Hello, Mohan. If you would like to earn an MBA, then being 38 will not automatically bar you from doing so. Yes, you will be an outlier in any program to which you apply, and especially at more competitive programs, slots will be fewer for such "advanced" candidates. You will also invariably face the question, Why now? A career change or a need for advancement at 30 is often seen as a sign of ambition, while the same at or around age 40 is often seen as a sign of a midlife crisis. I am an advocate of lifelong learning, so I see no reason why a 50- or 80-year-old candidate ought to be considered any differently from a 20-year-old candidate. But society on the whole is not something that I can control, and popular views in this case will be an obstacle to overcome. If you are not wealthy or you do not work for a top company, then earning a spot in a competitive MBA program will be difficult. With less selective schools, you would stand a much better chance. If you hold a strong desire to give it a go, then put everything you have into the process.
Good luck.
- Andrew