Purpose: This conceptual study explores whether business competitions (BCs), a prominent yet understudied non-placement work-integrated learning (WIL) model, align with the recently proposed WIL criteria, thereby confirming their validity as scalable pedagogical tools to reduce the persistent competency gap in Master of Business Administration (MBA) students. It also seeks to develop a conceptual framework for integrating WIL methods with these criteria to deliver distinct stakeholder value. Design/methodology/approach: Adopting a conceptual approach, the study extends Zegwaard et al.'s (2023) WIL criteria to assess BCs through case studies of leading competitions in India. A multi-stakeholder lens, informed by stakeholder theory, is adopted to evaluate the perceived value delivered to students, corporations and academic institutions. Findings: The analysis reveals that BCs align well with several WIL dimensions, such as authenticity, industry engagement and theory-practice integration. However, significant gaps exist in curriculum integration and outcome assessment. A three-layered WIL framework is proposed to better position non-placement WIL methods, particularly BCs, within the higher education ecosystem. Research limitations/implications: By extending the boundaries of existing WIL theory, this study offers a conceptual model that positions BCs as academically valid and stakeholder-aligned learning experiences. The study also outlines a future research agenda. Originality/value: This study represents the first conceptual examination of BCs as formal WIL methods, achieved by extending WIL theory to these non-placement models. It also contributes to internationalizing WIL literature beyond its traditional geographic scope.