When
Chris McCormick took over as chief executive of L.L. Bean in 2001, he
faced some special challenges. For one thing, he was the first CEO who
did not belong to the 90-year-old retailer's founding family. For
another, although he had been with the company since 1983, he had never
worked outside marketing. But McCormick also had an edge: he had just
completed Harvard Business School's eight-week Advanced Management
Program, where his predecessor had sent him to be groomed for the top
job. McCormick was so pleased with the results of his crash course in
corporate stewardship that nearly every year since then, he has
sponsored another senior manager to attend Harvard's AMP or a similar
program. "Chris is a big believer in leadership development," says L.L.
Bean spokesman Rich Donaldson.

Executive education can
make the difference between a career trajectory that levels off and one
that keeps on climbing. Whether for an intensive curriculum that earns
a degree or for nondegree training that rounds out management skills,
going back to school can pay enormous professional dividends. In fact,
midcareer training can probably ease and enhance most job-related
transitions. A senior vice-president aiming for the C-suite, a manager
who wants or needs to switch companies for advancement, a professional
returning to work after a hiatus with family—all stand to gain from a
detour into the classroom.

And in the event of a
layoff, midcareer training gives you a competitive edge. Shelling out
thousands (or tens of thousands) of dollars for course work may seem
impractical after being let go, but recruiters believe it's an
excellent way to turn the experience into a fast-track opportunity.
Martha Sloane, a New York-based search professional who specializes in
banking and finance, says layering new learning onto prior know-how
sends a clear signal to potential employers about a candidate's
ambition and seriousness. Furthermore, few venues offer more occasions
for networking than a business school campus. "I think executive
education is a really good idea," says Sloane. "If you hear just one
thing that helps you get an interview, it's worth it."

Business
schools offer hundreds of programs, from brief, highly specialized
curricula aimed at a particular industry or field of study to a
soup-to-nuts syllabus that earns a degree. (For a sampling, see page
19.) You can take a weekend's worth of classes to sharpen your
negotiating skills; get your master's in financial engineering; or
attend a five-day retreat to learn how to optimize your diversity
factor.

If you're looking to start your own company,
all the top business schools—and many small colleges, too—offer courses
aimed at entrepreneurs, usually but not always from the regular MBA
curriculum (see box, p. 16). Just to pick a random example, Duke
University's Fuqua School of Business has three- to five-day programs
on how to grow your business ($4,000); outsourcing and offshoring
strategies ($4,950); and financial reporting for nonfinancial managers
($7,000). That's on top of three different executive MBA (EMBA)
programs and dozens of other courses.

There are so
many choices that it's wise to decide what you want out of midcareer
training before you begin collecting brochures and reading lists. "Most
people come in with a clear goal," says Maria Pitone, associate
director of executive education at the University of Pennsylvania's
Wharton School. "They want to be better at mentoring, or they want a
certain job out there. The clearer you are on what you want to
accomplish, the better luck you'll have."

Executive
education is costly, and most midcareer students are at least partially
sponsored by their employers. Increasingly, companies negotiate with
business schools to offer a custom curriculum for high-potential
employees, as part of a leadership development or succession plan. The
school tailors its regular EMBA or advanced management program to the
company's industry, culture, and business goals. Employees chosen for
such programs—customized or not—consult closely with their supervisors
before enrolling. And, obviously, they must commit themselves to
staying put for at least several years.

Tracy
Richardson, marketing director at PAETEC Communications, a broadband
service provider in Rochester, is being sponsored by her employer to
get an "iMBA" (the "i" is for Internet) from Syracuse University's
Whitman School of Management while working full-time. Whitman's iMBA
students receive the same degree as students in its full-time MBA
program, working with the same faculty and curriculum. But it is
extremely flexible. As a "limited residency distance learning" program,
it requires students to complete a week-long residency on campus at the
beginning of each semester, then work online for the remaining 14
weeks. Students can earn their degrees in as little as two years or as
long as seven, and they can start in January, May, or August. The full
program costs $50,760, plus $30 a week for each on-campus residency.

"It
was my boss's idea," says Richardson, 34. "He had talked to me about
growing into a larger role, and as I took on more responsibility, there
were serious gaps in my knowledge." PAETEC recently doubled in size
through a merger, and Richardson, who would like to rise to
vice-president of the combined company, believes the MBA she is earning
is a kind of silent prerequisite. She is halfway to her degree. "My
strategic skills have improved dramatically," she says. "I view the
program as an extension of my job." Naturally, of all types of
executive education, a midcareer MBA requires the biggest commitment of
time, money, and intellectual muscle. It is also likely to yield the
fastest and most dramatic results. According to the Executive MBA
Council, which conducts annual exit surveys of nearly 3,000 students,
43 percent were promoted by their employers when they got their
degrees, 56 percent were given more professional responsibilities, and
mean salaries rose by 20 percent—and that's just at graduation. Fuqua
and the Financial Times of London, which keep "return on investment"
data by polling Fuqua's executive MBA alumni, report an average salary
increase of 16 percent to 24 percent, and nearly 16 percent of
graduates say their MBA wins them a raise of over 50 percent.

But
that doesn't mean that shorter, self-financed programs aren't
worthwhile, particularly for people with specific needs or interests.
One program that receives glowing testimonials is the Leadership Suite
at UCLA's Anderson School of Management. These five-day sessions, each
given once a year, are focused on the impact of diversity in
management. There are four different curricula for African-American,
female, Latino, and LGBT (lesbian, gay, bisexual, and transgendered)
executives. The $5,250 fee covers tuition, books, and most meals;
lodging near the UCLA campus is additional.

A number
of schools offer courses specifically designed to help women break
through the glass ceiling—which, annual statistics suggest, still
confronts top female executives in most industries. In Wharton's
five-day "Women in Leadership" retreat (offered annually; $8,000
includes tuition, lodging, and meals), classes of 20 to 25 students do
self-assessment exercises to analyze their strengths and how best to
leverage them. Women gain clarity about their leadership and
negotiating styles, among other things, and finish the course with a
better understanding of the professional "legacy" they want to leave,
whether they continue in a corporate setting or strike out on their
own.

As a women's college, Simmons has offered
executive education tailored to female professionals for 30 years,
through its School of Management. The flagship course, "Strategic
Management for Women" (offered annually; $4,400 covers tuition, books,
and most meals, but not lodging) involves five days of 360-degree
assessment with emphasis on team-building and communication. You can
also get your EMBA from Simmons. But by far the most popular course,
says executive education director Martha Sheehan, is "The Negotiation
Edge" (offered twice a year; $1,500 fee for tuition, materials, and
some meals). "We look at the gender dynamics involved in negotiating,"
says Sheehan. "The workshop focuses on your resources, title, and
credibility, and makes sure you know how to negotiate conditions that
will enable you to succeed."

Executive education isn't
guaranteed to galvanize a stuck career or solve a midlife crisis. It's
a sure way, however, to take more control over your professional
development. At the very least, thinking over the options should open
some mental doors—and that's what education is all about.

Johnson School at Cornell University
Ithaca, New York
Boardroom Executive MBA. $92,000. 17-month program for full-time
working professionals. Three residence weeks on campus, plus classes
three Saturdays per month via live videoconference. Students meet in
groups of five to nine in selected cities in New York, Ohio, Washington
(more sites every year). Fee includes all residence costs.

Graziadio School at Pepperdine University
Los Angeles, CA
Morning MBA. $60,000. 28-month program, summers off. Classes meet
Tuesdays and Thursdays, 9:30 a.m. - 1:30 p.m., at West L.A. and Irvine
campuses, plus four weekend modules.

Anderson School of Management at UCLA
Los Angeles, CA
Executive Program. $15,600. 21 sessions in two 11-week semesters,
leading to Certificate in General Management. Two-day, completing
semester sequentially, or two days a week, completing both semesters at
once.

Wharton School at University of Pennsylvania
Philadelphia, PA
The CFO: Becoming a Strategic Partner. $9,000. Five-day, on-campus
program offered twice a year. Intensive sessions on risk management,
portfolio analysis, and strategic planning in uncertain markets. Fee
includes lodging and meals.

Stanford Law School/Stanford Business School
Palo Alto, CA
Directors' Forum. $6,800. Four-day sessions offered twice a year
teaching intensive governance basics for corporate board members.
ISS-accredited (company gets a higher governance rating if directors
attend). Fee does not include lodging.

Kellogg School at Northwestern University
Chicago, IL
Renaissance Post-MBA Program. $23,000. Three-week, on-site program
designed to update executives on the latest in management best
practices. First two weeks devoted to functional disciplines; third
week meets five months later, focused on leadership. Fee includes room
and board at Evanston campus.