The importance of creativity for survival in modern society is well recognised. However, the development of creative thinking skills through formal education still needs more attention, and the assessment of creative thinking skills using valid models in higher education is under-researched. Our paper presents the deficits and improvements in first-year business and economics undergraduates' creative thinking skills using an authentic assessment task (product). We assessed creativity under three broad themes: creative expression, knowledge creation and creative problem solving, as presented in the OECD Programme for International Student Assessment (PISA). These themes were chosen to reflect students' domain-specific expertise, motivations and creative thinking skills. Our analysis finds areas where students have deficits in creative thinking skills and how they have improved those skills through the assessment task. These findings imply the importance of providing students with opportunities to enhance creative thinking, mainly through the application of their learning. Our study provides insights into pedagogical strategies and assessment practices to enhance the creativity required from graduates in any field.