IMO It has to be E.
Meaning Analysis:As exams will become competitive, schools will become dependent on xyz.
Verb Tense: The sentence talks about actions which will take place in future. So, both the clauses should have future tense.
Idioms: As X,Y. Correct. Here both X & Y are clauses.
CLause-1: As graduate management programs
become more competitive in the coming years in terms of their promotional and financial undertakings
CLause-2: schools
have been becoming more and more dependent on alumni networks, corporate sponsorships, and philanthropists
become and
have been becoming should be in simple future tense.
A: Its incorrect as both the clauses have different tenses. It does not makes sense to use future continuous tense fro clause two. Simple future will also be sufficient.
B: are becoming in first clause means that the programs are current becoming competitive. But as per teh context they will become competitive in coming years. Clause 2 has the same error as that in option A.
C: Clause-1 is ok. But second clause illogically suggest that schools are dependent on XYZ for sometime now. But since it is an effect of clause 1 it should be in the same time frame or sometime in future wrt to clause1.
D: The use of present continuous tense in clause-1 does not go with
in the coming years, which represents future. Clause-2 has the same error as that in option C.
E: Correct. Both the clauses correctly uses future tense. Even though Clause-1 uses become instead of will become, the context in the coming years sets this action correctly in future. Clause 2 is correct for reasons mentioned above.