This study was undertaken to evaluate a complex management simulation exercise as an environment for learning. The exercise was the Carnegie Tech Management Game; the players were students in a graduate management program who played the game. Players reported learning many kinds of things from their experience, but learning derived more from interpersonal interactions with other players and with outside groups like boards of directors than from interaction with the game model itself. Players may learn more about recognizing problems for future attention than about solutions of problems that can be applied in new situations. The kinds and amounts of learning vary with the length of game play, with team success or failure, and with individual job assignment on the team. They do not vary with measures of status on the team.