In a year you'll be in business school. So wrap up things at work, finalize your list of top schools, and tackle those application essays

By Francesca Di Meglio

To help you, BusinessWeek.com is launching a new series: a five-year planner for business school. The five-part series—this is the fifth—will provide a year-by-year guide to what you should be doing and thinking about in building the sort of résumé and skill set that will be attractive to MBA admissions committees.

By the end of Year One, you had launched your career and found a mentor. In Year Two, you began taking on more responsibility at the office and in your extracurricular activities. Year Three brought a promotion or a move to another company. You made your mark on the job and started preparing for the application process in Year Four. Now, your life is about to completely change. You're ready to actually apply to graduate business school and become a student again. This year will fly by, so let's get to work:

FIND CLOSURE

Aspiring MBAs, who have one foot out the door of their office during the application season, tend to catch senioritis, a disease that grips folks leaving their jobs, as well as kids graduating from high school and college, and has them doing little to nothing in their final weeks. Don't be among the ill. This is a great time to make yourself invaluable, says Liz Riley Hargrove, associate dean for admissions at the Duke University Fuqua School of Business. "You don't want to put yourself in the position where you burn any bridges before going to business school," she says.

Even if you probably won't return to the company where you're working now, you still want to keep your options open, and to do that you must continue to give it your all on the job. Lengthy assignments that might not get completed before you leave for business school are less than ideal and should be avoided if possible. But smaller projects, as well as work that has you testing the waters of functions that might interest you in your post-MBA career, are worth taking on, says James Frick, director of admissions, operations, and recruiting at Carnegie Mellon's Tepper School of Business. Besides keeping you in the good graces of your employer (who probably is writing a recommendation for you), these assignments can help you weed out post-MBA career goals you may not be suitable for or interested in, and provide fodder for application essays and interviews.

On your way out of the office, you should also make it clear that you're going to business school to expand your skill set and not because of dissatisfaction with your job (even if that's the real reason you're leaving), says Mae Jennifer Shores, assistant dean of MBA admissions and financial Aid at the UCLA Anderson School of Management.

In Year Five, you also have to reflect on what you've accomplished in your career so far. Besides keeping a leadership journal and evaluating how far you've come, both of which are recommendations from Year Four, you should also determine quantified outcomes of projects, suggests Dan Bauer, founder and managing director of The MBA Exchange, which is headquartered in Chicago but provides consulting services for MBA applicants around the world. Both you and your recommenders will want to point to numbers, such as process improvements or sales growth.

Still, not everyone is seeing roses and rainbows at work these days. Applicants who think they might get laid off or already have been laid off because of financial woes don't have to run and hide from the admissions committee. "It's the reality of our economy right now," says Hargrove.

If you're out of work in Year Five, you might consider taking on volunteer or freelance opportunities to hold you over until entering business school. Just be sure to tell the admissions committee what you've done with this additional time, what you're learning about yourself, how you made a difference despite losing your job, and how the school and the MBA will help you.

Ultimately, you are looking to gain closure at work in this final year before entering graduate business school. For starters, you should make yourself accessible for questions after you leave, says Shores. You'll want to wrap up projects, tie up any loose ends, pass things off to others who will be taking on your work, communicate your plans to colleagues, supervisors, and clients, create ways to stay in communication with those you'll be leaving behind, and say good-bye at least for now.

MAKE NEW FRIENDS

Saying good-bye at work does not mean the end of your relationship with your colleagues. A wise, aspiring MBA knows that you don't just throw away business contacts. You should devise a plan for keeping in touch with your mentors, those you are mentoring, and other important colleagues and clients while you're at business school. You might send out an e-mail once a month or keep a Linked In or Facebook page.

Your network will be the first place you turn when looking for recommenders for the applications. At this point, you can flat out ask all your recommenders—even employers who you might have waited to tell about your B-school plans because they would know your departure was imminent. Pay attention to their response, warns Bauer. If the person says no or offers a lukewarm yes, you should consider someone else, he says. "If he or she doesn't give you the warm feeling that you can count on this person to write about your wonderfulness, then you have time to cultivate a new recommender," adds Bauer. Giving your recommenders an overview of what you've accomplished and reminding them of your contributions and goals and their feedback is a must that will be appreciated, says Hargrove.

Once you have a short list of business schools that you'd like to attend, then you can start to expand your network even more. You should reach out to the schools and ask to be put in touch with alumni in the industries that interest you for your post-MBA career, suggests Frick. Head online to find business school forums with other applicants, current students, and alumni who can answer your questions about the schools that interest you. Bauer suggests reaching out to people you already know in the regions where you might attend business school to get a feel for the community and to feel less alone when you first arrive. He adds that applicants with significant others or spouses might get in touch with the presidents of the partners' groups at the campuses on their short list to inquire about the social network and opportunities for their families.

As you take this next step, you'll be leaving behind some loved ones. Bauer suggests reaching out to family and friends where you are living now to prepare them for what's coming. "You'll be vapor once [the application process] is over," says Bauer. Let them know that you have some seriously hard work ahead of you and that you might not be able to get in touch as often as you'd like, but it doesn't mean that you're not thinking of them.

DO GOOD

Throughout this series, you have heard from admissions committee members and admissions consultants who have told you to get involved and be active in at least one organization or hobby about which you are truly passionate—and to stick with it.

Some of you have taken this advice and are organizing food drives, building homes for the less fortunate, performing in a band, or helping to clean the parks in your community. Kudos to you. Be sure to mention all this—and demonstrations of your leadership in these activities—on your application.

Others, however, might not have taken this advice. Although admissions committee members admit that people who sign up for community service or other extracurricular groups six months to a year before applying to business school seem like half-hearted, just-in-time participants, they also say that doing something is better than doing nothing at all. "We want students who want to change the world," says Hargrove.

You could always get involved in community-service opportunities at work. Many offices have a community-service day or some sort of fund-raising drive in which employees can participate, says Frick. He adds that you could even take the initiative to start something of that sort at work yourself, especially if working long hours is among the reasons you haven't gotten involved already.

Having activities outside of work under your belt is just one way to show that you are well-rounded. Shores says that she is looking to see that candidates have a broad perspective of the world and get along well with others. If their activities can't show her this, then she will look to the applicant's letters of recommendation, essays, and undergraduate studies (a nontraditional major or a few electives in the arts, for example) to reveal how they view the world and what they are interested in beyond business.

APPLY YOURSELF

This is the year that you will complete your business school applications. One of the first goals on your agenda should be to demonstrate why you are a good "fit" for each of the B-schools on your short list. To do so, you should visit the campuses. "Essays become more robust and sincere when you talk about what you saw and who you met, rather than what you've read," says Bauer. Some experts suggest visiting campuses in the spring, rather than the fall, because there are fewer applicants on campus then, and you can get more face time and attention with everyone.

Still, if it is impossible for you to visit the school, you must immerse yourself in the online community for that school, know its Web site inside and out, and talk to current students, alumni, faculty, and administrators. Your main goal, with or without a visit, should be to become an insider at your top-choice schools, says Bauer. To do this, he suggests also setting up Google Alerts for the schools that interest you most, so you never miss the latest news on campus, and reading student and alumni newsletters and other publications regularly.

Another component of articulating fit is knowing exactly what you want to do and how the MBA and a particular school's program will help you do it. By now, you should have completed your soul-searching and have some sort of career path in mind that you can outline in your essays and interviews. "Business school is not the place to find yourself," says Hargrove. "You have to come in with a plan." Although many students are career changers, you have to enter the program with a pretty firm idea of what you want to do after graduation, because of the pace of the job-search process, which will begin in the fall of your first year. You don't want to get left in the dust by your classmates, which could end up intimidating you and putting you behind in your post-MBA life.

Once you've visited a school and know it well and you have a career path in mind, you can start thinking about your essays and interview. This is probably the most important part of the application, say admissions consultants. "You're entering into a lifelong partnership," says Frick. He suggests writing a summary of what brought you to the application process in the first place, what you value, what you want to do with your life, the skills you need to accomplish that goal, and how this program and the MBA will help you.

One warning as you sit down to complete your application: "Avoid a lot of what you hear on the street," says Shores, who adds that you should stick with the advice you get from admissions consultants about the application. Her main reason, she says, is that sometimes alumni and students don't really grasp the process that the committee goes through to choose and create a class. Therefore, they can't really give you tips you can use. There's no set profile, she adds. "Be genuine, authentic, and let us get to know you as an individual," she says. By now, you should know who you are and what you want (more or less), so it shouldn't be hard to let that shine through in your application.

If you're still dissatisified with your GMAT scores, now would be the time to retake the test. To give yourself an edge, consider one of the many test-prep services that specialize in the GMAT, such as Kaplan, Manhattan GMAT, or Princeton Review. But be warned: they can be pricey—more than $1,000 in some cases. If you're considering an admissions consultant, you should make decisions about whether to use one early on, so you are getting your money's worth, says Bauer. If you wait until the last minute, you may be competing with others for time with your consultant. Also, think about what the schools to which you are applying would say about you having an admissions consultant before deciding. No schools ban them, but some—including Harvard, Wharton, and Stanford—have been openly critical in the past.

Another suggestion that Bauer has for clients is to conduct a background check on themselves. Schools will use online services and research to find out about your past. He says some online companies will do this for you for less than $100, so you can see what the schools will see before they see it. The best place for an MBA applicant to go, writes Bauer, is the member directory of the National Association of Professional Background Screeners (NAPBS). Then, when schools ask about indiscretions, you'll be prepared to explain that driving violation from freshman year, he says. You might not even remember some of the things that can come up in these checks, so it's best to be prepared.

Finally, take a step back, suggests Frick, and put yourself in the shoes of the admissions committees at the schools to which you are applying. What will they see as your perceived weaknesses? How can you help them understand those weaknesses and how you are overcoming them? Explain all of this in the application and elaborate if it comes up in the interview. Use the optional essay. "It's optional in name only," says Frick.

LIVE ON A BUDGET

You should have been saving money and starting to live like a student again all along. As you're applying to business school, you should decide about whether you're going to sell your home or if you will need your car at school. Bauer says that these kinds of things are important decisions because they will be factored into your financial aid packages. He also tells his clients to increase credit lines while they're still fully employed because it will be harder to get credit once you are back at school.

Creating a two-year budget, based on being without an income, is a great idea, says Frick. He adds that along with your budget, you should make it a priority to help your partner (if you have one) find a job and to learn about other ways you can make money while studying full-time. He says that students can serve as teaching assistants or give admissions tours to help offset the cost of their studies. Every little bit helps.

BY THE END OF YEAR FIVE…

You should have:

• Wrapped things up at work in a way that leaves you in the good graces of your former employer

• Become an insider at the MBA programs at the top of your list

• Come up with a clear-cut career path to share with the admissions committees

• Addressed your weaknesses as an applicant in the application

• Found a way to explain why you're a good fit for the schools on your short list and completed your applications

• Started to live—and feel—like a student again. The MBA is, after all, just around the corner

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

To help you, BusinessWeek.com is launching a new series: a five-year planner for business school. The five-part series—this is the fourth—will provide a year-by-year guide to what you should be doing and thinking about in building the sort of résumé and skill set that will be attractive to MBA admissions committees.

In Year One, you learned about how to get your career started on the right foot and find a mentor. In Year Two, you made inroads in the office and learned how to get noticed by the right people. Year Three was a turning point, when you might have moved to a different company or accepted a promotion. Now, in Year Four, you must make your mark and start preparing for the MBA application process. This is the year that you start tracking your achievements and devising future goals, so that you will be able to knock out a solid application essay and make a big impression in the interviews next year. There's no time to waste, so here goes:

BROADEN YOUR EXPERIENCES

By now, you should have been promoted at least once, perhaps twice. You are probably comfortable in the role you have at your company. If you can, take on projects and duties in other departments to get exposure to different careers and to show that you can wear many hats. This kind of work, besides serving as additional research as you decide exactly what you want to do post-MBA, can be great fodder for the application essay and interview. You might also pick up additional skills, which should be a goal of yours, especially if you plan on using the MBA to switch careers.

Just because you have earned a promotion or two does not mean that you should rest on your laurels. You still should strive to stand out at the company. Take advantage of leadership opportunities such as heading up a committee. Create projects and initiatives. Try to win awards for your work. You should have specific examples of where you are adding value to the company, whether that's helping launch a successful new product or undertaking a cost-cutting initiative with measurable results, says Julie Barefoot, associate dean for MBA Admissions at Emory University's Goizueta Business School.

Don't worry too much if the slower economy is slowing down your career, too. "We're not clueless about the economy," says Barefoot. "We understand that this group of students has been thrown a lot of curve balls." In other words, the admissions committee will understand if you have been laid off or if you were given more responsibilities without a promotion or salary change. Just be sure to explain the situation—and how you turned your lemons into lemonade. If you lost your job for a brief period, explain in your application essay how you freelanced while job hunting until you landed a better, full-time gig. Take on the challenges of a slow economy and perform well under difficult circumstances. For instance, says Barefoot, if you are helping your team at work to accomplish the same goals with fewer people, you should definitely bring that up in your MBA application.

CHOOSE YOUR RECOMMENDERS

Now is not the time to give up on your network. "Networking is like gardening," says Beth Flye, assistant dean and director of admissions and financial aid at Northwestern University's Kellogg School of Management. "If you have a garden, you need to constantly tend to it and care for it. It's the same for a network." Therefore, you should be continuing to keep in touch with your mentors, the people you are mentoring, and any other contacts you have made in the last three years.

In addition, you should be looking around you to determine who knows you and your work best and would be able to confirm whatever you decide to include in your application in the form of a recommendation letter. A big name is much less important than someone who works closely with you, knows your strengths, has witnessed your accomplishments, and will speak well of you.

If it's too early to come right out and tell your recommenders—say it's your boss and you don't know if he'd appreciate your decision to leave the company—then ask subtle questions about what this person thinks of the MBA, says Alex Chu, president of MBA Apply. Use this information to come up with a roster of people who can write recommendations for you. Chu adds that you should ask the same people to write the recommendations for every school to which you apply because it's easier for everyone.

Those who can openly discuss their plans with their recommender can take him or her to lunch at this point, suggests John Roeder, director of MBA Admissions at Vanderbilt's Owen Graduate School of Management. Use your time together to give the potential recommender an overview of your achievements and your reasons for wanting to go to business school.

While you're deciding on your recommenders, don't neglect the rest of the application process, particularly the research into your target schools. Track down students and alumni at your top choice schools—your list of schools should be narrowing as you research the offerings at each—and ask them questions about the culture, campus, and highlights of the MBA program. This is great background information that you can use to make your application essays specific to each school to which you apply, even if you can't make it to campus for an actual visit, says Jim Ward, an aspiring MBA in Washington, D.C., who is going through the application process now. Ward adds that narrowing your list of schools and thoroughly researching each is key to performing well in essays and interviews. He is pleased that he chose only four schools and got to know each one very well. "Four is enough," says Ward. "It was a lot of work, and I'm happy with the four."

KEEP UP THE GOOD WORK

Your extracurricular activities—from community service to that garage band—should be ongoing and consistent. There's not much sense in starting new activities, but you should try to shine in the ones in which you're already participating. These groups are a good way for you to get leadership experience if you are unable to get it at work. "There's a difference between participation and accomplishment," says Chu. "Anyone can participate, but achievement is something more." If you volunteer at a soup kitchen every day and won an award for it, then you have achieved something. Recognition of your services is an asset to your application.

Some of the people who work with you in these other activities might be on your list of recommenders. Treat them as you would those with whom you work. Just as you would on the job, continue to look for leadership opportunities and ways to make your mark and improve the organization.

Minorities, women, those coming from certain industries, and others might find organizations that will help them with the application process. Groups, such as the Forte Foundation, are great places for applicants to join, says Analilia Silva, associate director of admissions at Indiana University's Kelley School of Business. They can provide a network, in some cases information on the application process, and scholarships. Professional organizations can also be helpful because you can meet people who can tell you about the jobs that interest you in that field. Year Four is an ideal time to get involved since you'll be starting to write the applications soon and can use that information.

PREPARE TO COMPLETE THE APPLICATION

Filling out the applications is now only one year away.

There are things you can do to prepare for writing the essays and interviewing with alumni or admissions committee members. The first thing you should do is take a self-inventory, says Flye. Where have you had an impact? What have you learned? What skills are transferable for the move you want to make post MBA? Answers to all these questions should be included.

You also might consider keeping a leadership journal. In the journal, you should take notes as you demonstrate leadership on the job or in your extracurricular activities. These notes will come in handy as you write your essays and think about what you will say in an interview. Write down anything you think could be relevant because you can always leave it out of the essay if you end up having stronger examples. In the essays, you're going to want to illustrate not just what you accomplished but also why it is important, says Barefoot. Keep this in mind as you track your examples.

Mock interviews with your mentors or other trusted contacts who have gone through the MBA application process can help applicants prepare and stand out, says Roeder. If the MBA application interview is the first one you've had in four or five years, you will likely have trouble, he adds. Practice certainly can only help you.

By now, you should have taken the GMAT at least once. If you're still not satisfied with your score, take it again. While most programs will not disclose their minimum GMAT scores, you can get a hint for what it will take to get accepted by checking out each school's profile and looking up its average GMAT score, which range from 696 to 726 for BusinessWeek's Top 10 full-time MBA programs. In preparation for the MBA, you should also look at the curriculum and perhaps even the syllabus of the courses at the programs that interest you most. Besides helping you determine fit, you will have specifics for the essays and interviews.

Good applications happen when people put their all into them. "It resonates in their application that they have prepared and put a lot of work into the process," says Flye. Indeed, work ethic plays a role and can help you stand out from the crowd. "Hard work is what separates those who get ahead," says Chu. "It's a bit of luck but mostly hard work and commitment [that will help you]. Some people just want it more."

GET READY FOR A MOVE

Whether you are single, married, or have a family, you will most likely move from where you are living now to another area when you begin your MBA program. As you narrow down the schools, you should be looking closely at the location of those that interest you most. Determine if you want to live there after the MBA because there are likely more jobs offered to graduates in the school's home than outside. Also, consider the housing prices, if you won't be living on campus. If you do have a spouse and kids, consider the jobs and schools available to them where you'd be living.

Visiting campuses is a great way to get to know the culture and see the city or town. Have your spouse and family join you if you can make a visit before applying. If not, you should try to attend recruiting events for those schools in your area. When you do get to visit a school, check out the groups and benefits they offer to families of MBA students. For example, spouses at Kellogg can audit courses.

People who are thinking about applying to business school should be saving money to fund their education. At this point, you should have saved lots and should already be living like a student on a budget. Consider what your cost of living and tuition will be and start making calculations about how you will be able to swing this. Of course, start researching scholarship and award money now. Get working on those applications, too. Free money, as opposed to loans, is the best way to fund your education because you don't have to ever pay it back.

BY THE END OF YEAR FOUR…

You should have:

•Earned recognition on the job and broadened your experiences by taking on new roles or projects

•Narrowed your list of top business schools and thoroughly researched them

•Chosen your recommenders and either talked with them about the MBA in general or your desire to apply, depending on your relationship with each

•Begun taking note of your achievements and demonstrations of leadership in preparation for the essays and the interviews

•Researched the regions of the schools that interest you most to determine the types of jobs available, the cost of living, and the culture for you and your family if you have one

•Started applying for scholarships and any other free money to fund your MBA

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