Hello Professor!
There are two things that are apparent as I go thru this thread. One, the very fact that you want to do your MBA probably for a better way of life speaks of the sad state of compensation when it comes to the teaching fraternity of our nation. Professors like you deserve to be paid a lot more than you have indicated! I also appreciate your thought of doing an MBA at 41 (considering that you are
probably married and have children, though marital status shouldnt hinder one's ambitions).
The other thing that is evident through this thread is your courtesy - I know a lot of threads on PG.com which are started by individuals who seek a favor and never thank or even respond to the one's that address them. Thanking others, I feel, is important because the other person at least knows that you are listening!
I would now like to give my opinion on what career options should be better for you.
One, you have to certainly go in for a 1-year program unless it is from one of the IIMs. There are a host of choices available for you - and I am sure you must have done your research on them.
Two, you could seriously try considering my institute -
Great Lakes Institute of Management, Chennai There are a few in my batch who are 40+ and are doing their MBAs. The placements have been very good over the past two years and you could surely expect two or even three times of your expected salary. The program is for one year and you get the same kind of education as in ISB for a third of the fees.
Three, you could apply to some of the specialized courses from institutes such as IMI, MDI and XLRI. The websites indicate what these courses are and the intended who-should-apply.
Four, you could probably try journalism -freelance or otherwise. The country needs a lot of economists-turned-journalists considering what it is poised to achieve in the near future!!
Hope what I have said makes some sense to you, Masterji!