The past five decades have witnessed increased diversity in organizations and university campuses alike. International and domestic minorities (racial, women, individuals who identify as LGBTQ+) now represent a significant percentage of both the workforce and university populations. With this increased outlook of diversity, organizations are seeking to employ talented individuals with interpersonal diversity management skills who can make effective decisions and leverage individual differences to maximize team and firm performance. Despite the demand for professionals who are adept at diversity management students rarely take courses in diversity, equity, and inclusion (DEI) through business school curricula to develop such skills. This paper seeks to provide a theoretical case for why business schools should require diversity education to be part of their curriculum. We use the Information-Motivation-Behavioral (IMB) Skill Model of Diversity Behaviors to address the lack of clarity regarding the key drivers and significance of Diversity Management Competency (DMC) development. We also provide guidance for educators, researchers, and practitioners regarding the creation and implementation of DMC development initiatives.