Earlier this week, MIT Sloan School of Management announced the launch of a new Executive MBA (EMBA) program to complement its full-time MBA degree and its mid-career executive fellows program.

The new MBA for Executives Program is a 20-month part-time course of study designed for experienced executives looking to expand their management capabilities. The program’s first session will begin in October 2010, and the application deadline for this first cohort of students is August 15, 2010.

“We are excited to offer this new format for exceptional employees who are further along in their careers and seeking a higher level of management education,” MIT Sloan Dean David Schmittlein said in a statement announcing the program’s launch. “Students in the MBA for Executives Program will gain a competitive edge through MIT Sloan’s deep expertise in global leadership, innovation, and the science of management, while building a diverse business network that facilitates cross-industry learning,” he continued.

Approximately 60 rising executives from a range of industries will be accepted as part of this inaugural class. The program will consist of four eight-day, on-campus learning modules and 26 weekend sessions, which MIT Sloan hopes will foster collaboration and strong bonds between classmates.

Between program sessions, participants will apply the concepts they are studying as part of individual and team-based projects. They will also complete a week-long action learning course called Global Organizations Lab (GO-Lab), during which they will collaborate as part of a team-based consulting project with an international organization.

EMBA courses will be taught by MIT Sloan faculty members and researchers, including professors who teach in the MIT Sloan Executive Education and MIT Sloan Fellows Program for Innovation and Global Leadership. Participants in the new EMBA program will also have opportunities to network and socialize with students in the Fellows Program.