This paper aims to explore how faculty in business and related fields perceive adaptivity and their own adaptive expertise in a university based in Central Europe. We focused on the qualitatively different ways in which faculty members' adaptive expertise can be conceptualised. Semi-structured interviews were conducted with 31 participants, the transcripts were analysed using phenomenography. As a result, qualitatively different conceptions of adaptive expertise emerged, namely (1) Openness, (2) Abilities and (3) Actions -- Attention and Reflections. The hierarchical levels within each aspect are also discussed.