The Schumpeter School Board is the highest decision-making body of the School and is responsible for passing resolutions on important matters concerning the School.

Specifically, it decides, among other things, on the use of the School' s funds and on matters of research and teaching. It decides on the School' s examination regulations and on the establishment or discontinuation of study programmes as well as on other matters specified in the State Higher Education Act. Furthermore, it participates in the preparation of the university development plan as well as the structural and development planning of the School. It also elects the Dean and the members of the other boards and commissions.

The members of the Schumpeter School Board are elected every two years in a group election by all members of the Schumpeter School. In addition to the Chairperson of the Schumpeter School Board (Dean), the Vice Dean and the Vice Dean of Studies, eight further representatives belong to the group of university professors, two representatives to the group of academic employees, three representatives to the group of students and two representatives to the group of administrative employees.