Colleges of Business (COBs) have experienced high growth rates in the past decade and many colleges are imposing minimum grade point average (GPA) requirements for students to enter or remain in the college. A primary reason for this requirement may be the belief that students with high GPAs are more inclined to demonstrate higher-order cognitive skills (HOCS) than students with low GPAs. It is not clear whether the link is valid. This study hypothesizes that students with high GPAs who are taught in the same way as students with lower GPAs will have higher perceptions of improved HOCS. We conducted an experiment in which students, with varying GPAs, at three large universities primarily used multimedia instructional materials. We obtained the students' perceptions of their improved HOCS from their responses to a survey. A regression analysis of the data reveals that the relationship between GPAs and students' perceived improvement in HOCS is significant (p < 0.001). We conclude the study by recommending that (a) it is critical to use research methodologies to evaluate perceived and actual learning improvements, (b) COB policies to implement GPA restrictions on admission are worthwhile, and (c) case studies need to be used much more frequently in undergraduate COB classes.