What are the critical concerns of the graduate information systems (I.S.) students today? This paper reports the results of a three semester long epistomological inquiry into what students know about information systems and how they know what they know. The paper concludes by identifying a set of key issues that is quite different from those reported in the academic and practioner literature, and the identification of this particular set may indicate a need for academe to consider more carefully the content of its graduate I.S. programs.