This program sounds optimal. The student gets an MBA while someone else foots the bill. Yet, there are drawbacks:

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• Reluctance on the part of many organizations to sponsor full time courses because this means that the student will not be available to work and benefit the organization at such time. Some employees/students may take up to two years before their skills are such that they can devote themselves to full time jobs.  Employers that do hire MBA students (such as the larger consultancies) are willing to sponsor full time courses. Most employers, though, are usually more willing to fund (or to partially fund) part time courses. These can take the form of evenings; block residential, distance learning, etc. More details on these courses are found in the section on the Types of MBA.  Probably the biggest fear of employers is that they pay for the course and the student leaves for a different company at a much higher salary. This brings us on to the next point
  
  
• Lock- ins. A sponsoring employer may stipulate that you must work for them for a certain number of years after you complete your degree. Hopefully the employer knows about all the new skills you have acquired and will give you a chance to use them, at a suitable salary, rather than holding you back from a career change or promotion in your career that you were looking for. There are different opinions over whether locks in contracts are legally enforceable; they probably aren't so it's really down to your own conscience (or lack of it).
  
  
• Some companies have created a unique program of studying for an MBA in conjunction with a business school. This means they can give a broad management education, while also developing particular skills or knowledge they view as being core to their business. Although this sounds like a wonderful initiative, it has a potential drawback in the quality of the school chosen, and therefore the perceived transferability of the MBA. Most of the schools participating in this activity are strong "national" schools, as opposed to being any of the major international schools. This fact can either be a fine option for you or it can be a very minimal one, depending on what you hope to gain from your MBA investment

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A major advantage in taking such a 'company' course would be that the company sponsoring it would generally be in favor of students taking the time to actually study. There would be more good-will toward providing a flexible study-work schedule, especially in organizations that specialize in providing company MBAs.