Need some MBA advice

<p>I'm a recent graduate from an average public university. I'm really intrigued by Penn State's world campus programs. I would like to start taking classes in fall 2012. My initial idea was to try enrolling in the Master of Finance program and then after getting that degree with some business work experience, applying for a highly ranked mba program. I have since found out they are not offering a fall 2012 program. My newest plan is to try for the Penn State imba program instead. I'm curious if a) I would have a chance of getting accepted and b) Would I be better off waiting another year for the Master of Finance program and trying for a better MBA in the future?</p>

<p>Some background information:</p>

<p>Average public university with a 3.25 GPA in Mechanical Engineering (including some honors courses)</p>

<p>Certified Engineer in Training (Passed FE exam for those not familiar)</p>

<p>As of Fall 2012 I will have 6 months of full time engineering internship work (as well as some part time) and approximately 14 months of full time post degree engineering experience.</p>

<p>I have not taken the GMAT yet, but I intend to do so soon. I am confident I can get a decent score as I have strong analytical test taking skills.</p>

<p>I work for a large corporation, and it offers multiple online classes in business that I could take if that would help. I could also take a few undergrad business classes at night at the local university if that would benefit me.</p>

<p>Basically I'm curious how selective the imba program is and what my chances of getting accepted would be assuming a decent gmat score. Note that even if I do wait for the mba program, I will likely still do it online such as Duke's Cross Continent program because my company will sponsor me while working.</p>