B School Application Getting Tougher?

I'm in PE and gearing up to apply round 2 to business schools. From what I've heard the last b school application cycle was particularly brutal for finance/PE applicants, with folks across the board getting dinged from HSW (and also K/B) despite being near-locks on paper. This seems to have been at all levels from LMM to MF. I get that there are going to be a few people every year who underperform but it seems like it has become a broader pattern recently. Anyone notice the same thing?

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