Foreign MBA option with 16 years work experience

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Dear Friends, I have completed my B.Tech in Chemical Engineering from Anna University in Chennai (with distinction) and then subsequently worked in good firms at Pune, Mumbai and Chennai for 7 years before moving over to join the Government o...
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Dear Friends,

I have completed my B.Tech in Chemical Engineering from Anna University in Chennai (with distinction) and then subsequently worked in good firms at Pune, Mumbai and Chennai for 7 years before moving over to join the Government of Saudi Arabia as an Advisor on investment attraction for the 2 industrial cities in this country.I am now working in Saudi Arabia for 8 1/2 years.

I am in a good job, getting about 1 lakh per month indian rupee as salary and staying with family. Since the chances for moving upward from here on the career path are very less, I consider doing an MBA in Finance with a focus on risk management at a top 10 B school in USA or UK. The idea is to get a high paid job in one of these places.

I would very much appreciate your guidance on the following:

1. Is this effort worth (considering my present age of 36)?
2. Should I need to take only GMAT or also TOFEL (or equivalent)?
3. I have also done my MMS (equivalent to MBA) from Pune University (with distinction) on a part time basis - completed in 1995. Would this be a deterrant or a plus point in the application? If it is a negative point, would it do any harm if I do not show this study at all?
4. If I start preparing now, can I make it to an university by 2007?

Many thanks for your patient hearing. Your advice would in deed help me shape my future.

Regards,
Leo Dennis

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