Need your valuable advice

Need your valuable comments for the given facts:

Want to apply for MBA in 2013, will give GMAT in Feb. I know I am quite late.

My profile:

Two Undergrad Degrees: Science - Math. / B.Sc. (Grade - B, Yr. 2003), Law / JD (Grade - A, top 1%, Yr. 2006) + Post grad diploma in Intellectual property rights (2007 - part time- GPA top 1%, A)

Masters in Corporate Law (LLM) (GPA - 2.80) (top 5 law schools in USA); including two full time MBA courses with top 10 B-Schools in USA (B)

Worked as
1) Lawyer - Asia (3 years 2006-09)
2) Claims analyst for 6 months project, Virginia, 2010.
3) VP (legal & investor relations) for a real estate firm in New York for 7 months, at the age of 29 - 2011
4) Now worked for one year as Deputy Manager (Compliance, policy analyst, risk management, negotiating international transactions etc. - directly reporting to tax risk leader - no one to supervise) with Big Four Firms in Asia, 2012 and quit the job in Dec. 2012 in order to give GMAT in Feb. 2013 and NY attorney Bar exams in July 2013.

Total - 6 years' work ex.

Extra. Activities/ Honors:
1) The best scorer as a negotiator in law school class exercises, 2010
2) Sport scholarship in 1999 - long tennis
3) Most famous guy in law school due to my active Facebook forum, organized social activities, declined to fight in election to be a law school president.
4) Bro bono work - Free legal aid clinics, community work, created free information websites in 2006 for legal education and published more than 100 articles for law students.
5) Created and developed first customized integrated risk management and contract management system for one Big 4 firm in the world, 2012.
6) Script translator for video documentaries - Dell & Intel (USA)

Total experience: by 2013 - 6 years
Internships: more than 8 related to law and business in Asia & USA.

Facts:

1) Too late to apply for MBA in Top 100 US Schools as will give GMAT in Feb. 2013. Do i have options? Realistic score may be 500- 600 or may be 600+ if I get lucky, need to prepare for GMAT.

2) Just have $ 40,000 (Total for tuition fees and living, as I just have paid law school loan) in my pocket, seems quite late for Scholarship and do not want to take loan for MBA, can't wait for next year as almost 31 years old. Seems too many constraints, and I do not want to take loan again. I know i have quite good chances to be in top 30 B-Schools if i can wait for a year and score good GMAT. Lowest rank B Schools may be the best options for this 2013 intake.

I would like to share my career goals and insights about MBA:

2) MBA is an investment for me. It will cost me between 2, 00,000 - 2-70,000 USD (two years fees and living (1, 20,000 USD in top B schools) + 2 years loss of earnings (1,00,000 - 1,50,000 USD)

In order to earn this amount, I need to work for three years after MBA (without having an bank balance) assuming I am earning 1, 20, 000 USD per annum. I have a experience as I did the same for my studies in at law school in USA ($ 70,000) for one year masters course and it took me almost 3 years to pay the loan. That means from today, MBA will cost 5 years of my life.

Therefore, I believe one year MBA or executive MBA program can be good options. But I am not aware of low cost one year MBA near to NYC. I prefer B-Schools close to NY state due to my work ex. In NY.

2) Time is again a valuable consideration. At the age of 31, if I think to wait for one year, to get good GMAT score and funds/ scholarships that means it will be August, 2014 intake and I will complete MBA in 2016 (at 34 year of age, as I am not married).

There is a possibility - Within 2013, I will become NY attorney and even land up with a job and convert my MBA to part time. Than I can easily finance and transfer my MBA to any University provided I take admission in low rank b-Schools this year. However, for this year, I will give GMAT in Feb. and I expect it to come between 500-600 or 600+ (assume). I have very few low fees B-Schools left in order to select due to the deadlines.

I may also consider spring intake in B-Schools as than I will have more funds and decent GMAT score. However, I heard that few top 100 B-Schools with low fees have spring intake and chances of getting scholarship is also low in comparison with spring intake. Further, I need to search for the good low fees b-schools which provides "spring intake" for international students. Spring intake will give me time to get good GMAT score. But is it worth to wait for entire year? As I don't know how much I can improvise my GMAT score or will I get scholarship?

For me, MBA will provide me a stage for landing on top jobs (given the fact that I qualify to become a NY attorney + my experience in NY for one year as VP and experience in Big 4 firms in Asia will also help). On the other hand, waiting for one year for good b-School will be a definitive advantage alone. Will you think that waiting for 1.5 year for good B-School will be a good decision or I should pursue MBA from very low rank B-School this year?

I have the following issues:

1) I need to identify the best possible career tracks for me after MBA? I want a change as I have seen that what I will be after 20 years in my present job. But I believe unless you work in the field, you can not be sure that it is interesting. MBA will certainly provide me chance to study various subjects and interact with other business professionals. Issue is how will I show my future plans after MBA in SOP. Be true, running to become an investment banker or in PE Manager will not be a option if it is not interesting for someone like me. I intend to be truthful.

2) Is it worth to wait for 1.5 year for next fall intake for an MBA in my situation for top 30 B-Schools? I am aware of the value of top MBA for next 20 years from a good B-School. My point is that I have seen people from x B- School getting the jobs meant for top 10 B-School candidates.

3) How will I justify that I have quit my job as I need to prepare for GMAT and my NY Bar exam in July 2014. I am still involved in my community work during weekends. I also provides consultancy. However, i have changed 3 jobs in last 4 years???

4) What are my chances to get in top 30 B-School with my profile? Let's assume if I will get 620 in Feb, 2012. I know it is tough as someone need 700+ to qualify so that your sop and cv will be reviewed/ considered.

5) What should be my theme for SOP, as I have rad many books on this? Which can be my biggest strength? I believe to be absolute true in sop be harmful as you need to show that you are different among others and the best. Your true narration, even how effective you write, may put you in general.

6) What should be the best options in the given facts as I need to decide when to apply for B Schools? I need a firm plan on it. The easiest option is to give GMAT in Feb and take any B School which may provide admission with lowest fees to save one year.

Thanks for your consideration.

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