If you have been out five years and have an undergraduate business degree, don’t go back to your alma matter. Chances are you will get some familiar professors, sharing many of the same insights as they did when you were an undergraduate. Yes the material will come at you faster and in a more sophisticated manner, but you will get more value from a graduate degree if you attend a different institution. If you have been out of business school ten years or more, the faces and topics will have changed enough that attending the same school won’t result in a redundant experience.

With those caveats out of the way, let’s get down to answering the question at hand. Whether you choose the MBA or Executive MBA (EMBA) route depends on your prior experience, where you are in your career, how much you can afford to spend, and the type of time commitment you can make in pursuit of your degree.

MBA programs were created to get engineers ready to move into management positions in large scale industrial enterprises. The scope of the MBA has expanded over time, but it is still a primary way people with “bench experience� gain the education necessary to move into general management positions in their industry or profession. Thus, MBA programs stress accounting, finance, management, and marketing skills. This emphasis on operational skills is one of the reasons I discourage business majors from pursuing a MBA shortly after they graduate: they should have gotten these skills from their undergraduate program. As time goes on, new topics and a need to refresh skills make investment in a MBA worth the time and money for people with an undergraduate business degree, but there is little return from rushing into such a program.

EMBA programs were initially designed to “fast-track� managers identified by their companies as “rising stars� into upper-echelon positions. Today many EMBA students are experienced managers looking to change companies or careers, but the curriculum still focuses on fostering strategic thinking and managing change within the organization. Think of the difference this way: A MBA gives you the ability to analyze data and make operational decisions. An EMBA gives you the strategic perspective and knowledge to use the information from operational reports to direct the future of the business in productive ways.

Notice that neither the MBA or EMBA gives you deep technical training in a specific functional area. Two-year MBA programs give students a greater opportunity to specialize by providing tracks, but if your goal is a deep understanding of one functional area (e.g., accounting, MIS), you are better off in an advanced masters program that specializes in your area of choice.

MBA and EMBA programs also differ in delivery formats and cost. MBA programs are offered either in “day� or “evening� formats. Day programs typically require people to quit their jobs and enroll as full-time students with the expectation of completing their degree in one or two years. This is usually an easier choice for young professionals without significant family commitments. Older folks are more likely to choose evening programs, because they allow students to keep their jobs and pursue their degree after hours on a part-time basis. This provides people with better cash-flow, but comes at the expense of extending the time to degree. This is a significant tradeoff. My experience has been that if students don’t complete their degree within three years of enrolling, they rarely finish. Life events get in the way.

EMBA programs compress the time to completion and allow students to keep their day jobs by concentrating classes in a weekend format that graduates students in about eighteen months. Electives are rare. Typically everyone completes the same courses in a fixed sequence. The most popular format is to offer classes all day on Fridays and Saturdays on alternating weekends. You might also have to use some vacation to attend a few week-long segments of the program. It can be a bit like drinking water from a fire hose. Because the courses are concentrated and the students experienced, EMBA classes tend to be smaller and more discussion-based than MBA classes. Students learn as much from each other as they do from the professor and build strong bonds that last for their entire professional career. It is a rich experience that comes with a higher price tag–typically two to three times more expensive than the MBA, although EMBA costs include meals, textbooks, and frequently international travel that are not factored into MBA program tuition. EMBA grads report the payback period can be as little as a couple of years.

Which program is right for you depends on personal circumstance, but I will tell you that I am a big fan of EMBA programs. If you are at the right point in your career, can invest the time and money, and want to build connections with faculty and highly motivated people, EMBA programs are hard to beat.

Paul Jarley, Ph.D., is the dean of the Â鶹ԭ´´ College of Business Administration. He blogs every week at .ÌýThis post appeared on January 23, 2013. Follow him on Twitter .

Hanus attended the Celebrate The Children 2012 Dinner & Auction and placed the winning bid for a seat in the Â鶹ԭ´´ Executive MBA Program. His bid of $27,000 reserves a space for him, based upon his acceptance into the program. The entire amount of the auction item goes directly to Boys & Girls Clubs of Central Florida.

He chuckles that it was the most “expensive dinner ever with my wife,� but understands the long-term benefits he will receive by earning his degree.

“I reached out to my father who has always encouraged me to do everything I can to further my education, and with his help, was able to place the winning bid. It was one of those opportunities that just could not be passed up. My thought was not only would I get to help a great cause like Boys & Girls Clubs of Central Florida, but I would end up helping myself by achieving my MBA,� he said.

“It is an amazing feeling to think that I will be able to save money completing my education, while youth in Central Florida will have an opportunity to enhance their futures with Boys & Girls Clubs Programs,� he added.

Once admitted to the EMBA program, Hanus will spend 20 months taking classes and networking with other professionals in the cohort. The program prepares executives and managers for the challenges they face as they advance in their careers. Courses are taught by distinguished business faculty members and the curriculum includes a global focus and an international residency. Read more about the Executive MBA program on their website.

As part of the silent auction, guests can bid on a seat in the Executive MBA Program at the Â鶹ԭ´´ and begin taking classes this fall. The total value of this auction item is $47,000, and minimum bidding begins at $22,000. All proceeds benefit Boys & Girls Clubs of Central Florida and the 12,000 children served each year.

The Â鶹ԭ´´ EMBA Program is designed with middle-and-senior-level executives in mind. The 20-month program allows participants to continue their full-time careers while earning a fully accredited MBA degree and prepares executives and managers for the challenges they will face as they work and advance in their careers. Courses are taught by world class faculty and the curriculum includes a global focus and an international residency. Detailed information on the program can be obtained from the EMBA website or by calling (407) Â鶹ԭ´´-EMBA.

The auction is part of Celebrate The Children 2011 which will be held at the Orlando World Center Marriott. This is the signature fundraising event for Boys & Girls Clubs of Central Florida. More details on the event can be found at Boys and Girls Clubs of Central Florida website.

The group will take a behind-the-scenes tour at EPCOT, SeaWorld, and Indra Systems Inc., and they will meet with College of Business Administration faculty members and leaders from the Orlando/Orange County Convention & Visitors Bureau Inc., Metro Orlando Economic Development Commission, the Disney Entrepreneur Center and the Â鶹ԭ´´ Business Incubation Program.

The visit is part of the EDC’s International Residency Program partnership. This is the third time the EDC has hosted the Escuela de Organización International (EOI), which was founded by the Ministry of Industry and the Ministry of Education to provide engineers with management and organization skills.

The EDC is rapidly gaining a reputation as a destination to host international residencies for foreign universities. The EDC provides a critical link to help create global partnerships with overseas businesses.

“The contacts these students make with our alumni, executive MBA students, faculty and especially business leaders will lead to more and more opportunities for our local economy to benefit from global alliances,� said Bob Case, director of the EDC.

“The goal of the program is to use Orlando as a vehicle for students to practice the concepts that they’ve learned in their own academic studies,â€� added Tiffany Hughes, an associate director at Â鶹ԭ´´’s Executive Development Center. “We expect the students will be able to use what they learn and experience here in their personal and professional careers.â€�

Please visit the to learn more about the programs offered at the downtown center.

As part of the silent auction, guests can bid on a seat in the Executive MBA Program at the Â鶹ԭ´´ and begin taking classes this fall. The total value of this auction item is $44,000, and minimum bidding begins at $18,500. All proceeds benefit the Boys & Girls Clubs of Central Florida and the 13,000 youth served each year.

The Â鶹ԭ´´ EMBA Program is designed with middle- and senior-level executives in mind. The 20-month program allows participants to continue their full-time careers while earning a fully accredited MBA degree and prepares executives and managers for the challenges they will face as they work and advance in their careers. Courses are taught by world-class faculty, and the curriculum includes a global focus and an international residency. Detailed information on the EMBA program can be found on the Â鶹ԭ´´ Executive Development Web site.

The auction is part of the Celebrate the Children 2009 event, which includes the dinner and a golf tournament on May 15. This is the signature fundraising event for the Boys & Girls Clubs of Central Florida. The dinner begins with a reception at 5:30 p.m. and will be held at the Rosen Centre Hotel, 9840 International Drive, Orlando. More details on the event can be found on the Boys & Girls Club website or by calling Pamela Sible at 407.841.6855.