Hi
Magicnow,
Thank you for your follow-up questions. For reasons described in my original post, I think that even gaining admission to the type of programs you've described will be very very difficult, let alone scholarships. If your score is super high, then you might be able to make a lower-ranked school look past the lack of full-time fit and potential job obstacles. So perhaps a super high GMAT score and superb application execution could turn into an admission and maybe even some funding. But even doing so in the U.S. T20-30 strikes me as hard, so I think you'd have to go further down-ranking to have a chance at pulling it off. The further down-ranking you go, the higher your scores are, and the better your application and essays (and why MBA, why now, goals, post-MBA plan, etc.) are, the better your still very difficult odds of getting into a full-time program will be.
Regarding your other questions, the recruiting apparatuses and types of post-MBA jobs that companies look to fill do tend to cater to folks that are earlier in their career than you would be when you graduate, so that does create challenges with respect to placement (and therefore with respect to getting in, as adcoms will have a tough time envisioning your post-MBA path). It's doable, but you would likely have to do a lot of your own networking and create your own path to find the right fit.
I suppose that having the CFA Level I is nicer than not having it, but I don't think it would really move the needle for you. You would likely be better served spending that time on other efforts, whether leadership-related, or really even just focusing on identifying the right fit(s) from a school perspective (given your unique circumstances), engaging with students at those programs, and planting early research and networking seeds toward your post-MBA goals.
Regarding school research and engagement, nearly all schools have student ambassadors, admissions ambassadors, or region representatives of some variety. So if you don't have any natural contacts at programs, I would encourage you to identify those current student contacts (who are there to engage with prospective applicants) and politely reach out to them. If you are to email them, I'd keep the email relatively brief (i.e., two lines of background about your experience and/or goals, not two paragraphs) and a couple of questions, being respectful of their time. Sometimes they can put you in touch with folks who share your background or goals, so if you want to try to get in touch with "older candidates" in their class, that could be a way to do so.
Thanks!
Greg