The release date for business school applications for the 2015-16 season looms large. Time is of the essence.

As this editorial series will explore, there are key factors prospective students must consider for the admissions process. Applicants are more globally mobile. Schools are opening multiple campuses in a quest for diversity. New program formats offer flexibility. The GRE threatens to steal a march on the GMAT entry test. Financial concerns remain as pressing as ever. Rankings and accreditation are key.

MBA applications are typically released in May. Harvard and Columbia are often the first to release essay questions. Others will do so in June and July, sometimes as late as August.

“It’s never too early to get started,” says Dan Bauer, chief executive officer at The MBA Exchange, an admissions consultancy.

Major changes have seen elite institutions shake up how they find and assess MBA applicants. Many have cut the number of essays they require. Instead they are adopting new technologies such as video and social media to connect with potential candidates. Leadership, ethical values and cultural awareness are all gaining in importance, say admissions consultants.

Acceptance rates are stubbornly low. Stanford, the most selective, posted a rate of 7.1% last year; at Harvard the figure was 11%. The top-10 US MBA programs averaged 16.4%.

“Many of our clients are very qualified but don’t know how to tell their stories or market themselves,” says Stacy Blackman, a renowned admissions consultant in the US.

So how can applicants cut through the competition and gain admission to the top MBA programs?

Philippe Oster, director of admissions at leading French business school HEC Paris, says he assesses candidates on four factors. The first is academic performance — both grades and the quality and selectivity of their previous academic institution. Then there’s professional accomplishment. “We look for evidence of career progression,” he says, as well as the prestige of the companies a candidate has worked for.

Third comes international exposure. “A global outlook is a particularly important attribute,” Philippe says. This includes the number of languages a candidate is proficient in. Lastly he looks at leadership and candidates’ ability to convey their potential. “Students are presented with a number of varied opportunities to put their leadership theory to the test,” Philippe adds, during the MBA.

J.D. Clarke, executive director of recruitment and admissions for masters programs at Ivey, Canada’s top business school, says he wants to see work experience relevant to academic study.

He adds that Ivey MBA students tend to be globally diverse individuals with varied experience.

Christopher Storer, executive director of admissions at George Washington School of Business in the US, says he seeks candidates who want to make an impact on society.

He adds: “To stand out at a place like GW is simple — present your authentic self throughout the admission process….By doing that you’ll be sure to know whether GW is the best fit for you.”

When assessing fit prospective students should consider location. “Being located in Washington DC is a major benefit for our students,” says Shari Hubert, director of MBA admissions at Georgetown’s McDonough School of Business.

She says global business, policy and societal issues converge in the US capital. “Students have a front row seat in learning how to be principled leaders.”

Some schools are keen to provide a cross-continent education. “In today’s global arena the exchange of ideas and best practices by individuals and companies from around the world is clearly key to developing responsible leaders,” says Virginie Fougea, associate director of admissions for degree programs at INSEAD.

INSEAD has campuses in Europe, Singapore and Abu Dhabi. Like many of its competitors the school offers students exchange opportunities to other institutions around the world.

As business schools have tried to differentiate themselves in an era of hyper competition, each can offer a unique focus.

For IE Business School, social responsibility, entrepreneurship and innovation are key, “to prepare our students to be socially responsible leaders and go beyond the traditional MBA curriculum”, says Pilar Vicente, IE’s director of admissions.

He adds that there has been an increase in subjects related to innovation and technology in IE’s full-time MBA curriculum.

For prospective MBAs finance remains a key issue. “Getting an MBA is a serious commitment of time and money,” says INSEAD’s Virginie.

ESADE Business School like others has built up a substantial pot of funding, allocated via scholarships. “We also put candidates in contact with banks and international organizations that offer scholarships and loans with very favourable conditions,” says Cristina Olabarría, ESADE director of admissions.

Roy Chason, assistant director at China Europe International Business School, based in Shanghai, says the school last year issued funding covering nearly 40% of the MBA cohort.

For those who have the financial means, “soft skills” and leadership experiences are two potential hot themes admissions committees will be on the lookout for this year, according to Paul Lanzillotti, founder and principal of admissions consultancy firm the Amerasia Consulting Group.

“We focus on three areas: Who is this person? What can they do and share? And do they understand and fit with this school?” he adds.

However Jeremy Shinewald, founder and president of mbaMission, also an admissions consultancy, disagrees. “There is no ‘silver bullet’,” he says.

“They are looking at individuals, not data points,” he adds. “If you come from a trendy firm it can help. If you are in operations at Tesla or marketing at Uber, your application will be noticed. However, they [admissions officers] are absolutely not expecting applicants to have a particular experience.”