html</blockquote>

Actually a useful list. Thanks for the link, Arun.

And Ralph, good comments. I found the thing about Round 1, 2, 3 not making any difference kinda interesting.

That is a great link - thanks for posting! I think that list can apply more broadly than just UCLA. Another useful list would be tips for your application. While they stress the fairness in the application evaluations process, it would be nice to see what they think makes one stand out from the rest.