By Janie Ho

Mother's Day is a holiday that comes once a year for most people, but for B-schools looking to tap a growing market segment, offering programs for moms (and the occasional dad) returning to the workforce after raising kids is turning into a year-round business.

Nancy Hamilton is typical of the returnees these programs are trying to attact. After being out of the workforce for more than 20 years while she raised her kids, Hamilton recently entered a bustling room at Citigroup (C ) in New York to find out about the "Back in Business" program offered by Dartmouth's Tuck School of Business. Launching in October, 2006, with a goal of 30 students, the 11-day Tuck program intends to address the needs of those who are trying to break back into the corporate world.

Hamilton, armed with an MBA from New York University she earned in 1981, and years of VP-level experience, is hoping the $12,000 program ($6,000 for this year's participants ) can help her. "The enthusiasm was contagious," says Hamilton, who was drawn back to the business world for its energy, camaraderie, and concentration.

FILLING PAY GAP.  More and more women with impressive business experience are taking time out for families, intending to return to work when the kids are a little older. But the transition back into the corporate world isn't easy. That's why B-schools are giving them a hand. Prominent schools such as Pepperdine and Harvard are offering programs to help to get these so-called sequencing moms up to speed before sending them back to the office. Corporate recruiters are all for it -- and they're pitching in, too.

The need for such programs is obvious. The Center for Work-Life Policy, a New York research organization, found that two-thirds of women who left work to raise children want to re-enter professional life but feel that companies are reluctant to hire them, or will offer them less stimulating work than they had before. Female professionals who take three or more years off earn 37% less on average than women who haven't taken time off, according to a study by the group (see BW Online, 6/14/04, "Women's Pay: Why the Gap Remains A Chasm").

Harvard's research shows that about 20% of HBS moms with two or more children will leave the full-time work force for several years – but almost all anticipate returning at a future date. Myra Hart, chair of Harvard's Center for Women's Business Research, says the fundamental issue is that more women are going to business school and leaving the workforce in the prime of their careers after accumulating great experience. That's why HBS offers two programs with 25 students each, so moms who already have MBAs can sharpen their skills and speak with counselors about the transition.

BUILDING MARKETS.  Pepperdine University is among those at the forefront of easing the transition with its morning MBA program -- a part-time MBA program specifically geared to the untapped market of stay-at-home moms. The inaugural two classes aim to have 25 students each this fall. Dean Linda Livingstone says that the program's biggest draw, besides refreshing business skills, is job search training specifically for women who have left the workforce. "Research suggests that it's difficult for women to catch up with their old salaries," she adds. "We're optimistic that a program like this would help narrow that gap."

Other schools, such as Stanford's Graduate School of Business, are following suit. But the proliferation of MBA and executive education programs for moms does not come without challenges. Livingstone and Tuck program director Anant Sundaram are concerned about building markets for these kinds of programs, and convincing companies -- and students -- that there is no longer a stigma attached to putting off your career to raise a family. The tide is slowly turning.

Most administrators point out that these women have continued to take on leadership roles even when out of the corporate world (see BW Online, 5/1/06, "Taking the Pulse of Women Entrepreneurs"). They are often trustees of nonprofit organizations, school boards, and church groups, where they use their business skills, says Sundaram.

BIG SUPPORT.  Employer attitudes about hiring moms is starting to shift, too. "Companies realize that the best and brightest aren't able to give 100% to their careers at all times, and they need to find new and creative ways to attract and retain these valuable resources," says Cali Williams Yost, president and CEO of Work + Life Fit, a strategic consulting company in Madison, N.J.

With the right help to overcome the inevitable fears and obstacles to rejoining the working world, moms have more options than ever. A recent study shows that 94% of Fortune 500 companies say they would likely hire a mom who has been out of the workforce for a bit. Many of the big names are supporting efforts to make the transition back to work as easy as possible.

In Goldman Sachs' (GS ) "New Directions" program, the investment bank partners with Women@Work to provide workshops for women, complete with complimentary child care. Ernst & Young's "Boomerang" program is designed to bring back women in whom the company invested training time and money before they became mothers. IBM (IBM ) offers employees three years off for personal endeavors, which can include starting a family. Of employees who took leave, 59% say they would have left the company for good if the program had not been available, reports IBM.

COMEBACK KIDS.  Thanks to shifting demographics, in the future, MBA moms who want to make a comeback might have an advantage. Between 2011 and 2029, baby boomers -- about 47% of the workforce, according to the U.S. Census -- will be reaching the retirement age of 65. At that point, millions of men and women will be balancing work, family, and possibly the care of elderly parents.

Bringing moms back to the office will be a way to make up for the disappearing talent pool, say experts. For now, MBA moms say they are happy to go from changing diapers at home back to strategizing with the CEO.