While research exists on what constitutes meaningful learning, our study reveals the term meaningful is an ill-defined concept that is interpreted in multiple ways, often from a teacher-centric perspective. Less is known about what constitutes meaningfulness in the context of higher education, particularly in business education. This qualitative study seeks to identify postgraduate student perspectives on what is meaningful in higher education to inform the design of authentic and transformative learning experiences. Focus groups were conducted to gain insights into students' most meaningful learning experiences across four postgraduate business subjects. We conducted a thematic analysis of the student data by inductively coding the transcripts and comments. Students derived the most value from learning experiences that incorporated real-world connections, social encounters, or productive challenges. We also found that students' discussions of meaningfulness were relatively superficial, suggesting that postgraduate students may not be primed to consider meaningfulness in relation to their learning. We thus problematise the term meaningful and conclude by proposing 'learning highs' as a new tentative conceptual frame for future research identifying learning situations in which meaningful experiences occur.