Origisaurus -
Obviously, you don't want to leap without a good hard look. Do the Job Research.
This is the crucial part. Both my wife and I have M.S. degrees that we wish we hadn't gotten!!! The only way I know not to make the same mistake twice is to research the hell out of the target field and talk to as many people doing it as possible, go to meetings
and visit groups like this on the web! We are a bit too pessimistic, but certainly offer an interesting old-timer perspective on IT for what may await a youngster...
DG9 - What's left after 50 may be another 20 years of work! The official retirement age is currently 67 for those born after 1959. You know that will be raised as a way to fix social security, so the "official" retirement age is probably going to be around 70.
Think about it: that's equal to the years between 30-50, which was a heck of a big chunk of my career.
Slinky - do you think that getting an advanced degree in subject X lets one get a foot in the door in BI? If so, maybe the following strategy makes sense:
1) If one can afford it, take 2 years off and get an advanced degree in something that one finds interesting and, after doing exhaustive research, seems likely to be a future demand area.
Note that if this is done at 50, 2 years is only 10% of a future work life, and possibly less. The current SSA actuarial table says that 50 y/o males can expect to live another 29 years. So even at 70, what are you going to do for 10 more years? Watch squirrels from a lounger, like my father did, until the day he died?
2) During the 2-year BI retraining period, work hard to develop a network in the target field. Getting a M.S. degree can't take up all the time in a day during those 2 years.
3) Get into BI with the newly-minted degree and contacts.
Summary of thinking about the "2-year M.S. / entry level BI " strategy:
1) This has to be carefully thought out. One would lose 2 years of income plus tuition (that has to be kept to a reasonable limit, maybe even consider an on-line, for-profit school)
(The hoped-for benefit is the ability to work for another 20 years.)
2) It only makes sense if there is at least a 67% probability that the degree actually gets one a job. Millions of people probably have degrees in areas that have no connection to how they earn a living.
3) "Going-back-to-school" absolutely is a waste of time if it's not looked at as part of a marketing plan. Sticking one's nose in books for 2 years is guaranteed to fail. It's similar to sending out resumes and waiting for the phone to ring.
It has to be accompanied by an equal amount of time marketing and network-building.