Effective knowledge management is considered to play an increasingly important role in creating competitive advantage. Knowledge is becoming a driving force for organisational change and wealth creation. As a result, organisations are at varying stages of planning and implementing knowledge‑based strategies in efforts to improve their competitiveness, productivity, organisational effectiveness and customer service. However, KM initiatives are both expensive and risky propositions. Financial resources put a ceiling on what can be expended on knowledge activities. There is a huge demand for skilled managers in the global economy, including India. This necessitates a re‑look at knowledge management initiatives in business schools, which can be considered to be knowledge intensive organisations. This paper is a result of an exploratory study that tries to explain the factors influencing the success of knowledge management initiatives in a business school to distinguish itself in the academic market place. A generalised model has been constructed highlighting possible antecedents and consequences of a business school in its quest for becoming a learning organisation. This model is then applied in a reputed business school in India as a test case.