I'm looking to transition out of startup nonsense and move into basic research. Obviously, it's extremely competitive to get those positions, and pedigree is a requirement.
Rather than fight human nature (trust me, I'm smarter than most pedigreed people; it's just exhausting and socially challenging to prove it) it seems like pedigree might be one variable that I can actually change: go back to grad school.
Unfortunately, I don't think I can justify the opportunity cost unless it's one of the top few programs. It needs to be career-making to justify 4-6 years of effort plus opportunity cost.
Is this even possible, though? Honestly, I know how competitive it is, and while my undergraduate grades are fine and I could nail the GRE again, I doubt I can pass admissions.
I'm old. I've worked in software for 10 years, had Director-level positions, and make over $200k per year (even though I'm miserable) but industry experience isn't valued in academia, and I haven't written a line of LaTeX since the mid-2000s. When it comes to recent research experience (as in published papers, not corp. R&D) I have zero. It seems like I'd need to hook up with someone in an AI lab and moonlight, pro bono, for that person for ~7 months in exchange for a game-changing recommendation. I have no idea if that's feasible.
Also, how do people who go to grad school as adults line up the consulting work? Realistically, I need 400-500 hours per year (at ~150/h). I'd still be taking a huge pay cut, but I can live on that. (I can't live on a stipend alone. I have expensive health problems and live in the US.) I can easily afford 10 hours per week on consulting, in addition to graduate school. I just can't afford wasting more time going out and getting the gigs. This is yet another reason why it's essential that it be a top department.
Is what I'm discussing (getting into top CS department, getting enough consulting income to live reasonably) feasible, or am I just too old?
I'll address only a few things you mentioned.
> Is this even possible, though? Honestly, I know how competitive it is, and while my undergraduate grades are fine and I could nail the GRE again, I doubt I can pass admissions.
Are your grades fine, or are they outstanding? GRE doesn't matter, many CS programs don't even require it. You need to have three strong recommendation letters from people with a background in academic research. Don't even bother getting a recommendation from someone without a PhD. Ideally, the people recommending you have published notable work in your chosen specialization. Once you've got that, then you only need convince one professor to provide funding for you and you will be admitted to the program. Age doesn't matter. If anything, it helps you relate to the professors you'll be interviewing with.
> Also, how do people who go to grad school as adults line up the consulting work?
They don't. Not in a top department. Your research group will look very unfavorably on doing outside, non-research, work. Graduate school is not like a job where you can leave it at the office at 5 pm. It becomes your life. It's unlikely that you'll be able to handle 10 hours a week.
I know quite a few graduate students in their 30's and all of them rely on a spouses income in addition to a stipend. I live with my girlfriend who is also a graduate student. Our lifestyle is not lavish, but money is not a source of stress for us.
Don't be terribly concerned with health care costs. My university provides better health insurance and health services than any company I've worked for.