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A survey of MBA graduates of the University of Melbourne suggests the need to re‐examine myths about MBAs ‐ who they are, why they undertake an MBA, what sort of careers they pursue and what capabilities they need. In improving the quality of management education, effort needs to be directed to matching programmes to a better understanding of the management school′s customers ‐existing students, the future profession, the business and wider communities – and to expanding the “management consciousness” of potential students, particularly those under‐represented in management schools such as women and ethnic minorities.