This study investigates the difference in perceptions between undergraduate business and MBA students regarding selected ethical issues facing employees and managers of today's businesses. Furthermore, the study investigates the intergroup (i.e., at each educational level) and intragroup (i.e., between undergraduates and MBAs) differences in terms of the “situation”; that is, their position as an employee or a manager of the company. A sample of 104 undergraduate and MBA students was used. The results indicate that undergraduate students tend to act more ethically than do MBA students, and both groups tend to be more ethically oriented the higher their professional corporate position is. The findings have direct implications for business practitioners and for educators.