Back to the Drawing Board

I am currently working in a Big 4 Audit firm as a backoffice Business Analyst in the Technology Domain for 3 years.
My work experience exposure to programming is little. Basically at present I am creating scenarios for auditing application and doing requirement analysis. I have a bachelors degree in engineering.

My ultimate goal is to get a 'Global Markets' analyst Role in Finance. This would mean anything from equity research, economic capital, risk management etc. I also would like to avoid IT based role having little learning curve in finance.

Having cleared CFA Level 1 exam last June I am going to appear for CFA Level 2 this June. However the work pressure has been immense( 6 day weeks) and have not able to touch books for months now.I am thinking to take a 50 day leave and studying for this exam. My chances of clearing though are 50:50 at the best. I am at cross roads now and I have to make a decision.

My options

Option 1
Leave my current role. Join a start up for 2 years which would give me enough time to study.I would focus on CERA(Society of Actuaries clearing first 8 papers of SOA) CFA Level 2/3, FRM. At the end I would have 5 years of experience and a basic theoretical knowledge in Finance. Thus after this even if I join a MS Finance like Case Western , UIUC. My theoretical foundation would aid me in getting a finance based role I am targeting.

Reason for favouring this option:
a.) My current role offers little learning curve is finance and I am feeling I am putting eggs in the wrong basket. By doing these certifications I would be proceeding in the right direction.
b.) I don't expect financial markets to improve drastically by 2012. This is the reason for me not staying in the job and applying for a masters role next year in 2011.

Option 2
Stay in my current role, give GMAT this fall and apply for Masters in Finance next year.
Also if I don't clear CFA Level 2 this year I could rewrite it next year and before I join a Masters in Finance.

Concerns :

a.) If I apply for a top Masters in Finance (Oxford, Cambridge). I am not sure whether I would be able to get an Admit based on CFA Level 1, unrelated work experience and a gmat score of 720)
b.) I don't see labor market and Visa issues easing out till 2011-2012, when I would be entering the 'job hunting market'. Also I feel I need to add some real value before entering into finance market given the increased competetion now.

Thanks for reading.