Fixing the flawed MBA: critics claim MBA degrees lack real-world relevance--and that grads are both arrogant and ill-prepared. So what are B-schools doing about it?

Every year, the country's most prestigious companies rush top grads at the most elite business schools--much like frat houses rush the most promising of undergrad freshmen. And yet, even as they deploy recruiters to lure 2007's stars with the promise of six-figure salaries, CEOs are openly griping about the relevance of b-school curriculums and the deficiencies of their newly minted MBAs. Their main complaints? Coursework that centers on dense and arcane theory and graduates who emerge with a sense of entitlement and a dearth of key skills.

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This seeming disconnect a...

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