Hi there mate,
Thanks for posting and appreciate all the detail. Let's see if we can't get you some answers!
I'm going to structure this response a bit differently than how I usually respond because your questions and position are a little bit different. So first off, I don't think you should apply this year. Some of your questions are asking about programs but because I think you should wait, I won't really address that. With your profile as it stands, you're going to set yourself up for a pretty subpar run this season. So hang back - but I love your proactivity with the question about what you should be doing. So let's talk about that.
Academically, you're pretty strong. Good degree, good school, great GPA, and a solid overall GMAT. I'm a BIT concerned with your verbal sub score. It's kinda alarming. For that reason alone, I think you should retake the test. Besides, you're right at the average for your applicant pool so no admissions director is going to think you're being overly nitpicky. And if you bring your verbal up considerably and share both scores, they'll understand why you did - and appreciate it too.
Professionally, you're average. You've had a pretty standard path so far. It's good that you're not in hardcore IT but you're still an engineer. However, things like organizing team sporting events doesn't really count for the kind of leadership adcoms are looking for. It's good you do stuff like that, and keep it up, but you're lacking leadership with IMPACT and SCOPE. Those two words are key. That doesn't mean you have to have direct reports. You can lead a project or initiative too. It is going to be CRITICAL that you can pull in experiences that demonstrate the key themes programs are looking for. How will you convince them you're a leader of consequence? Involvement wise, you're involved and that's about it. You don't lead anything but you show up. That's not bad at all, but not what's going to jump off the page for the adcoms.
As you think about the next couple of years, here's what you need to be thinking about:
1) Professionally, how can I separate myself from my peers in terms of responsibility and results? You won't make waves by being different. You're an engineer. But, because of that, you need to be the best darn engineer out there. AGGRESSIVELY pursue leadership opportunities. Offer to help out. Go to bat and consistently get on base. Create a track record that sets you apart from others at your level.
2) Involvement wise, find something you're passionate about and then dive in. Don't just show up on Saturdays. Take leadership roles, grow with the organization, generate impact, demonstrate scope! Everyone is volunteering. Find things that will make you memorable and influential!
As for getting a MS in Finance or a MIM degree - well that just depends on your goals. An MBA is useful if you lack a business background and want to change careers. If you're good where you are but want some business knowledge, explore the MIM too. If you want to switch into Finance, however, a Masters won't do you much good because you have ZERO financial experience. It's not a degree that enables shifting, it's more so for acceleration.
Does that help?
Bhavik