This study explores how students' professional learning is distributed across and mediated by multiple learning environments during student affairs graduate preparation. Utilizing activity system analysis and qualitative case study, the study reports on the experiences of four second-year Master's students at a Midwest preparation program. Findings demonstrate how fieldwork experiences shape what graduate students deem as essential or useful knowledge for their practice and, consequently, the value they place on coursework experiences. Participants often rejected formal knowledge when it did not offer clear and immediate solutions to their daily problems. This study raises implications for individuals working with graduate students regarding their professional development, especially faculty members and fieldwork supervisors.