Recent scholars of the professions have argued that a new hybrid form of professionalism is becoming dominant. This new form combines traditional commitments to ethics and community service with new commitments to managerial and entrepreneurial objectives. We analyze the perceptions of 4,300 U.S. graduate students in 21 fields concerning how well their programs have prepared them for leadership and management and for ethics and community service. These assessments allow us to examine the prevalence of this new conception of professionalism and to examine it in relation to two other conceptions: the "neo-classical" emphasis on ethics and community service as opposed to leadership and management, and another that emphasizes a divergence between business and technical professions on one side and social and cultural professions on the other. Hybridization was comparatively rare but occurred more frequently among students preparing for management, law, and medicine, and among men and students from more affluent families. We also find some support for the neo-classical thesis insofar as students tended to score higher on the ethics and community measure than on the leadership and management measure. However, the largest number of students took positions consistent with the divergence thesis.