Educating today’s business managers and leaders requires a new paradigm for business school educators. No longer is it sufficient to lecture and test students to prepare them for tomorrow’s jobs. Advances in methods of communication, transportation, and technology are changing and reshaping the landscape of organizational life. Peter Vaill (1996) described these rapidly changing conditions as permanent white water, and he posited that lifelong learning represents a requisite skill for future managers and leaders. Problem-based learning is presented in this article as a strategic approach for business school education that is useful for equipping future managers and leaders for the world of work in the 21^st century.