This white paper, "Understanding Underrepresented Populations in the Business School Pipeline," examines the shifting US racial and ethnic demographics and projected growth among US minority populations and the challenges--and incentives--these developments pose for US business schools to increase the opportunities for minority students to participate in a graduate management education. Historically, many US underrepresented populations (URP), particularly African Americans and Hispanic Americans, have had disproportionately small representation in the business school pipeline. There are no easy solutions to changing these dynamics and smarter, more customized approaches to recruiting these prospective students will be required of business schools to bring more of these students through their doors.