I've been moving forward with the application process for a full time MBA program. I recently scored a 760 on my GMATs, have 3.5 years of full time work experience (consulting), and a 3.9 undergraduate GPA.

I've narrowed my school options down to four (Harvard, MIT Sloan, Stanford, Tuck-Dartmouth) and plan to apply during round two (January deadlines) for the 2010-2011 academic year.

I'm now reaching out to potential recommenders. I just spoke with my current supervisor to ask for a recommendation and she strongly suggested that I apply for an Executive MBA program. She attempted to sell me on the opportunities associated with having an employer pay for some of your education and continuing your career development without losing key industry contacts. Obviously, the primary goal of encouraging me to apply to an emba is so my company can keep me here. While there is no formal executive MBA sponsorship program at my organization, she said that she would work something out to fit into a revised compensation package.

This throws a wrench into my entire process! I have not researched Executive MBA programs up until this point and do not fully understand the advantages/disadvantages of choosing an emba program over full time. Additionally, my target schools do not offer emba programs. I also did a quick search for emba admission statistics and most emba students have much more work experience (10-15 years) compared to me. I did not see this coming based on the fact that my company does not historically support this type of sponsorship.

The idea of having someone help pay for my education while I work is appealing, but what are the advantages/disadvantages?
Am I even an eligible candidate for the top emba programs?
Would I be giving up any opportunities associated with a full time program?
Should I continue with my full time applications and add an emba program to the list to appease my employer and explore all of my options?
At this point, do I even have time to create a solid emba application?

I look forward to any insight/advice you can offer. Thanks in advance!

At this point, you have probably already made your decision. However, here are some answers to your questions.

Advantages: An executive MBA will allow you to pursue an MBA while still maintaining an income stream. This fact along with corporate sponsorship can greatly decrease the amount of debt you accumulate while pursuing your degree.

Additionally, you know you have a job at the completion of your MBA. Most likely, the degree will result in a promotion.

Disadvantages: Your company will definitely have some expectations if you accept their sponsorship so the EMBA limits the amount of networking you can do with other companies.

EMBA programs tend to be a little longer so it will take more time to earn your degree.

You also might not form as strong of a professional network because EMBA students do not usually spend as much time together as those in traditional MBA programs.