The forces driving change in MBA education in Australia are analysed and the resulting changes that are occurring are described. Reduced government funding, the emerging globalisation of the market and increased institutional flexibility are leading to a wider choice of providers and course types. Choices regarding course length, teaching/learning methodologies, full or part‐time courses, content and costs are discussed. The potential emergence of a project‐based MBA market for corporate clients is also considered through examination of the MBA (Mt Eliza) course.