A personal update:
So I have thought long and hard about this and the posts of everyone with their suggestions. I have spent every waking moment trying to weigh my options and an MBA is the best/practical/logical way forward for me, given my circumstances.
A general question to all the well read members here: Is an MBA from a not so well known university like York, Ottawa, etc., valuable? I mean i know it won't be the same as queen's or uft or mcgill or even HEC?
Why I ask this is coz given my professional and educational history, it seems extremely difficult to a level of impossibility for me to get into the top schools, despite getting a decently good GMAT score also. Low GPA is not the problem, the mediocre work/professional experience is a MAJOR hurdle which adcoms really give attention to incase gpa is low.
A different option I am weighing is, get a Masters degree in Econ/Fin, ace the GPA, get a good job and then some years later, go for an MBA. Very long and I would like to not do this but it would make a strong application IMO.
Now first things first. I am a tech guy so take my word with a metric tonne of salt. I have NOT treaded this path. There are a lot of variables that make a MBA fit for you or unfit for you BUT, one thing that a lot of folks miss is this: TIME. Here is how:
1. IF you are early in your career, an MBA from a non premium place, IMHO is not really a bad choice. You can still grow take a path and longer you remain in a career, more distant past your degree becomes. Its still there but your experience becomes the key. MBA just gets your feet in the door. Of course unless you have ambition of doing something very specialized. There are PE funds whose MDs almost always come from Harvard.
2. IF you are in late career, go with a MBA that has the best alumni support and mostly these are more premium MBA schools. You do not have as many chances to make mistakes and you will prefer to start from more senior positions. This is especially true if you are adjusting or shifting your career trajectory. NOT doing MBA is okay rather than doing one that puts you in a weird path an takes your time and money.
Also, MBA is a sort of "well rounded" degree. Meaning it is not super strong in any thing particular but it introduces you to a lot of things. Finance, book keeping/accounting, marketing, sales and what not. So I will suggest against doing another degree to just enter into MBA. It will waste your time, IMHO, and will just make your profile weird. Going from super focused to a well rounded degree. Why? hard to answer. So dont do it.
Now there are specific forums where people can give much better advice on this. I know pagalguy used to be one. There may be more.