An exploratory study examined student perspectives and beliefs about involvement in the American Advertising Federation's (AAF) National Student Advertising Competition. Subjects, 34 students from 7 of the 15 winning regional teams in the 1991 AAF competition, completed a single-page, 2-part questionnaire. Multiple correlations were run on students' responses. Results indicated that: (1) the composite profile of competitors suggested that the student was a senior lacking in experience in the AAF competition; (2) students believed their involvement in the competition was very valuable; (3) responses to statements on what was valuable about the competition were less convincing or enthusiastic; (4) students were not vigorous or enthusiastic in their beliefs about how the competition confirmed their desire to enter the profession, how it advanced their professional preparation, or even that it might lead to a job; (5) students seemed quite realistic and a bit pessimistic about the potential value of the competition; and (6) student involvement in the AAF competition impinged to an extent on their work in other classes. Findings suggest that the subjects were very positive overall about their involvement but also realized that the competition would not be their automatic gateway to employment. (Three tables of data are included.) (RS)