I can tell you that an MBA is really to teach you to become a manager, a leader. It provides you with decision making skills during an ambiguous situation. It's not really deep, solid knowledge, but an MBA is really just a general understanding (soft-skills, if you will) of how managers think and analyze things. A Ph.D. in the business area (economics, accounting, operations, etc.) will definitely be for the depth of material. However, to be honest with you there are plenty of ways to understand things more deeply, for example, take some classes at local colleges to quench your thirst or start reading economics/business books that may interest you. I'm not trying to push you away from a Ph.D. but I'm just really trying to steer you in the right direction. Ph.D. is most definitely designed so you can give back to the academia by teaching students and doing research. An MBA is the degree that will help you advance your career in the industry setting. They're really different and really don't complement each other in ways you'd expect. With a 700+, you should be able to aim for schools in the top range, granted you toss in a flawless application. Your years of work experience leans toward a younger applicant, in which case you'll need to convince the adcoms why they should take you instead of taking a student with 5 years of experience at McKinsey. I think that if you're aiming for European schools, you should consider applying, but also consider that you may want/need to work a few more years since most European b-schools are going to have a higher average years of work experience. But you should most definitely look at Judge and Said, and of course, take a glance at LBS and see whether it fits you or not. INSEAD is another great school, but know that INSEAD and LBS are pretty much the Harvard of Europe, so know your way out if you don't make it to these schools.