Over the past several decades, education has produced a huge amount of human capital around the world. In this regard, the performance of business education has been outstanding, with ever more business schools producing ever more graduates. However, the trajectory that business education has been on does not seem to lead to what was once seen as its fundamental function. This study examines three questions of business education (1) where they are — the internal and external environment and challenges; (2) who they were — the original roles and functions of business schools; and (3) where they are heading.