Prior research on transitioning from engineer to manager has focused largely on the 'context or mix' of managerial skills required to make the transition. The current research proposes that this transition be viewed as part of a complex 'process' occurring within the context of social exchange theory. A simple conceptual model is proposed which suggests that the transition involves three parties: the engineer-student, the employer-organization, and the university-college offering the formal management degree curriculum. Termed a dynamic tension model, the process perspective offers three advantages: it clarifies the costs, benefits and expectations of each of these three parties to the transition process; it identifies many of the tensions and dysfunctions likely to emerge between the parties; and it suggests actions each party should initiate to facilitate a smoother, more effective transition. Survey results from 132 engineers who were working full time while simultaneously pursuing their MBA degrees provide the database. Overall, the findings indicate that the engineer-students perceive their employers could do substantially more to facilitate the former's transition from engineer to manager, including better and timely career counseling, greater dialogue about how management training will affect current job responsibilities, and increased recognition upon actual completion of their MBA degrees. Implications are discussed with respect to possible remedial actions the parties might initiate to promote a more effective transition.