I think we need, of course!
About my App... I've registered for the iBT TOEFL for September, 23. The test seems quite easy - especially in comparison with the GMAT - but I have little time to prepare. However, I suppose TOEFL scores are not so important in the application. In the meanwhile, I've asked my school my courses trascripts in English language, 15 copies for the Bachelor Degree and 15 copies for the Msc Degree. I forgot to ask about the final grade transripts (the two GPAs, other 30 paper sheets), I think the secretaries will eventually kill me!
I think I will attach a very short writing (0.5 pages) to the application, about the Italian scoring system, and another 2-3 pages appendix about the programs of the courses (in a nutshell, of course). I suppose that when they will read a trascripts and see a course named "Financial System Analysis 2", it may be not clear about what such exam is.
After the TOEFL I will get LOR from my reccomenders... I'm pretty sure they will be extremely strong letters, even if my reccomenders are not well known by top biz schools. However, it is the best I can do about LOR. I prefer to have a strong letter from an "average" professor than a neutral letter from an outstanding one.
I have 2 main hurdles to overcome:
1) the TOEFL test
2) getting the LOR from a professor that assured me about the letter, but that is always very busy
I hope my finance-oriented background, my GPAs, and my GMAT score (770) will boost my application, even if my reccomenders are not top schools alumni or internationally well known professors.