If you are planning to apply in Fall 2007, have your academic ducks lined up, and have not been involved in recent and regular community service, this is a great time from an admissions perspective to participate in your community. And I completely agree with Scott and Omari in the podcast, when they say that you should choose to serve in a way that reflects your passion.
I define community service as "active participation in and assumption of responsibility for your community." That is an intentionally broad definition because "community" can be any group that you identify strongly with and want to contribute to. But this definition requires activity and commitment on your part .
Would it be better if you had a consistent community service track record going back several years? Yes. But you can't turn the clock back. You can ensure that going forward you demonstrate the qualities admissions committees appreciate.
Bottom Line: Community service should reflect your values and talents and not be an instance of getting one more ticket punched on the trolley to b-school. Do it.
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