In his excellent TED lecture on practical wisdom Barry Schwartz shows a cartoon: a couple of corpulent businessmen are in conversation, with one saying to the other: “I sold my soul for about a tenth of what the damn things are going for now.”

It’s emblematic of greed is good, profit-at-any-price business – the kind of business, in fact, that some MBA graduates in the US want nothing to do with.

Earlier this month more than 400 students graduating from Harvard Business School took an oath promising they would “serve the greater good”, “act with the utmost integrity” and guard against “decisions and behaviour that advance my own narrow ambitions, but harm the enterprise and the societies it serves”.

It’s easy to dismiss this sort of thing as platitudinous hypocrisy. But I don’t think it deserves quite that degree of cynicism.

According to a report in The Economist, students want to distance themselves from earlier generations of MBAs “whose wonky moral compasses were seen to have contributed to the turmoil, especially on Wall Street, the biggest employer of Harvard MBAs in recent years”.

In a separate article one of the oath’s advocates, Umaimah Mendhro, describes her disenchantment with corporate America, which she says is now seen as greedy, self-indulgent and scheming:

Did the business world trip into a ditch it will pull itself out of, or have we long been hiding skeletons in the dark nooks of our corner offices that are just finally coming out? Did a few evil sheep give our herd a bad name, or does the whole farm need fixing?

Why is it that the American dream sometimes seems to be made of nothing but sellable objects?

It’s not an entirely new development. Thunderbird School of Global Management students must subscribe to a set of principles. And at Columbia Business School, all students must pledge to an honour code that says: “… I adhere to the principles of truth, integrity, and respect. I will not lie, cheat, steal, or tolerate those who do.”

According to the New York Times, what’s happening is “a generational shift away from viewing an MBA as simply an on-ramp to the road to riches. … Those graduating today … are far more concerned about how corporations affect the community, the lives of its workers and the environment.”

Professional oaths have a millennial history. The famous Hippocratic Oath, once sworn by doctors (perhaps still sworn in some places), dates back to Classical times.

In 1968, the late Lord Eric Ashby proposed that academics should swear their own form of Hippocratic Oath and in more recent times the historian and former UK vice-chancellor Sir David Watson has proposed ten commandments for higher education institutions, saying:

Universities and colleges can choose to behave well, or badly, and it is in our social as well as moral interests to help them to do the former.

“ … Value domains that are special to higher education exist, and in wider contexts they constitute higher education’s contributions to civil society in all of its endeavours.”

I have suggested previously that we who work in higher education need to revive our moral purpose.

Would an oath be helpful in achieving that aim?

- Steven Schwartz