Participation in extracurricular activities has long been recognized as having important benefits for business students, including the development of competencies relevant to future career success. Unfortunately, a review of the literature suggests that what constitutes an extracurricular activity remains ambiguous and unclear as no generally-accepted definition has been established in the literature. Instead, the meaning is often described in terms of examples. It is argued that the lack of a definition hampers research because it does not allow for proper classification of activities. The purpose of this study is to address this gap through a review of the relevant literature. Based on the review, definitions for extracurricular and co-curricular are proposed along with additional clarifications. Implications for scholars and academic advising are also provided.