The Integrated Contextual Learning (ICL) alternative learning methodology is examined as to the impact it can have on the preparation of future managers. The state of business education is reviewed noting criticism that business schools are too theoretical and out of touch with business realities. The ICL is a methodology derivative of Reiterative Problem-Based Learning and follows concepts of cognitive apprenticeship. Students are presented with an ill-structured problem situation and are assigned to set the problem and decide on appropriate action. Students formulate the problem collectively, engage in research and self-directed study individually, address the problem again collectively, and continue these iterations as appropriate. The faculty member selects appropriate learning problem-situations and acts as learning manager, coach, and model. A sample learning problem is offered with a summary of group learning activities during ICL implementation at Ohio University. Additionally, the report shows how ICL develops desirable managerial capabilities and discusses the difficulties of incorporating ICL into business schools. Contains six references. (GLR)