The reasons I didn't apply for a Phd/MBA program were:
1) I applied late, I submitted all my applications on April 26th. The only schools still accept applications were above. I should do more research
prior to that, now I learned my lesson.
2) I felt my background wasn't good enough for a top Phd program, I hope a MFE degree from a good school could strengthen my application. For a MBA, lacking working experience was a factor I considered.
3) I agree. Math subject test may help a little. More courses to enhance my skill should come first.
Thanks, guys.