The issue of morality in business is undoubtedly gaining increasing importance, as evidenced by research conducted among future employers. This also applies to management students, who in the near future will hold leadership positions in companies and make mor ally significant decisions. The aim of our study was to identify factors related to the morality of future business leaders. In our analysis, we applied Lawrence Kohlberg’s theory, as it assumes that human morality can evolve and be assessed. We used two approaches: (1) based on value systems and drawing on Shalom Schwartz’s theory, and (2) using moral dilemmas and Georg Lind’s theory. We surveyed students from six countries: Poland, the United States, Taiwan, Italy, Bulgaria, and Ukraine, using traditional printed surveys completed during face-to-face meetings with students. The study lasted several years. We found that two factors significantly correlated with the level of cognitive moral development: the participant’s country of origin and their level of religiosity. Furthermore, the research indicates that the results depend on the moral dilemma used in the analysis.