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Does the over $US200 billion per annum spent worldwide on training and education have a positive impact on performance? This research sponsored by the Dow Chemical Company looks at that question. This article documents an evaluation of Dow Chemical's university-based Executive Education Program for Future Leaders 1996-1999 Program. Interviews were conducted with participants of the various executive education programs and performance data of participants and non-participants were examined. Results showed that job performance of participants was significantly better than the performance of non-participants. However, trend analysis revealed that differences emerged the year participants were informed of their nomination to the program. The authors describe the likely role of the Pygmalion effect in causing differences in performance and discuss the need for more rigour in the evaluation of training programs. The findings of the study are summarised and implications for practice and research are presented.