Historically business schools have contributed to the profitability and sustainability of universities due to ongoing success. Recently, even business schools have experienced challenges as a result of financial pressures, budget cuts, increased competition, and changing student needs and expectations. For many years, the most popular graduate business degree was the Master of Business Administration (MBA), and while its name recognition and prestige continues to hold, there is a growing need for specialized business master’s degree programs in management and leadership. Specialized master’s degrees in management and leadership bring value to individuals through career development, and students who participate in these programs have a positive impact on the organizations where they are employed. When business schools strategically choose a value creation approach rather than a value appropriation strategy, greater opportunities for individual learning and organizational learning emerge. As students, their employers, university faculty, and program administrators interact, communicative patterns of relating create synergies that bring advantages to the entire learning community including primary and secondary stakeholders. Specialized business master’s degree programs hold great potential to change the way business schools innovate and provide value to the greater community.