I am currently a student in college with a lot of potential in life at one of the top 25 business schools in the nation. I made a error of misjudgment about 5 months ago experimenting with a drug and have been out of jail on bond since then. I was recently charged with a Class A misdemeanor with deferred adjudication for 2 years. I have a really good lawyer, a clean record previous to my arrest and have the potential to receive a well-paying job out of college as long as this stays off my record. What are the chances of getting my deferred adjudication terminated early? And what would be the earliest this could happen? Does being out on bond for 5 months with no citations or convictions of any kind help my chances of getting this terminated early or play a part in this sentencing?

Seldom will they close this out early, since esp on drug issues, they want to see time. At best ( and it is my guess) maybe 6 months early. But a good lawyer and enough money thrown at it, no one can tell.

The other issue of course is that on many private searches, and on any job that required a national security background searches, the arrests will show up. So you may still have to answer about what happened. There are 100s of private search companies who regular search court records of arrest and charges filed, and store it, in their records,
Also your actual national record will show it was charged and resolved by means of a diversion program.
So this could still show up latter anyway, just be prepared for it.