Many innovations have emerged from this process of self-examination but, as I reflect on the nature of the MBA debate, I'm struck by its somewhat limited scope. In particular, there seems to be a fundamental belief that the MBA has to be at least one year in length.

The implications of this are quite extraordinary. First, it more than doubles the true cost of acquiring the degree as any rational student would need to factor the cost of lost wages into the equation. But, much more importantly, it precludes anyone who is unprepared to step out of their job and their career path from pursuing an MBA. This limits the appeal of the MBA to those individuals who are looking for a step-change in their career progression.

The executive MBA, which allows participants to maintain their current job and attend school at night and weekends, was developed in response to this perceived need and has been quite successful. But is the executive format the only way to tap into this potential market?