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Absolute novice- thoughts welcome

I hope to get some thoughts and advice: I am considering further academic study: I have a degree, and MBA, and currently run my own consultancy. I'd really like to pursue further academic study in a field related to my work.

I'd be interested to know whether members here have found it possible to pursue academic research concurrently with their work. This may be a research masters, or a PhD.

Grateful for any thoughts, advice, pitfalls, useful websites, etc. Thanks in advance!