Aiming HBS/Wharton/INSEAD 2011 - Indian - Finance - M&A

I am working at E&Y India TAS team in India having 2 years of work ex currently. I graduated in finance from the top business undergrad school in India with an average score (65%, GPA 3-3.2). Although EY TAS in India (top of Bloomberg league table for dealmakers, Yes, GS & BOA are behind EY in India!) is the best in M&A they have a reputation of doing due diligence and audit in the US. That is a big problem while applying to the US schools

The ECA in college is very decent - Headed College Festival (15000+ footfalls), Organised India's largest debating event, youngest at Asia's largest management summit at IIM Ahmedabad etc.

I am aiming at HBS/Wharton/INSEAD etc for 2011 admissions. I am ready to postpone my application to just be sure of getting a Top 10 call.

The options are: A) Get into a smaller firm as an associate to show progression (since you cant become associate at EY India without an MBA) B) Join a Govt developmental agency (cant reveal the name) and do some good work for a year using my knowledge of finance to bring about changes at a ground level in my country C) Join a start-up in an emerging sector (say carbon credit economy)

These three options are all very exciting for me. But I will like to take a call from the standpoint of a US MBA application!

PS: Also do you think that a correspondence degree in business law will add to the application