How Business Schools Lost Their Way

Too focused on “scientific” research, business schools are hiring professors with limited real-world experience and graduating students who are ill equipped to wrangle with complex, unquantifiable issues—in other words, the stuff of management.


Business schools are on the wrong track. For many years, MBA programs enjoyed rising respectability in academia and growing prestige in the business world. Their admissions were ever more selective, the pay packages of graduates ever more dazzling. Today, however, MBA programs face intense criticism for failing to impart useful skills, failing to prepare leaders, failing to instill norms of ethical behavior—and even failing to lead graduates to good corporate jobs. These criticisms come not just from students, employers, and the media but also from deans of some of America’s most prestigious business schools, including Dipak Jain at Northwestern University’s top-ranked Kellogg School of Management. One outspoken critic, McGill University professor Henry Mintzberg, says that the main culprit is a less-than-relevant MBA curriculum. If the number of reform efforts under way is any indication, many deans seem to agree with this charge. But genuine reform of the MBA curriculum remains elusive. We believe that is because the curriculum is the effect, not the cause, of what ails the modern business school.

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