This study investigated whether and to what degree management majors at one small, liberal arts institution actually "used" course knowledge on their job. Phase 1 surveyed all management majors graduating from the institution between 1988-1992, asking graduates to estimate the percentage of useful knowledge gained from each component of their undergraduate curriculum. Of the 94 completed surveys returned, 62 were from individuals who had not gone on to graduate study. An analysis of variance identified 13 graduates with very "high" levels of knowledge utilization. Phase 2 consisted of in-depth interviews with 12 of these graduates. Findings revealed that interviewees felt that: (1) competencies essential for performing successfully as a manager are the ability to write, speak and work well in a group and to understand one's own uniqueness; (2) general education courses contributed the knowledge utilized in these competencies; (3) little of course content presented by faculty resided "top of mind"; (4) a "feeling of knowing" comprised an important element in grounded theory; (5) theoretical course knowledge was perceived as such; and (6) teachers and teaching were at the center of all truly meaningful classroom experiences. (Contains nine references.) (Author/CK)