Before dwelling on the details and explanations, let me give you a simple answer. 

• You should go for a 2-year MBA program if you are open to switching domains in the future. One of my friends was in a similar situation with around 4 years of experience in EPC Project Management. After great anticipation, she decided to go for IIM. Visakhapatnam which is a relatively new IIM. But it happened to be one of the best decisions of her life. She realized her inclination toward Finance and ended up with a role in the financial planning department of her company. She says that the MBA program changed her perspective and broadened her career spectrum which would not have been possible if she had taken an Executive program.
• You can go for the Executive program if you want to upscale your career prospects in the same field. Or you want a certificate that can get you a better job at a better company. This is a viable option if you are not open to switching domains and want to stick with your current field.

Now that I have talked about both scenarios let’s clear some misconceptions about the new IIMs. Frankly, they are not yet anywhere near the older IIMs but that does not change the fact that they have been developing at a speeding rate and are bound to do more so in the future. Through various interactions with the alumni, I have inferred that they were glad they joined the new IIM which provided world-class facilities and a breath of fresh air.