IT professionals who think only tech skills are needed to move up need to think again. Even if you’re not looking to advance up the career ladder most companies now expect tech experts to know the business and understand the business model. They want an IT leader who knows technology and can also use technology to boost and bolster the business goals.

For those looking to advance that means getting some solid business knowledge and skill sets under the belt.

One approach is achieving the MBA degree.

According to the schools that educate them, and employers that hire them, MBA professionals are sought after for their ability to think critically, deal with ambiguity and solve complex problems. In the broadest sense, the master of business administration degree represents a way of thinking, not just a set of financial skills and business knowledge.

An MBA teaches IT leaders to think critically though critical thinking is not a course per se. It’s a skillset woven throughout a MBA curriculum, which relies heavily on the case-study approach. This requires students to evaluate business dilemmas and formulate the best plan of action.

At Basking Ridge, New Jersey-based Avaya, which sells enterprise telephony systems, MBA hires are part of the company’s strategy to build a leadership pipeline, says Rob LeFever, senior manager of university leadership programs. Avaya likes MBAs for their ability to deal with ambiguity and create changes that help the company compete in its on campus recruiting trips. Avaya looks for candidates who demonstrate the ability to maximize talent, enroll others, champion change, look at the big picture and optimize Avaya’s interests.

The MBA Options

But keep in mind that going for the MBA can be a costly educational undertaking. The financial cost depends upon many variables, including which school you attend, your prior experience and whether you enroll in a full-time or part-time program.

Options for part-time MBA candidates are expanding, as evening, weekend, online, executive and on-site programs at work gain popularity. In fact, 72 percent of full-time MBA programs experienced a decline in applications in 2005, as more people opted to keep their jobs and go the alternative MBA route, according to the Graduate Management Admission Council (GMAC), a nonprofit educational association.

The core MBA curriculum is essentially the same across programs and schools. Candidates take courses in accounting, economics, finance, law, marketing and organizational behavior, with some programs providing opportunities to specialize once students master the basics. But the various program types cater to MBA seekers whose schedules, finances and other commitments don’t permit them to give up their jobs.

Executive MBA programs are aimed at older students, many of whom are already senior-level execs. These executive offerings typically takes about 26 months to complete and requires students to spend one long weekend per month on campus, completing their remaining coursework on the Web.

The most flexible option for prospective MBA students, online-only programs promote their ability to cater to any student’s schedule or time frame for earning a degree. But online-only MBA offerings, which deliver course syllabuses, study guides, reading lists and exams over the Web, may be missing some of the face-to-face camaraderie.

Beyond online and executive programs, part-time MBA offerings for working professionals of any age and experience level are widely available. Babson, among many other institutions, offers evening programs that allow students to take one or two courses a semester. Students typically complete the degree in three or four years.

The part-time approach is popular among professionals who want to expand their career horizons.

Less popular, but not uncommon, are programs that don’t require part-time MBA students to leave the office. Pfeiffer is among the schools that offer what the university calls “cohort experiences,” targeted to a single organization’s employees and delivered where they work. The university has developed such offerings for local organizations, including medical insurer Blue Cross Blue Shield of North Carolina and Northeast Medical Center, a nonprofit hospital. Employees earn the same degree as those who complete their MBA coursework on campus.

Most alternatives to the two-year, full-time MBA are part-time. But a few other schools across the country offer a one-year intensive program. This full-time program takes just 12 months to complete and requires an undergraduate degree in business.

No matter which MBA program or option you decide to undertake, experts say working professionals also have to factor in the required academic time outside a classroom and balance that with work and personal commitments. It’s also a very good idea to talk to others in your IT field that are in business-tech roles and investigate how they pursued boosting their business skills and ask for advice and insight on the MBA route.