I am 40 years old this year. Do you think it’s advisable to take a degree at this age?

If you're doing it because you want to, then no such thing as too late.

If you're doing it because you feel like it's a must/need/requirement, then think again.

It's really not that important.

Lets walk through the scenerio then decide

Not sure what is the duration for your degree. But i will use NTU as an example:

Part-time NTU degree shortest duration 4yrs (assume u are able to cope with all the academic stress). If you take full time, u have to quit your job, loss of income.

If you are studying in private university, we must understand, employer still prefer Ntu/Nus

By the time you graduate, u are 44years old, if ur current company dont want to give u a new role, u have to look for a new job.

Q1. Do you think is easy to look for a new job at 44+?

Assume you are able to secure a new job immediately. Assume your increment is $1000. You need around 2 years to recover the school fee $22k. By then you are 46 years old.

Q2. When do you want to retire? I assume 55?
55 - 46 = 9years.

Assuming the company give u an increment $100 per year. U would have $158k extra over 9 years. Approx. $1400 extra per mth.

Above are very optimistic Assumption

Q3. Is it worth an extra $1.4k monthly till you retired?
Q4. What is the worst case scenerio that can happen?