The current state of business management education is discussed to stimulate dialogue among educators and business executives. The major issues and current challenges are considered, and broad recommendations for change are offered, primarily in the areas of curriculum and faculty development. Recommendations include: adopting alternative core curricula that are updated continuously; encouraging experimentation in elective courses, both in terms of faculty research and applications of research to new instructional materials; fostering greater interdisciplinary teaching and research; providing training in personnel management to develop skills in interviewing, counseling, negotiating, motivating, and disciplining; requiring business graduates to have oral and written communication skills and interpersonal competence; reviewing tenure and promotion practices to ensure that teaching and applied research are rewarded; providing faculty researchers greater access to corporate data and offering "executive in residence programs" at businesses; and enacting demanding admission standards that also accommodate applicants with varied academic background. Responsibilities for reform are also addressed, along with a brief historical review of university-based business education. (SW)