PurposeThe paper seeks to examine major challenges facing MBA programs and to argue that they will have to reconsider their value proposition. It aims to explore effective curricular and programmatic responses as opportunities for MBA programs to innovate. The paper also aims to call for collective action across the business school field to effectively address these challenges.Design/methodology/approachThe research is grounded in empirical methods including semi‐structured interviews, data on curricula, courses, applications, enrollments, tuition and fees, and faculty hiring, and case studies of particular institutions.FindingsBusiness schools need to reassess the facts, frameworks, and theories that they teach, while also rebalancing their curricula to focus more on developing skills, capabilities, and techniques as well as cultivating values, attitudes, and beliefs.Originality/valueThe paper draws on original sources of qualitative and quantitative data to present a detailed picture of the current state of MBA education. It identifies eight unmet needs based on interviews with deans and executives, and proposes curricula innovations that address these needs.

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