1. get an internship first. or do networking. u have one year. do more research on the industry. is ib / consulting REALLY what you want to do? or is it because of the prestige? in singapore, it is easier to start off from par-time/contract work.
2. you should apply first and see whether you can get in in the first place. by the way, MFE has nothing to do with IB / consulting. MFE is more towards derivatives pricing, lots of coding involved.