That being said, I'll be leaving behind 6 figure salary. Therefore, I'm thinking of going to B-school only if I get into one of the top 5 schools. Do you guys think that my age will be a factor when I apply to these schools?
Yeah, I do think it will be a factor. At least in American schools, there are only a handful of 35+ people in each class. The most important thing that you'll need to do is really think through the "Why MBA" question, specifically answering "Why now?" It's obviously not easy giving up a six-figure salary, and rather than being impressed by this, adcomms may wonder why you'd do it at this stage of your career.
Executive MBA and part-time programs may also be an option for you. But if you're only interested in a "regular" full-time MBA, spend a lot of time thinking through the "Why MBA?" question, and also demonstrating (via your interview) that you'd fit into a class of mostly twenty-somethings.
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