If I were in your position, I would try to get some international work experience or work on some high visibilty projects. I would also start thinking about people who might write your recommendations and think of every person you encounter (clients, advisors, etc.) as potential recommenders. Also, you should think about increasing your community service experience -- as this is one area where you can really distinguish yourself from your competition. Think about unique contributions and activities.
As for your GMAT, start studying as soon as possible. Working in banking, you often have very little control over your schedule so you should start studying as soon as you can. Also, take the test as soon as you feel prepared -- it will be a huge relief to get it over with and that will be one fewer thing you have to worry about.

If you're in a traditional IB analyst program, it's not necessary to have extracurriculars outside of work - you're working 80-100 hours a week, so you'll barely have time for sleep - and adcoms get that.

With bankers, by the time you start your analyst program, your competitiveness is pretty much baked in.

Since you're from an Ivy/Stanford/MIT/Duke/ or "target" school for undergrad recruiting (undergrad biz at Michigan, Haas, Stern, McIntyre, etc.) and assuming you work at one of the major banks, your chances are good enough that it's worth shooting for H/S/W assuming your GMAT is competitive (i.e. above 680 minimum, ideally 700+). And a good number of these IB/PE admits to these schools didn't have a boatload of extracurriculars outside of work - they just have solid blue chip resumes with a good story (and ideally some interesting extracurriculars during undergrad). Given that adcoms know you work extremely long hours, they will be skeptical anyhow if you put too much stock into your nonwork extracurriculars (because they will sense that you won't have much time or energy outside of work to pursue these in a really meaningful way).

For those who are not from a target school and ended up at a regional or middle market firm (i.e. you are an IB/PE guy but without the top tier names), then the picture is cloudier at H/S/W - most likely a stretch unless you have some substantive achievement in undergrad (D1 athlete, etc). But barring any major standout achievements, there's certainly a lot more of the "non blue chip" IB/PE folks at Booth, Columbia, Kellogg, Sloan, Tuck, NYU, etc.

In your case, you probably have the kind of profile that H/S/W is looking for anyhow, so it just comes down to applying when the time is ripe (during your analyst program either in your 2nd or 3rd year, or maybe after 1 year at a PE shop, industry, etc. after completing your 2nd year analyst stint) and having a good story for what you've achieved and what you want. If you have interesting stuff from undergrad, that will certainly help.

Alex Chu
alex@mbaapply.com
www.mbaapply.com
http://mbaapply.blogspot.com

   Thanks - I really appreciate the detailed response.

   I've done some GMAT revision, but this was actually more than 9 months ago. I think that I should probably take advantage of 2-3 weeks I may have in the summer to fully dedicate myself to GMAT revision again before just taking it - rather than halfheartedly study in my "spare" time. Do you think this makes sense (for people who have taken it before)? 

   I've actually had some downtime at work (<80 hr weeks!) so I've started consolidating some essay questions. I realize some essay questions I can't write a year in advance, but it at least gives me a sense of what is important.

   Do you have a better sense of scores for GMAT needed? My average scores on a few GMAT practice  exams, i.e. official mba.com practice test, have been around 720-730. I think I could improve on this, with a little more resolve. What is a "safe" score, or am I being obsessive? To provide a little more context/academic stats, I got a >3.8 in college. I know there is no magic score, but I'm wondering if I should aim for a 740+ or 720.

   I was also very interested in your comment on the lack of activities needed for someone in a banking role. Looking at some of the essay questions at H/S/W, I feel like I do need to bulk up on some activities outside of work. I was active in college but don't feel comfortable quoting many things from ~3 years ago - am I wrong to be wary of that?

   Thanks again.

GMAT: over 700 and you should be fine, 740+ if you can get it, but don't kill yourself for it.

As for extracurriculars, you sure you have time to do anything meaningful as a banker? Keep in mind that there's a difference between participation and achievement. The former just requires you to "sign up" to something and say you're involved - you won't be able to say a whole lot. Achievement requires sustained commitment over a period of time. If you can do it, great, but it's not something that is fatal if you don't in your case.

Alex Chu
alex@mbaapply.com
www.mbaapply.com
http://mbaapply.blogspot.com

   Thanks again for the response and advice - my commitment so far has been a regular community service program with a commitment of several hours every week on the weekend.

   In this program, I have not elected to take a leadership role due to the often looming possibility that I may have to skip because of work. However, it is something that I would at least have done for 2 years when I apply.

   I'm not sure which category this type of commitment falls into as you suggested - thinking it's more likely the involvement rather than achievement. If I've had some meaningful personal experiences in it, is it fair to mention them as some part of my essays, though?

   Another question - I am moving to another geography next year (i.e. ~3-4 months before application deadlines) and will likely be involved in community service programs there, likely with a larger commitment since it's my home turf and I have connections through which I think I can find some meaningful programs (and I will continue with these even after business school applications!). Is it acceptable to mention these even though I would have only take a 2-3 month commitment to these?