New research from the University of Bath finds that graduates of elite MBA programmes, particularly the so-called M7 group of super-elite US business schools, are far more likely to rise into top management teams and chief executive roles than peers with non-elite MBAs or no MBA at all. The findings reinforce the enduring influence of prestigious business education in shaping access to the highest levels of corporate leadership in the United States.

The study analysed the careers of more than 106,000 executives working in S&P 500 companies between 2000 and 2018. While the advantages of holding an elite MBA were clear overall, the benefits were not distributed evenly across different groups. Outcomes varied significantly by gender and minority status, and they also shifted in response to broader economic conditions, suggesting that the value of elite credentials is closely tied to context rather than being universally applied.

Professor Mairi Maclean, co-author of the study Elite MBAs in the Making of Top Business Careers, explained that the research was motivated by ongoing questions about the real value of costly business education. With some programmes priced at around $200,000, the team sought to determine whether such an investment genuinely pays off. She concluded that, in terms of reaching the most senior corporate roles, the benefits are substantial, although who gains the most from those benefits is far less straightforward.

The research found that American men consistently derived the greatest advantage from elite MBA qualifications. At the same time, firms appeared more willing to elevate women with elite MBAs during periods of instability, particularly around the Global Financial Crisis of 2008. During such turbulent periods, women experienced faster career progression, suggesting that organisations may broaden leadership selection criteria when facing uncertainty, although these shifts do not always endure.

This pattern aligns with the concept of the Glass Cliff, developed by Professors Michelle Ryan and Alex Haslam, which proposes that women are more likely to be placed in high-risk leadership roles during challenging times. Similar dynamics were observed for minority executives, who also saw increased opportunities during crises. However, once stability returned, organisations often reverted to more traditional leadership patterns, once again favouring American men with elite credentials.

Across the data, the researchers identified recurring organisational behaviours that reflect how companies use elite MBAs in different contexts. In stable periods, these credentials reliably translated into senior appointments for candidates who already matched dominant leadership norms. During crises, firms temporarily expanded opportunities for underrepresented groups, but this inclusion was often partial or symbolic rather than sustained. Once the crisis subsided, many organisations pulled back, reinforcing established hierarchies and limiting long-term gains for women, minorities, and non-US nationals.

Published in the Academy of Management Learning & Education in 2026, the study raises broader questions about fairness and the role of business schools in shaping corporate leadership. Co-author Professor Charles Harvey of Newcastle University noted that while elite MBA programmes remain central to how leadership is constructed, their legitimacy is uneven and highly sensitive to external pressures. The authors argue that business schools should examine whether their admissions processes, networks, and credentialing systems genuinely support lasting inclusion, rather than offering only temporary visibility during periods of disruption.

More information: Mairi Maclean et al, Elite MBAs in the Making of Top Business Careers, Academy of Management Learning and Education. DOI: 10.5465/amle.2024.0437

Journal information: Academy of Management Learning and Education Provided by University of Bath