The human resources management literature offers considerable evidence that mentoring programs can positively influence a variety of measures of both individual and organizational performance. This study examines the use and effectiveness of faculty mentoring programs at business schools in the United States. A survey of 118 schools accredited by the Association for the Advancement of Collegiate Schools of Business found that mentoring programs are the exception rather than the rule. Moreover, many existing mentoring programs lack the strategic focus and structure that are critical to program success. Statistical results indicated that mentoring programs employing best practices achieved greater career and psychosocial benefits as predicted in the mentoring literature. The study offers insights that institutions can use in developing successful mentoring programs, and using them to more effectively leverage faculty resources.