Most young college graduates have witnessed a cascade of unethical and, indeed, unlawful business behavior from insider trading to credit card meltdown and governance misbehavior, to give a few examples. Yet, while college students indicate that ethical training is essential and should be expected as part of one's college education, there is much debate as to how ethics should be taught. This manuscript discusses a Reflective Ethics in Action Assignment that encourages student learning through ethical thinking, reflection and ethical self-regulation in order to cement the importance of establishing a personal code of ethics to use as a guide in making better informed decisions in personal and professional endeavors.