This study aims to identify how students' epistemological beliefs or ways of knowing (comprising cognitive, intrapersonal and interpersonal aspects) develop during work-based placement. Data comprise 32 semi-structured interviews with 17 business and accounting students at a UK university. Findings show that the taking of responsibility is the key stimulus for development: intrapersonally through a changing sense of self and interpersonally though changing relationships with others. A lack of cognitive development appears to arise from a student focus on how they participate within the workplace, rather than on their workplace practice. These findings support the need for a connective view of the curriculum: strengthening connections between formal (university) learning and informal (placement) learning, and between "vertical" and "horizontal" development. In particular, there should be an emphasis on the student's ability to identify relationships between work experience, the knowledge and skills that underpin practice, as well as the context of participation.