Opportunities abound. Demand for good management is spreading to the emerging world and to the public and voluntary sectors. The number of business schools worldwide has increased from a handful a century ago to 12,000 institutions that now deliver some form of business education—and first-class establishments are today found in Hyderabad and Shanghai as well as London and Boston. But at the same time they face huge risks. They lack barriers to entry to protect them from changes that are sweeping through the education industry. Good management could ensure that they thrive. But it is in scarce supply for two reasons.