The authors investigated women's underrepresentation in undergraduate business schools by analyzing a broad sample of Association to Advance Collegiate Schools of Business (AACSB)--accredited U.S. business programs between 2003 and 2011. They found that while there was an increase in the number of male students enrolled in the AACSB-accredited colleges, women's representation declined from 44.7% in 2003 to 41.1% in 2011. By using a variety of variables that describe school access, educational environment, and women's experience, the authors found that (a) economic incentives play a role in female students' decision to enroll; (b) female student representation is lower at larger institutions; and (c) women-friendly institutional factors have a positive effect on women's representation at undergraduate business schools. The authors examine the implications of the decline of women's enrollment on business schools, industry, and the economy, and make recommendations on how to address this trend.