Please note that when people discuss 'EM' fields in the lay literature, they are lumping together lots of different related effects. Different aspects of electricity and magnetism will have different effects, over different distances, and will be shielded in different ways.
I am not enough of a teacher to write up a complete and correct synopses of the entire discussion, for this I'd suggest the Hyperphysics web site, in particular:
http://hyperphysics.phy-astr.gsu.edu/hbase/emcon.html#emcon
and then looking at magnetic field, electric field, and Maxwell's equations and EM waves.
EMT will do a fine job of shielding the magnetic field caused by _balanced_ current flows in a proper circuit, where the supply and return path are in paired conductors in the same pipe.
A 'floating' EMT carrying a single line to neutral circuit will be capacitively coupled to both conductors, and will have an induced voltage equal to half the line to neutral voltage. Ground the EMT (even with a very high resistance ground) and this capacitive coupling will mean very slight current flow, and thus nothing detectable on the outside of the EMT.
_Unbalanced_ current flows will cause magnetic fields that encompass the entire 'loop area' of the circuit. Any EMT around the circuit conductors will interact with this magnetic field and magnetic flux will be induced inside of the EMT, but this will not have any significant shielding effect. The only thing that will shield the magnetic field is a balancing current flow; if the EMT forms a closed circuit, then induced current in the EMT will tend to balance the current flow in the conductors; if the EMT were superconductive then this current flow would exactly balance the inducing current, and you would have effective shielding.
If you have an unbalanced current flow inside of an EMT conduit, then a clamp meter on the _outside_ of the conduit should detect this....though now I think I need to set something up to test this out
Might be useful for detecting induced current flow across motor bearings
-Jon