As Pumpkin said, the life in 1st year is pretty much course work, but that's only part of it. We have parties, company info sessions, tailgates... Have lots of fun here. ^_^
First, we are not Wharton, 2-3 hours drive from here. But, to your question, you definitely need to think about it, think about it thoroughly. Surely, there is some impact if you are interest in investment banking.
For the requirement of TOEFL, there is very specific details on the website, please take a look. The safest way to do this is to meet all the basic requirements.