executive level, on average, have rates of pay that consistently lag behind their male counterparts.
A common means of rationalizing the dearth of women in executive positions is that it "takes time." It takes time for the women who are currently in the pipeline to achieve senior-level management status. Women did not attend graduate business schools in appreciable numbers prior to the 1970s. Many current male executives began their careers more than three decades ago: "Most of today's corporate leaders would have gone to business school 30 years ago, when very few women were business students" (Nation's Business, 1991, p. 20). Therefore, by the end of the next decade, the ranks of corporate executives should reflect an increased gender diversity, given that the first wave of women business school graduates are assumed to be advancing their careers. The facts indicate that this is an erroneous assumption: " . . . a 1993 follow-up study of the Stanford University Business School class of 1982 found that 16 percent of the men were CEOs, chairmen of boards or company presidents, while only 2 percent of the women were" (Castro and Furchtgott-Roth, 1997, p. 1). If the glass ceiling did not exis
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