The emerging status of undergraduate business education in the United States was studied through a 1978 survey of deans of American Assembly of Collegiate Schools of Business (AACSB) accredited undergraduate business programs, personnel executives from the largest U.S. corporations, and directors of AACSB accredited master of business administration (MBA) programs. Respondents were asked to appraise a series of 11 training objectives for undergraduate business education (taken from Bond et al., 1963) and to rank what they believed to be the "best" undergraduate school of business in the United States. They were further asked to specify the criteria they used in listing schools, and deans and personnel directors were also asked if these criteria would be the same as the criteria they might use to rank graduate programs. Deans, personnel directors, and directors of MBA programs agreed that it was highly important to develop problem-solving skills and analytical abilities. It was also important for undergraduate students to learn the basic foundation subjects such as economics, English, and psychology, but just as important to know how these and other knowledge areas can be applied to business problems. Other training objectives which were ranked by respondents include: training for specific positions in given industries, training in current business practices, and training in business principles. Eight schools that were included in the 10 most-mentioned lists by respondents are identified. In terms of the criteria used to evaluate the programs, over half the respondents mentioned faculty reputation. Comparison was also made with responses by faculty and students of the Unlversity of Virginia School of Commerce. A list of firms surveyed, sample questionnaires, and bibliography are appended. (SW)