First, please know that re-applicants are viewed favorably and it is not too soon to re-apply for upcoming Round 1. There will surely be updates to your candidacy you can discuss and improvements you can make to your application. I would not wait.

Second, you can absolutely change your goals and this will not look bad. However, I recommend you are as specific as possible when it comes to your short and long term goals. Business school admissions committees want to know that you will hit the ground running working to secure that internship (in-between the two years) and job (post-MBA)..and the only way you can do that, is if you know exactly what you want to do.

Third, I would re-take the GMAT. Please know that you can re-take the GMAT multiple times and admissions committees will only take the highest score. Did you work with a private tutor when you prepared for the GMAT earlier this year? If not, I have a wonderful recommendation for one. A 3.4 GPA is solid and so is a previous career in investment banking, but to give you anymore advice, I would want to know more.

I am an admissions consultant and former MBA admissions director, so if you have any additional questions, let me know.