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There is no formula for acceptance of applications for B- schools. Though the policies vary from school to school all B- schools are committed to evaluate the whole package that an applicant presents. For instance, Chicago has accepted applicants with GMAT scores in the 300s; Darden, in one year, rejected five out of six applicants with perfect GMATs (800/800).

1. GMAT Score - At top schools, one competes against people with very high scores, and many of them don't get in. So you should aim to get a GMAT score within 50 points of a school's average.
2. Work experience - What admission committees are looking for here is evidence that the applicant has made progress in his career, taken increasing responsibilities, and demonstrated leadership. Strong communications skills and a proven ability to work well in groups are also important. Highlight these experiences throughout your application. B-Schools want candidates who have demonstrated an ability to work well in group setting. A prior history of leading teams by an applicant at work is considered a very important factor by all B-schools.
3. Recommendations: Almost every school will want to see recommendations from people that have seen your work and know your abilities. Choose your recommenders carefully -- a big name won't help you as much as a thoughtful, positive letter from someone who knows your work well.
4. Essays: These are one of the most important components of the application package. Examples are: Harvard University: Describe a situation in which you failed and explain why it happened. Stanford University: What course you would pursue if getting an MBA did not exist as an option? In the essays, the applicant has