This paper reports on an interview study with MFA students in two different full-time MFA degree programs in painting. The interviews were conducted as part of two ethnographic studies, each one academic year in length, of art and design schools at two U.S. universities. The goal was to explore the extended process whereby MFA student artists, in the second and final year of their degree program, create the works to be displayed in their public graduation exhibition. Using a grounded theory approach, an emergent theory was developed from the interviews, with additional information provided by studio observations and analyses of the graduation exhibitions and the accompanying written theses. This emergent theory describes the artistic creative process to be wandering, unpredictable, non-linear, and embedded in the physical act of generating work. There is no evidence that either moments of insight, or the attempt to be original, play a role in their creative process. This emergent theory is compared with theories of the creative process by creativity researchers, and with theories of the design process proposed by design studies researchers.