The use of ApplicationException, while not depreciated, is not recommended. As such, raised strings should be wrapped in an Exception instead to keep in compliance with FXCop recommendations: DoNotRaiseReservedExceptionTypes and TypesShouldNotExtendCertainBaseTypes
If the user chooses to raise a string, then it will still fail DoNotRaiseReservedExceptionTypes due to the Exception being thrown, though it is more in compliance with moving away from ApplicationExceptions