I have a sweet spot in my heart for part-time programs and eMBAs. I'm in an eMBA-type program myself (Babson Fast Track), and I have a very good friend who graduated from Kellog's Part Time program last year.

Both of us are working professionals; I started my program with 5 years of experience, she with 10 years. Both of us really appreciated a cohort of other working professionals with similar levels of experience. It's said that 1/2 the learning in an MBA comes from your classmates, and eMBA and part-time programs generally attract people with more work experience. You will want to check with your target schools to make sure that your level of work experience would qualify you for admission to their programs.

Though schools don't give grants or scholarships for those programs (assuming that people are funded by their companies), you may still be better off keeping your job rather than forgoing your income. Your company may even pick up the tab, or part of it! Another nice benefit of the eMBA and part-time programs is that you can apply the b-school learning right away. I know this has greatly reinforced the concepts I have studied. I'm an entrepreneur and business owner, but other of my classmates actually got promotions while in school because their companies recognized their increased values.

However, part-time and eMBA students generally don't have the time to participate in clubs, business plan competitions, etc. There are some trade-offs, so you need to decide what is best given your situation.

In my opinion, though, choosing a part-time program or eMBA is not choosing a lesser option, just a different one.

Best wishes,

Tatiana