to be blunt - I don't even know where to start with this statement so I'll try.

1. To try to back solve into a job that will make this statement - "I wanted to do MBA only because it will give me handsome salary." - true is the completely opposite way of going about applying to business school.

2. Where are you from? I ask because this statement - "USA/ Canada which will offer huge financial aid so ranking can be compromised provided" may not even be an option depending on where you're from.

3. If you're 1st GMAT attempt is in November then you're most likely applying for R2/R3 deadlines. Correct?

4. With regards to which options are better for engineers... without going into too much detail, I will just say that they're the same.

I think you need to take a step back and ask yourself why you really want to get an MBA. Your approach will leave you in the position that you're currently in as the application process is not as easy as I gather you may think it is. Granted my opinion is simply based on the information that you provided so I could be off. I think if you stick around here on the message boards a little bit more, you'll see what I'm talking about.

That being said - it is great that you are asking questions! The more you do that the more help you'll get through the process.

Hey,
its great that you providing information which will be very useful for people opting for business school.
thanks fro sharing it. i am sure it will be very helpful and useful for everyone.
Surely going to try this.

I also wonder whether an MBA is the best option for you. Obviously it depends on how well you do on the GMAT, but do you think pursuing something a bit more specialized is a better option? I had a tough time deciding whether or not to pursue an MBA after completing my undergrad Babson College, but decided it was worthwhile if I wanted to have a lengthy professional career. Hope this helps!

Obviously its a fact it depends on how well you perform in your test.
You will getting admission on the basis of your performance in GMAT, CAT, and etc.
Choose the program in which you have interest and in which you want to make your career in.
check RICS for more details and choose your program accordingly : www.ricssbe.org