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 YorkBoardroom 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 UniversityLos Angeles, CAMorning 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 UCLALos Angeles, CAExecutive 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 PennsylvaniaPhiladelphia, PAThe 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 SchoolPalo Alto, CADirectors' 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 UniversityChicago, ILRenaissance 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.

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