This article considers the advantages, benefits, disadvantages and weaknesses of experiential learning through the use of educational drama (ED) to assist business students and academics to improve competencies required for their future roles in business. A review of the literature was undertaken. Simulated interaction (SI) and role-play (RP) are identified as an important aid in holistic learning to ensure knowledge acquisition, transferal and creation as part of competency development for business graduates and management executives. As such, these methods can potentially enhance learning of complex business issues and improve retention of complicated theories and concepts, especially of highly technical and quantitative subject matter.