For more than 100 years business leaders traditionally have been trained technically and ethically in business schools. Therefore, the impact of these institutions has been significant in the building of the cultural and ethical norms of the business community. The financial crises and corporate scandals of the last decade, particularly the 2008 crisis, have prompted major criticisms and internal revisions of the responsibility of business schools and the quality of their instruction. The objective of this article is to challenge the main assumptions behind the current ethical education business leaders acquire in business schools and to offer an alternative paradigm. The article has 2 parts. The first part makes a review of the current role of business schools in the education of business leaders and the main principles behind the ethical content that is offered with particular attention to the ethical theory of utilitarianism. In the second part, the author challenges utilitarianism, presenting humanistic management as an alternative. In order to do so, the author describes the principles of humanistic management and key guidelines for its introduction in management educational programs.