The first tourism Honours degree in Australia was offered just over two decades ago, and since then Honours has become a well-recognised and important offering, particularly in terms of its role as a research pathway. The research intensive nature of Honours degrees produces graduates who are able to plan and execute project work, research and scholarship with some independence. These skills are highly sought after by some prospective employers. However, Honours programs tend to be ‗boutique‘ offerings and are particularly vulnerable to curriculum rationalisation efforts. The purpose of this research was to explore the value of Australian business Honours degrees by examining the perceptions of tourism educators. A survey of 100 academics from 19 Australian institutions revealed that Honours is highly valued and considered to be superior as a research training degree in comparison to Masters coursework and Masters by Research.