It is never late to start prep. Ensure that you commit atleast 2-4 hours of sutdy everyday. ( it vastly depends on your ability to spare time and learn stuff). Also have a weekly revision. This should not be clubbed with your usual study time. Keep it seperate. It would improve your ability to remember for a long time.
Personally I feel that you can wait for a year or two. I say this because, two years would not have prepared you for facing a lot of decision making job. You should be prepared to contribute to the MBA class which you join and this is one of the most important aspect looked in a candidate by any B-School.
Unless you are in an urgency to enroll now, I would suggest you to wait and prepare well for the exams and try after a year. Meanwhile also look in your workplace on how decisions are taken on day to day cork and chat with your peers about your strengths and weakness. This would help you in a great way for your future. All the best!
I am planning for my GMAT in first week of July and TOEFL/IELTS in first week of August. Please tell me is it the right time for getting admission in spring 2010 session. Am I late for the exams or not ??
Also, I want to know that whether my application will be considered good for 1 year MBA for spring session 2010 as I am having only 2 years of experience right now (Petrochemical industry). Whether it can affect my admissions in good B-schools and, if not, then during placements.