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In my opinion, business is not theoretical, and the only use of new theories is in order to apply them. However, I was told that tenured faculty, who have rarely ever worked in the real world, don't like hearing that. The other problem was their nervousness as having students not only older than them, but with real world experience. In other departments, an older student still knows much less than a PhD. In business, that's questionable in many areas.
First off, welcome to the Club. thanks for sharing this.
Just to add my points ... i want to supplement what you have shared.
Business School or any education system is a real system after all. No matter what some in the academic community might think of real world experience, for the most part, we study problems from the real world. You need to do research, especially empirical research, you need data to work on. that data will come from some business. One prof in our dept is simulating the Chevron's supply chain. Plus, think of how many books on strategy, competition, operations, finance...etc.. have been written that outline real world experience , either from consulting projects/ NSF projects. Most of these are written by professors are reputed B-Schools. Dr. Michael Porter's Competitive Strategy is a classic example.
Where i am getting at is.. it really is the personal choice of a school to have specific requirements for Ph.D applicants. I dont think what you mention is true with every school, but yeah, top schools can afford to pick students who have very specific research objectives. If you dont match the schools research focus and thought, it is in YOUR interest not to be accepted because you wont get too much out of the program. Getting into a Phd program and completing it are two very very different objectives. One does not say anything about the success of the other. B-Schools try to pick candidates that have the highest probability of getting through the program.
by the way, i have older colleagues in my program ,and they have to try harder than the 26-27 yr old .. obviously because there is so much catching up to do. But talking to them is a very good learning experience.
Guys and Gals with work experience with experience will be able to teach classes effortlessly because they can relate to the classroom. In my case, with just 2 yrs work ex, i will have to work harder to be make my teaching more conversational, if you will. (As opposed to only reading material from the slides which have like long long sentences instead of summaries
)
So, please keep trying and try to reach out to students (but not faculty) in the program of interest and see what their opinions are about this age and experience issue. Once you have the go ahead from students ...only then should you talk to faculty ... many schools will like that you are making an effort to research the programs. If you are in the US, and you are interested in a program in your city, try to contact the program director and see if you can guest lecture a few classes. This might also serve as a good way to get to know faculty and the learning environment before you committ to spending 4 yrs or more in the program.
Hope this helps.
Praetorian