Business schools have historically followed an educational model more similar to academic disciplines in the “hard sciences,” such as physics and biology. However, close reflection suggests business schools could learn valuable lessons from the clinical education model used in such disciplines as the health professions, for example, where strong emphasis is placed on developing future practitioners through applied and skills-oriented instruction under the supervision of skilled practitioners. The implications of such a change are significant, and would require that business schools carefully rethink their teaching pedagogy and the competency models built into their curricula, as well as the way doctoral programs train and prepare future business school professors. Although many traditions and institutional norms presently impede the ability to deliver a strong applied and clinical business education, there are nevertheless reasons for optimism through examples of best practices in other academic disciplines. With the right guidance, motivation and encouragement, the transition to a vibrant and successful model of clinical education lies within the reach of business school educators and their students.