I just graduated with a music ed degree this weekend. I did it in four years, but I had to take summer courses and courses online to fit everything in (I graduated with 152 credits). The biggest thing you need to do right now is decide if you want to be a player or if you want to be a teacher. I tried to do both, and as a result I became pretty good at playing and pretty good at teaching, in stead of being AWESOME at just one.
If playing is your thing and you want the music ed degree as a backdrop, realize its going to be very hard if teaching isn't your main focus, especially when you get into student teaching. I would suggest putting all your focus into playing and getting an alternative certification.
If teaching is what you want to do, go find the best teachers around your school and spend time in their classrooms. If possible, make your class schedule where you leave time open during the public school day so you can volunteer and watch. This helps you network, and gets you tuned in to the teacher side of teaching, as opposed to the student side, which is where you've been for most of your school experiences.
Teaching a jazz band, running sectionals, or teaching private lessons is nothing like teaching a full band class. You'll use similar skills, but in a more efficient manner. If you don't classroom management starts to become a problem.
When observing teachers, take notes on the classroom management and pedagogy thats happening, not what level the piece is and how you hear the flutes were out of tune. If you spend time in ensembles and listen to lots of music, you'll develop good ears. The important thing to take away from observing other teachers is how they run their classes, because the environment they create is what allows the students to learn.
This was all just off of the top of my head, and YMMV. PM me if you'd like to get more info.
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