The most popular course in UC Davis' M.B.A. program is not taught by academics but by current chief executive officers from major American businesses. Called "Management Strategy," the course examines the changing relationships among corporations, competitors and governments, and how these new relationships are forcing corporate America to radically adjust its strategies and structure. "Interacting with the chairs of corporations like Unocal, Bethlehem Steel, and J. P. Morgan gives us a unique opportunity to test our academic knowledge with real-world perspectives," says Deke Keating, a second-year M.B.A. student. Robert McClements Jr., retired chair of Sun Co. and course leader this spring, says the students in this class have been divided into teams to analyze specific corporations and their changing strategies. "For students to succeed in today's business climate they must be conceptual thinkers and risk-takers. They must also possess leadership skills and be comfortable with ambiguity," says McClements.