If you are in your final year of study, you are eligible to apply in the current application cycle.
This timing applies to: To be considered for admission to the 2 2 Program Class of 2024 (entering fall 2022), you must graduate from your program between October 1, 2019 and September 30, 2020.
The reason I think it is included is because learning from mistakes is a core part of what case study analysis is about. However, since you will likely have to write on this topic for other schools and will most certainly need to be ready to discuss it in an interview, I think it is great to write on if you have a strong topic.
Keep in mind that a defining experience need not be an accomplishment, but given that you are already writing about a mistake in Essay 2, if you decide to write about any sort of failure here, you should make sure that it is quite distinct from what you write in Essay 2 and that your overall essay set focuses effectively on your potential.
for the last several years has been considered a hard application by many, not principally because of the lack of choice of which questions to answer, but because of the difficulty of some the questions as well as the word count limits.
In particular, the question I just mentioned and a question on ethical issues you expect to encounter in in your professional future were considered quite difficult.
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