The author teaches painting in a Master of Fine Arts (MFA) program at Pratt Institute in Brooklyn, New York. Each fall semester he asks his students why they have come to Pratt and what they want to do when they graduate. The common answer is to develop as artists and find a commercial gallery to show and sell their work. Some want the MFA degree so they can teach on a college level. The author looks at these young adults and sees hope and ambition. For many, the two years they spend in school will be the best years of their lives. They can experiment with media, don multiple styles, and hone their message--all in an extraordinarily supportive environment that keeps the outside world at bay. They will finish up with a thesis exhibition showcasing their best work. At their openings they will beam with pride and accept the accolades of the faculty. And then, after they've earned their diplomas, most will fail to have successful careers as artists. In this article, the author shares an inside look at the contemporary art school and observes that institutional obeisance at the altar of postmodern theory has only worked to widen the gap between an art student's dreams of success as an artist and the harsh realities of the post-graduation world. (Contains 12 footnotes.)