MBA study groups are common in most business schools. Some schools, especially those using the case method, even require students to participate in study groups.

If used properly, study groups can help you get the most out of your business school education. If not carefully managed, study groups can be a tremendous waste of time and a source of frustration for their members.

Even though study groups can be a valuable tool, undisciplined study groups can be a waste of everyone's time. It is important to establish clear ground rules within a study group. If expectations aren't set at the beginning, you can rest assured to have a long semester with an ineffective study group.

Below are some ideas to help you get the most out of a study group:

• Establish a group contract outlining specifically how your group will operate and the expectations of each group member. It may seem trivial, but it is important to have everyone commit to the group contract.

• Set regular intervals to review to group's effectiveness.

• Set regular meeting times conducive to everyone's schedule.

• Set specific starting and ending times for each meeting. This is very important. If meeting lengths, groups have a tendency to lose focus.

• If your study group is preparing for a case-based class, randomly select someone in each meeting to "open" the case. A student opens a case by taking a position on the case and then backing the position up with evidence.