Difference between Round 1, 2, 3,...etc for European B-School Applications

What is the main difference between the various application rounds for European B-Schools -- more specifically, I am looking for something for London Business School. I am an American who studied econ and went to a liberal arts school within a large university (think BC, BU, NYU, USC...etc). Also, are the odds good of getting a sponsorship to work in London after graduation? Are there any industries that are more likely to offer sponsorship (ie. Consulting) than others? Any other info you have would be welcomed! Thanks!

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