By Francesca Di Meglio

Jeff Sandefer was a popular professor of entrepreneurship at the McCombs School of Business at the University of Texas in Austin when he decided the program wasn't headed in the right direction. So the wealthy, third-generation oilman took matters into his own hands: Along with some colleagues, he established the Acton MBAE (MBA of Entrepreneurship) at nearby St. Edwards University (the program has since moved to Hardin Simmons University in Austin).

The result is a business school with what some might describe as a New Age approach. From the beginning, the program garnered lots of attention for its promise to use alternative education methods -- like simulated business deals similar to those on Donald Trump's reality-TV show The Apprentice and a course called Life of Meaning, designed to help students find their true calling as opposed to a mere job. "[I] believe our students are going to go out and change the world," says Sandefer. "They are more than just customers, they are our partners in developing themselves."

The Hardin Simmons University version of the Acton MBAE, which is named for 19th century scholar Lord Emerich Edward Dalberg Acton, was launched a year ago and graduated its first class early this month. And many in the B-school world now wonder if the MBAE lives up to the hype, or if it's just a traditional program wrapped in a shiny new package.

AFTER SCHOOL.  Sandefer's controversial decision to split with McCombs and then St. Edwards contributes to the doubt. On the record both Sandefer and the administrators at McCombs now have nothing but positive things to say about one another. But according to accounts in Texas newspapers at the time, Sandefer has been vocal about his unhappiness with the McCombs program. St. Edwards spokesperson Stephanie Elsea will say only that Sandefer left the school after just one year because his vision for the program's future was different from that of the university.

If the Acton MBAE class of 2004 is an accurate indicator, then the class of 2005 has a decent future ahead of it. About 70% of that class had a job within three months of graduation with an average salary between $70,000 and $80,000. Despite the program's focus, only about 12% of the more than 20 graduates listed entrepreneurship as their chosen field. General management, with 19%, and finance, with 15%, were the most popular industries.

To many outsiders, that sounds a lot like a traditional MBA program. Like its counterparts at many mainstream MBA programs, Acton applicants have an average GMAT score of 650 and undergraduate GPA of 3.2. They're in their late 20s and have generally worked about six years before B-school. Women make up a little more than 20% of the class.

DIY PROJECTS.  Even the application process is similar to those of top MBA programs. In addition to taking the GMAT and turning in prior academic transcripts, students write essays, get reference letters, and ultimately try to explain why they need this degree at this time. Of the 35 to 40 applicants, about 20 to 25 make the cut.

Sandefer says Acton's average class size still will probably stay capped around 80 to maintain the integrity of the highly personal approach. The one-year program also is somewhat atypical in that students only pay $33,000 in tuition, which is considerably cheaper than most two-year MBA programs.

So, what else makes this MBA different? Sandefer says the big factor is the curriculum -- especially the Trump-style simulations. In addition to going through about 300 standard Harvard Business School case studies, students are also asked to work in groups to do things like selling products door-to-door and building an assembly line.

LIFE'S MISSION.  Students say they were drawn to the program by the mostly nonacademic faculty, all of whom have run or continue to run successful businesses. "I'd rather learn from someone who has been there and done that instead of professors who have been in the classroom for 20 years," says Jamie Matthews, a 2004 graduate and real estate investor.

The program delivers on its promises, many students say. Matthews believes he earned 30% more money in real estate investing this year than he would have if he hadn't gone through the rigorous curriculum. More important, he adds, he has found his greater mission in life. Along with classmate Carter Higley, Matthews founded Letting Everyone Achieve Dreams (LEAD), a summer-camp program launching in July that will bring inner-city kids from Houston to the wilderness of Jackson Hole, Wyo.

The focus on self analysis has won points with participants. Matthews and Carter credit their success in creating LEAD with the Life of Meaning course, which forces students to answer tough questions to discover what it is they really want to do with their lives. Despite these spiritual awakenings, the program is anything but soft. Participants report having worked 80 to 90 hours per week and sleeping only four to six hours per night.

ANSWERS FOUND.  With all that work crammed into one year, the job search tends to take a backseat. In fact, recruiters aren't invited to campus, even though some of them, including executive search firm Whiterock Partners, have requested campus visits. Once teachers feel that a student has found his or her calling, they're willing to put him or her in touch with appropriate contacts in the business world. The school also tries to compensate for its relatively small alumni network through events that include the 1,100 McCombs alumni who had been Sandefer's students.

Ian Rosi, a McCombs alumnus and product manager at Microsoft, got in touch with Sandefer because he wanted to talk with any Acton student interested in working at the tech goliath. He says he knew they would have the entrepreneurial spirit that the company is seeking.

Still, Acton has a tough row to hoe in competing with brand-name programs. Most top B-schools have incorporated simulations and self assessments into their curriculum, leaving some to wonder how unique Acton really is. Many grads are strong proponents of the school, nonetheless.

"I went there looking to find out what to do with my life, and I found those answers," says Matthews. "I have more direction, and I feel pretty good about it." Of course, many graduates of traditional MBA programs would say similar things about their experience.