Formula Student (FS) is a multi-university student design competition managed by the UK Institution of Mechanical Engineers. Students are required to demonstrate and prove their creativity and engineering skills through the design, manufacture and financing of a small formula style race car. This paper seeks to explore the educational value that derives from the FS activity through a series of semi-structured interviews with key stakeholders. Through the analysis of the interview data, it was found that the FS activity supported development of student skills and competencies in the following areas: use of engineering knowledge to support the application of existing and emerging technology; application of theoretical and practical knowledge to the solution of engineering problems; development of technical and commercial management skills; development of effective interpersonal skills, including communication skills; and demonstration of personal commitment to professional development. In addition, a number of areas for implementing "good practise" have been identified. The information herein supports educators in their responsibility to help meet the needs of the engineering industry for high quality graduates.