Well, they do have a target in mind. In as much as I know, many top schools use mathematical models to design the MBA Class. Whenever you see rankings, go behind the scenes, and understand the metrics they follow to create those numbers. Those are the numbers that matter to a lot of schools( Some schools do not choose to participate).
Some of the parameters:
1. Number of countries represented
2. Percentage of international
3. Percentage of Women
4. Percentage of people from Finance/IT/Marketing, Engineering/Operations, etc.
5. Number of Industries represented
6. GMAT Score( Average GMAT of the Class)
7. GPA( Percentage)
If you are keen on finding out more about your target schools, look up their class profile( GOOGLE IT). You will see the entire break up for the incoming class. Do the Math.
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