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I'm in a part-time MBA program and in my 40s. I can say that schools just want applicants, especially in MBA programs. And in my experience, my classes have been a mix of 20-50 yr olds taking the class.
Real-world experience is absolutely a plus and helps to breathe life into classroom discussions. I can't tell you how many of my comments have started with 'When I worked at an agency..."
So yes. Apply.
Mentor
The reason why mid/late twenties to early thirties is the average for top FT MBA programs is bc of the nature of post-mba jobs. Jobs like consulting and banking are a big grind which is easier for a younger candidate with less commitments. That being said, I've know plenty of older MBAs who have successfully pivoted so don't let that get you down
Thank you for this refreshing take