In today’s complex and ethically challenging business environment, the role of ethics education in shaping not only professional competence but also personal integrity is increasingly significant. Business schools across the globe are incorporating ethics into their curricula; however, there remains limited clarity on which specific components of ethics education most effectively foster positive personality development in students. This study aims to identify and evaluate the most impactful elements of ethics education that contribute to the cultivation of key personality traits such as honesty, empathy, accountability, moral courage, and ethical reasoning among business school students. Drawing upon a mixed-methods research design, the study combines quantitative survey data from final-year MBA and BBA students across multiple institutions with qualitative insights obtained from faculty interviews and focused group discussions. The research framework integrates theories from moral psychology, character education, and transformational learning to assess how components such as case-based learning, role-playing, values-based discussions, real-life ethical dilemmas, and service-learning projects influence personality traits over time. Preliminary findings suggest that experiential and reflective learning methods—particularly case discussions involving real ethical conflicts and mentorship-based activities—have a stronger influence on character development compared to purely theoretical instruction. The research also explores how socio-cultural factors, institutional ethos, and faculty attitudes moderate the effectiveness of ethics education. By identifying key pedagogical levers and assessing their effectiveness, the study aims to assist educators, academic planners, and accrediting bodies in redesigning ethics curricula to cultivate morally grounded, socially responsible, and professionally resilient business leaders of the future.