I received notice today that my application to HBS has been deferred to round 2.

It was probably stupid but I only applied to HBS and no other schools.

Just posting this because I'm a bit bummed out.

Should I apply somewhere else in the meantime? At this point I still have a couple of months to kill before R2 at Harvard.

Most applicants to any top MBA will not be admitted to it. It's unlikely to be selected. You should certainly apply. In business, the quality of a choice can only be measured next to the value of viable alternatives.

You still have a bit of time and could get your apps in elsewhere. Indeed, Harvard is one of the most competitive b-schools in the world, and they'll even ding top candidates. Not to be pessimistic but usually a deferral at this stage is a strong signal that you won't be accepted (although not always)!

So yes, I would consider applying elsewhere. Maybe it won't be Harvard but there are still other excellent b-schools besides HBS as well.

I am slowly coming around to the realization that you both are right.

While I will continue to hold out hope for a round 2 admit, I am making a shortlist of other business schools to apply to. This is what I have so far:

Kellogg
Dartmouth
Columbia
Duke

I'm currently a senior business analyst at Accenture but I want to get into MBB consulting or Private Equity, I chose Harvard because of its strong links with Bain.

Is this a good list of schools or do you have any suggestions?

I'm 28 / M, 740 GMAT, 3.8 undergraduate GPA + extracurriculars etc.

There's some good discussion here:

https://find-mba.com/board/general-forum/top-mba-for-consulting-in-mbb-48876

You might have more luck with a school like Fuqua, but from what you've written, your profile doesn't stand out head-and-shoulders above similar candidates. In your essays I would certainly highlight anything extraordinary about yourself, maybe in terms of extracurriculars, worldview, etc.