Five Years to B-School: The First Year

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GMAT: Now Rather Than Later

One advantage you have in Year One is that you are still in the student mindset. You've only recently completed your undergraduate degree, and you're still used to reading lots of material, taking exams, and listening to lectures. Now is the time to make these disciplines a habit. "Deciding to be a business leader means you're committing to a lifetime of learning," says Chicago's Martinelli.

If you had weaknesses in your academic life—writing or especially quantitative skills—continue studying those subjects. Buy books or take courses to sharpen your skills. Read, read, read, adds Martinelli. Pick up books and periodicals that will keep you up to date on business and the industries that interest you most. Stay abreast of current events, particularly those that influence your business. Pay attention to what's going on in the world around you. This will help you to be a better leader, and genuine intellectual curiosity is a must for admission committees to see.

Consider taking the GMAT— the main business school admissions test—now. While it sounds premature, since the GMAT score is good for five years, it makes sense to get it out of the way, when you're still used to studying for exams. On the other hand, some MBA admissions consultants, such as Shrum, say taking more time to study for the exam at a measured pace is an argument for waiting. Either way, you can take the test more than once.

By now you know your learning and test-taking style, so you know what's best for you. If you think you'd do better by taking the test now, then do it. If not, take extra time to study more. If you're not sure, you can always take a practice test from a book or online and see how you do before deciding the best time to take the actual test.

Stay Grounded

Times are tough enough these days. While it's good to have a five-year goal, it's also important to have a well-rounded life now, when you're free of many of the responsibilities that come when you're older. Plus, MBA programs want to see that you are physically and mentally healthy and that you can contribute to society and perform well at work. Find ways to de-stress and unwind. Of course, don't be crazy and irresponsible. Explaining why your name showed up on a police blotter to a business school admissions committee isn't an easy task.

You're already staying connected with friends and family through Facebook and Twitter. More professional networks, such as LinkedIn, could be useful to your career (more on that in Year Two of this series). But you have to be careful about the image you present online. Five years from now, Google will still find your Facebook and MySpace profiles. Therefore, do yourself—and your future— a favor by making responsible decisions on- and off-line.

Consider using social networking to do some good. Kenan-Flagler's Murray once had an applicant use her Facebook and My Space pages to market a nonprofit organization that she launched. In her application, she was able to use this material to demonstrate her passion, leadership, and initiative, which the admissions committee ate up. Help some people now, and it might help you five years from now.

By the End of Year One…

You should have:

• Begun developing your skill set

• Found a few mentors who have given you a better idea about the jobs you might like to do in the future

• Found a way to translate your passions into a couple of activities in which you'd really liked to get involved

• Decided how you can make an impact at the office and in those extracurricular activities and start implementing a plan of action to do just that

• Kept your mind on business by reading relevant books and articles

• Made a decision about when you'd like to take the GMAT

• Started building a satisfying, well-rounded life and career

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Di Meglio is a reporter for BusinessWeek.com in Fort Lee, N.J.