Hey guys,

I'm having a bit of trouble tackling some issues with my future prospects. I don't know if I'm aiming too high, given my profile or if there are some key ingredients that I lack in making a successful application.

For starters, here's my profile:
1. Indian student

2. Undergrad:
Bachelor's of Commerce in India from one of the Top 5 universities in the country
GPA of 3.73 on 4.00.
Two semesters of Business Economics (A- in both).
A whole bunch of extracurricular activities.
Honours in Finance and Investments
Ranked among top 10 in my department.

3. Test scores
GRE: Q-161, V-163, AWA-4.5 (worried if I have to give this another shot)
TOEFL: 113

4. Postgrad:
Diploma in Economics from a Top 5 uni in UK.
Optional modules on Time Series Econometrics and Monetary Economics
Will complete masters year ending 2019.

5. Work Exp:
A. Worked with a renowned econ prof from a top-ranked management uni in India as an RA
One year long RAship. A couple of credits in working papers. Area of research: fiscal policy and debt management
Was a TA for one of the prof's economics courses.
B. Worked as an intern at a national business newspaper. Got a couple of news articles written.

6. Research interests:
International macro, monetary policy, labour markets, fiscal policy, debt management and taxation

7. Future plan: Unsure of the route. Should it be a couple of years of work followed by PhD or PhD immediately after masters?
PhD - No specific preference but Top 5 of UK, Top 20 of USA and Top 5 of Europe.
Work - macro policy research institutes and think tanks or RAship

8. LORs
From the prof I worked with as an RA.
The second one will be from a prof who I studied under, in the UK.

I'd really appreciate all the advice and feedback I can get. The reason I'm worried is that I made applications for masters to Top 5 unis in UK and Europe during the year and got just one conditional offer.

Thanks in advance for all the help. Much obliged.