This paper explores problem-based learning (PBL) as a vehicle for developing critical management skills and preparing students for their future careers. Using student reflections and facilitator observations the paper presents the nature of individuals' experiences with learning and teaching in a PBL setting in the management discipline. The study investigates: (1) how students engage in and experience the learning process in a PBL context, particularly in relation to the development of group processes; and (2) the skills developed through both learning and assessments in a PBL course. The paper concludes that, for management educators, successful PBL requires adequate structure and support to ensure that students move through the PBL cycle identified by Hmelo-Silver. (Contains 3 tables and 1 figure.)