This happens all the time in consulting, where someone is an associate consultant and then comes back to the company as a consultant. I don't see this as a negative and in fact kind of a plus because they will not have to worry about you in terms of having you find a job. So you represent a lower-risk.
What you will have to do is articulate why you needed MBA in order to ascend to a higher chair at your company, and it would be preferable for you to articulate why a full-time program would better meet your needs that an executive program.
If you have less than 8 years of experience then the full-time program is a no-brainer as compared to an executive program.
One idea would be that you are interested in the transformational aspect of spending a whole year with your cohort, most believe that this is better achieved in a full-time program then part-time or executive.
If you are in your mid-thirties I would encourage you to consider Sloan fellows and or Stanford MSX. Those programs are designed for that audience, where you are taking a year sabbatical off work.
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