Requiring a minimum of seven year's work experience, four of which must have been in a managerial role, the school attracts students aged between 30 and 45 years who are keen to advance their careers within multinational organizations.

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"Simplicity doesn't mean simplicity of thought, " says Kara Blackburn, a lecturer in managerial communication at MIT Sloan School of Management.

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Daniel Diermeier is the IBM professor of regulation and competitive practice and professor of managerial economics and decision sciences at the Kellogg School of Management at Northwestern University.

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Mr. Niederauer honed his managerial skills running a restaurant in Atlanta, then went to business school at Emory University and eventually talked his way into a job at Goldman.

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"But nonetheless, such is the thirst for a managerial talent pool that there remains tremendous demand for the Western business-school product, " Mr. Symonds says.

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Robert Joss, dean of the Graduate School of Business at Stanford University, has been a top corporate executive, but says that running a big business school is one of the most demanding jobs imaginable, requiring academic leadership, managerial skills and money-raising flair.

ECONOMIST: Business schools