This article draws from the current literature to examine problem-based learning (PBL) as a management education tool, and provides an example of how to incorporate PBL into an undergraduate international management course. Also included are an explanation of, and specific guidelines for, a PBL exercise focused on the analysis of "country risk" (political/economic risks) for potential foreign direct investment. Additionally, the benefits and unique challenges of successfully implementing this type of exercise are discussed. (Contains 1 figure.)