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The typical schedule is for first year students to interview in the spring, while second year students interview in the fall as soon as they return to campus.
The reality is that in order for first year students to get interviews, they must start networking almost as soon as they get on campus by attending info sessions, cocktail hours and things like that. Several of the schools I'm looking at have tried to limit how soon recruiters can start meeting with first years, because the schools would like new students to get acclimated to their new learning environments before starting this new task. Many big companies, especially the ibanks, tend to have joint first and second year info sessions to get around this rule.
I read a recent article where competition at Wharton was so fierce for recruits that some banks were visiting 15+ times in the fall. Last year, the school began limiting recruiters to 3 visits, to ease the burden on students for attending so many events.