diff --git a/sdk/ml/azure-ai-ml/azure/ai/ml/_schema/core/fields.py b/sdk/ml/azure-ai-ml/azure/ai/ml/_schema/core/fields.py
index fd7956b85bb0..28147fac2875 100644
--- a/sdk/ml/azure-ai-ml/azure/ai/ml/_schema/core/fields.py
+++ b/sdk/ml/azure-ai-ml/azure/ai/ml/_schema/core/fields.py
@@ -369,7 +369,10 @@ def _deserialize(self, value, attr, data, **kwargs):
             if not path.is_absolute():
                 path = base_path / path
                 path.resolve()
-            data = load_file(path)
+            try:
+                data = load_file(path)
+            except (FileNotFoundError, OSError) as e:
+                raise ValidationError(f"No such file or directory: {path}") from e
             return data
         raise ValidationError(f"Not supporting non file for {attr}")
 
diff --git a/sdk/ml/azure-ai-ml/tests/schedule/unittests/test_schedule_schema.py b/sdk/ml/azure-ai-ml/tests/schedule/unittests/test_schedule_schema.py
index 2bf677c8503a..3fe72131d613 100644
--- a/sdk/ml/azure-ai-ml/tests/schedule/unittests/test_schedule_schema.py
+++ b/sdk/ml/azure-ai-ml/tests/schedule/unittests/test_schedule_schema.py
@@ -157,3 +157,13 @@ def test_load_invalid_schedule_missing_type(self):
         with pytest.raises(ValidationError) as e:
             load_schedule(test_path)
         assert "'type' must be specified when scheduling a remote job with updates." in e.value.messages[0]
+
+    def test_load_schedule_with_missing_create_job_file(self):
+        test_path = "./tests/test_configs/schedule/invalid/hello_cron_schedule_with_missing_job_file.yml"
+        with pytest.raises(ValidationError) as e:
+            load_schedule(test_path)
+        error_message = str(e.value)
+        assert "No such file or directory:" in error_message
+        assert "missing_pipeline.yml" in error_message
+        assert "In order to specify an existing jobs" not in error_message
+        assert "Not supporting non file for create_job" not in error_message
diff --git a/sdk/ml/azure-ai-ml/tests/test_configs/schedule/invalid/hello_cron_schedule_with_missing_job_file.yml b/sdk/ml/azure-ai-ml/tests/test_configs/schedule/invalid/hello_cron_schedule_with_missing_job_file.yml
new file mode 100644
index 000000000000..09f9fc80f952
--- /dev/null
+++ b/sdk/ml/azure-ai-ml/tests/test_configs/schedule/invalid/hello_cron_schedule_with_missing_job_file.yml
@@ -0,0 +1,11 @@
+$schema:  http://azureml/sdk-2-0/Schedule.json
+name: weekly_retrain_2022_missing_file
+display_name: weekly retrain schedule
+description: a weekly retrain schedule
+
+trigger:
+  type: cron
+  expression: "15 10 * * 1"
+  start_time: "2022-03-10T10:15:00"
+
+create_job: ./missing_pipeline.yml