Unlike MS admissions, foreign MBA admissions are a laborious process which involves writing a whole bunch of essays for each school and getting personalized recommendations (generally a Q&A format specified by the university). So finding the right number of schools to apply is a little tricky aspect. If you apply to too few schools, you might end up without an ‘admit’. If you apply to too many, you may go crazy with all the essays you might have to write which in turn might affect the quality of the application.

Though there is no ideal number to apply, around 6 to 7 schools with a good mix of safe (will definitely get in), probable (good probability of admit) and reach schools (difficult to get in). The mix itself should depend on your profile and risk tolerance. However, don’t apply to schools that you don’t really want to attend even if you get admitted.

Try to target the reach and few of the probable schools in round one and the remaining in round two. Don't be discouraged from applying to a program that you feel is perfect just because your GMAT score or GPA falls slightly below their stated/average requirement. If all other aspects of your application are strong, you might still have a good chance of getting admitted. However, if your GMAT is way below their average, your GPA is an entire point below their average, and you don't have any real work experience or other credentials to strengthen your profile, then you might want to focus on schools to which you’re better suited academically.