I am going to be graduating with a degree in engineering in a few years from now. How can I start preparing for business schools? These days, it looks like you have to cure cancer in order to get into the top business schools - the competition is cutthroat. Do you guys & gals have any tips towards preparing for business schools? What kind of leadership positions should I be in?
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First, it may be good to start taking some business classes in your spare time after completing Engineering school. Try Wharton's Foundation Series on Coursera (Free; Ivy-League school): http://blog.coursera.org/post/60889088289/the-wharton-foundation-series
Otherwise, if your intentions are to get into a top business school, you either need to find an opportunity that allows you to get into a leadership position or at least some quality experience before you enter business school, or a company that at least has large brand recognition. I am not familiar with engineering fields, so I can't give specifics unfortunately.
My recommendation is to graduate with your degree and and pursue a full-time job. Most top business schools (mine included) will not accept a candidate that does not have a few years of work experience. I would also suggest focusing on positions where you can demonstrate leadership, a solid work progression as well as achievement within your workplace.