Muddahudda

Thank you all… I think you guys expressed enough avenues for him to think over (many of which I agree). I did not want to inject my personal opinions upfront.
I copied the posts sent them in an email…with the link to AF website for him to join the conversation. He will read through and make up his own mind.
Now my opions on his case:
1. His age: 40. He waited too long to think about his switch. He should have done this may be 6 or 8 years ago.
2. The opportunity cost.The dude is already making $150K/yr+bonus and there is no pressure on him to quit the job. Per AstuteInvestor’s calculation above the opportunity cost would be something around $250K +interests. This is too much. Maybe his real best option is the FRM or the PRM as bchad suggested then leverage his quant/technical background but he doesn’t seem to see any value in pursuing the FRM.
@Pennyless: For the CFA it would take @ minimum 3-4 years to clear if he is very lucky. I heard in this forum of a Russian who just sat for CFA L2 this June the 6th straight times and yet predicting another failure. He will be 44 by then with no exposure to Finance Practice (not coding). You are almost done with the CFA after an MIT MFIN degree. My dude has zero fornal Finance knowledge let alone accounting. He has been coding for risks analytics applications and is very good at it.
If Jayman_137 is correct then he will never be accepted in MIT MFin for his age (though I have a small doubt on this). But Pennyless can shed some light on this since he said he is an MIT MFin Graduate.
@Spunboy: Please when you find something new from your manager please shoot one more post.
If, after reading all these posts, he still wants to go to  MIT or Princeton, he can apply Higgmond’s recipe or his own.
Thanks again to all for sharing your opinions