We study the theoretical structure of reflective executive development within the context of executive MBA programs, drawing upon the theoretical perspectives of the reflective practitioner (Schon, 1983); the reflective executive (Roglio, 2006, Roglio, Light, & Coelho, 2006), and reflective executive development (Gosling & Mintzberg, 2003, Bennis & O'Toole. 2005) to construct a conceptual framework for describing the key features of executive education. We also draw upon an empirical study of 20 executives taking an executive MBA program at an elite management school ranked among the fop 5 in the world to further develop a theoretical framework of reflective executive realization. The fieldwork is based on semistructured interviews and observations. Data is analyzed from a phenomenological perspective. Our findings suggest that the key elements for the development of reflective practice in executive MBA programs are adult learning principles, the role of the instructor, instructional strategies, collective learning, and curriculum design.