I spoke with a friend who is very successful and we discussed my situation:

45 year old male in a director level position; 20 years management experience; already earn a salary well above the mean for MBA grads from the ivy leagues.

I want to do a masters or MBA as this will enable me to have abetter shot at cracking the VP level in my career. His opinion is that since I have many years of experience under the belt the experience itself will carry 95% of the weight in my case and therefore I should not concern myself with school rankings.

Agree with this?

Totally disagree. Ranking is about the quality of classmates, professors, alumni network, experience and opportunities. If none of those things matter, then why do an MBA.

In a top flight executive MBA you will be with some peers. And also with people on a higher or faster trajectory than you. That's part of what you need.

Of course a school's ranking matters. But it shouldn't be relied on as the only factor in your decision. As you're deciding, be aware of the school's international accreditations, reputation, alumni network, and post-graduation support - all of these will contribute to your learning experience.

And when you do look at the rankings, look at all of them: Businessweek, FT, Economist, Forbes, Beyond Grey Pinstripes - all will weigh the various factors differently.