The first step is deciding for sure whether or not to go to grad school.  The reality is, in this business sometimes real world experience can still get you farther than a graduate degree, especially if you've had a quality undergraduate education. The shiny piece of paper is fun to have though, and it does qualify you to teach. 

Think about where you want to be in ten and twenty years from now.  If it doesn’t involve working at a University or on Broadway, think twice about why you want to go to grad school and make sure you have a specific reason.  If you don’t have a reason to be there you probably won’t have the drive to make it through. 

Grad school is hard and you won’t sleep much.  Teachers can be mean and the competitive nature amonst students creates a much different atmosphere than what you experience at the undergraduate level.  It can also be rewarding and fun if you are there with purpose.

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