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Selection process

Each application receives an academic index score, which is based on GPA and standardized tests. A low score is usually a dealbreaker, but still all applications are considered.

Each application will be read by 2-3 readers, who recommend either "admit," "deny," or "possible," sometimes qualified with "strong" or "leaning." Readers also rate each candidate out of 10 for academic and personal qualities, which take into account things like socio-economic background.

"You expect it to be more numbers driven than it is, but the message we always got was to make sure we consider everything else in the application."

Reading an application takes 10 to 15 minutes.

"You're supposed to read 25 to 30 in a day, but that's tough when starting out, and they encourage you to do quality reads. There's a high degree of subjectivity, at least in the first read, but that's what the second and third read are for. The probability that you get 2 people in a bad mood is ... lower than the probability that you get one person in a bad mood."

And don't believe what they tell you about early admission.

"It's much easier to be admitted during Early even though most schools tell you it's just as competitive, it's simply not true. That's standard administrative rhetoric, but it is much more difficult to be admitted during regular. We've already admitted 30 to 35 percent of the class Early. When you first start reading apps you might think one is great, but reading the same app later after 600 others then that kid no longer seems as stellar."

"There's a big push to admit or deny."

But some applications end up on the waitlist—and about 10 percent of these are eventually accepted.

"Some are placed on the waitlist for political reasons, say a legacy will be waitlisted because they don't want to deny outright."