Create a career plan. Once you have that piece of paper in your hand, don't assume that people will automatically jump at the chance to hire you. Take a look at your career goals, and then fit the MBA into your career goals. For example, if you have a degree in Information Technology, an MBA will give you the business education to take on an executive position. Having the plan in place will help you choose a program that has an emphasis on what you need. If your weakness in your current position is budgeting, choose a program that has a strong emphasis on finance. The benefit of being 40 instead of 30 is knowing what you don't want to do. You know more about who you are and the type of career trajectory that is best for you.
Choose a program that fits your lifestyle. At 40, you are more likely to be established in life with a full-time job, a family, and a mortgage. Find a program that incorporates into your life. An online program offers you more time flexibility than a bricks-and-mortar classroom. You can study at night after your children have gone to bed. However, you know yourself well enough to predict whether you will thrive in an online classroom.
Look for financial aid. At 40, you might be putting your own children through college. In addition to completing the Free Application for Federal Student Aid, look for scholarships specifically for nontraditional students. Organizations like the Bernard Osher Foundation and the AARP Foundation offer money to students older than the typical student.
Delegate responsibilities. Studying for an MBA means you will have less time for work responsibilities and home responsibilities. Take this opportunity to give a secretary or intern more responsibilities. Instead of cooking dinner every night, enlist your spouse to make dinner two nights per week. Have a family member pick up your kids from daycare. People who care about you and want you to succeed will be happy to help. Put the plan in motion before an emergency arises.