Updated: Tuesday, July 14th, 2009

The story of one former Midwestern politician and public servant illustrates that it is never too late to pursue an MBA degree.

After putting his own children through college Scott Lakin, a former insurance director and state legislator, has just enrolled in an executive MBA program at the age of 51, according to Kansas City Star.

"I have a business administration degree, and I have all kinds of skill sets from what I've done for a living. I've also served on lots of boards, but I've started my own consulting business now, and I think people want to see 'MBA' on my resume," he told the news provider.

Lakin's path shows that MBA programs are not restricted to people in their 20s as more and more individuals choose to switch occupations or start a brand new business career later in life.

And as his example shows, such programs can be a perfect way to complement an already extensive experience with new skills.

PayScale.com, a career consultancy, estimates that average salaries for holders of MBA degrees range from $73,510 to $171,583.

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