The future of business is diverse — whether leadership is ready or not.
By 2045, the entire US population will be “Majority Minority”. And of course, the employees and consumers that drive the economy have always been 50% female. Yet, of the CEO’s directing Fortune 500 companies, only 10.4% are women, only 1.6% are Black, and fewer than 1% of CEOs surveyed openly identified as LGBTQ+.
Equity in business leadership is increasingly critical for business success: leadership diversity means better awareness of the complex demands of consumers and employees, builds stronger cultures for success, and is foundational to innovation to meet those needs.
Given these realities, diversity in MBA programs is critical if we hope to reap the benefits of engagement, innovation and creativity in the future. As a leading example, Bard's MBA in Sustainability—based in New York City— is one of the few MBA programs globally that is more than 60% female.
The program is also unique in its inclusive and collaborative culture, not the cut-throat learning environment that is stereotypical of business schools.
Keep reading for more on how the landscape of MBA programs is changing.
Numerous studies have shown that leadership diversity drives long-term financial success. A 2018 study by the Boston Consulting Group (BCG) found that diversity increases the bottom line for companies, stating that "increasing the diversity of leadership teams leads to more and better innovation and improved financial performance." Another study showed that when women are hired into upper management roles, not only do profits increase, but organizations are also more effective at advancing mission-driven goals—such as reducing poverty, addressing hunger, and combating climate change. In fact, companies that have more diverse management teams have 39% higher revenue.
As diverse leadership teams are proven to build stronger companies, then MBA programs—where tomorrow’s leaders are shaped—must make diversity a foundational value, not an afterthought. When classrooms include students from a wide range of backgrounds, experiences, and identities, the learning environment is richer, as students are challenged by those bringing different perspectives. Students also build cultural fluency and learn to collaborate across lines of difference—even when navigating their own unconscious biases. Equity in a classroom fosters richer dialogue and debate, which in turn sparks innovation. And it’s that spirit of innovation that will be essential to driving the sustainable solutions our world urgently needs.
When diverse backgrounds are represented in the classroom, all students are pushed to think more critically, question assumptions, and consider what’s fair and just for all stakeholders. MBA programs that prioritize diversity – alongside a commitment to social and environmental justice – graduate business leaders who are better equipped to lead mission-driven companies and sustainable business initiatives for the 21st century.
From its inception, the Bard MBA in Sustainability has had incoming classes that were more than half women. Overall, the gender balance has been around 60% women, the opposite of almost all other MBA programs. Based in New York City, Bard also draws faculty and students from a diverse set of ethnicities, geographic and professional backgrounds, and sexual orientations.
Bard’s program is one of the top MBAs in the world that fully integrates a focus on mission-driven business and sustainability into a core MBA curriculum. Because of the central emphasis on the inseparability of sound business practice, sustainability, and social justice, our MBA students are able to explore in conversation, classes, and projects, the multi-faceted types of solutions that are required to do what is profitable by doing what is right for all stakeholders.
The program also features a strong focus on collaboration and partnerships as the future of business. Bard students “win” when they need to, but the focus of sustainable business is on building businesses that are in business to solve social and environmental problems.
The Bard MBA’s low-residency structure—with classes meeting one extended weekend per month in NYC and online twice a week—makes the program accessible to working professionals, including parents balancing careers and caregiving. Students have flown in from cities like Minneapolis and Atlanta while working full-time and navigating parenthood – still completing the full 60-credit MBA in two or three years. The flexibility and support built into the program have even allowed students to start families without missing a residency weekend.
The Bard MBA community is deeply committed to fostering an inclusive and welcoming environment. Early in the program, students took the lead in creating a student council that still meets regularly, gathers feedback from peers, and works in partnership with program leadership to improve the student experience. In 2018, that commitment extended beyond the classroom when graduating students established a dedicated fund to ensure diverse representation among guest speakers—helping to embed equity and inclusion into the fabric of the program.
Historically, MBA programs have been largely composed of white males–a pattern that has shaped the perception that MBAs are spaces built for of male-dominated professional advancement. As recently as 1962, Harvard Business School had yet to admit women to its MBA program.
It has only been in the last few decades that strides have been made to incorporate greater racial, ethnic, and gender diversity in mainstream MBA programs. By 2025, women made up just over 40% of students at top business schools. These schools have also seen growth in international enrollment, with 30–40% of students coming from outside the U.S. Business schools have also been diversifying internationally: at top schools, 30-40% of the students are international. Additionally, at these schools, around 15% are non-white US citizens. However, schools outside the top tier often continue to lag behind in diversity.
Several organizations are working to ensure underrepresented groups thrive in MBA programs and beyond. For example, the Consortium for Graduate Study in Management promotes diversity and inclusion in business by awarding merit-based, full-tuition MBA scholarships to minority MBA students. Reaching Out MBA is a non-profit organization dedicated to connecting, empowering, and supporting the LGBTQ+ MBA community. The Forté Foundation helps women launch impactful business careers by providing access to education, professional networks, and career resources.
At Bard, we are committed to diversity because we are working to build a better, more equitable future – and because we know our students, future leaders in business and sustainability,- are at their strongest, when they learn in an inclusive, justice-centered environment. To drive real progress on social and environmental challenges, we need leaders shaped by diverse perspectives and experiences—leaders who understand that equity is essential to sustainability.
We remain deeply committed to cultivating a welcoming, inclusive space where future sustainable business leaders can grow, be challenged, and thrive. When businesses draw on the full spectrum of human experiences and perspectives, they unlock the power to drive meaningful social and environmental change.