I am B.com (3Yrs) + M.com (2yrs) from India with 5 yrs of IT experience before joining company A.

My I-140 denied for EB2. I am doing MBA currently with a state university in California.

I am hoping to complete my MBA (final comprehensive exa) by Nov 2011, then apply for graduation to graduate in Winter 2012.

My H1 completes on May 2013. I want to use my MBA to get into EB2. Can I apply for PERM without the actual diploma (but may be with a letter from my graduate advisor) in Nov 2011. If yes when would I need the actual diploma? Will that be enough to have the actual diploma when the company applies for I-140?

If I am getting another employer (future employer) to apply for a new perm using MBA as the above option, at what stage I should join that employer?