This study aims to explore the experiences of academics and students at undergraduate programmes at two schools of business, one in Australia and the other in Finland, regarding the process of research-based learning (RBL) and the accompanying development of students' skills. Employing an ethnographic case study method, data is collected through semi-structured interviews with seven students and four academics from the two institutions. Results suggest that RBL is challenging for undergraduate students but equally rewarding for developing their work readiness and professional identity skills. Moreover, findings also reveal that the supervisor has a central role in managing the complexities of the RBL process.