Business educators have been challenged to provide a learning experience that prepares graduates to successfully compete in a dynamic business environment. The insistence on building demonstrable competencies prior to entering the workforce has led to a shift in the academic community. Experiential learning has gone from the uncommon, exceptional experience, to a standard method of education. Through the examination of prior literature, we identify the progression of learning models through this transition. In addition, we suggest that contemporary approaches to experiential learning that provide for practical, personal, and social applicability serve as the foundation for the increasing significance of experiential learning in undergraduate business education.