Not surprisingly, you can expect the longest wait on your decision if you apply in round one. Wharton’s website indicates that the expected date of an interview invitation is around a month after the application deadline for round one and a shorter wait for the subsequent rounds.
This invitation will include a link to schedule the interview and materials to prepare. The dates for when decisions will be released follow this timeframe by a month to a month and a half. In recent years, the application deadline for round one was mid-September, and the decision release date was mid-December.
If you apply in round one and are not accepted, you are encouraged to improve your application and re-submit for one of the subsequent rounds. Getting “dinged” is a difficult blow to confidence. Consider working with a consultant who can provide critiques of your application, ensuring an even stronger second attempt.