The objective of this paper is to contribute to an increasingly important dialogue about the differences between agricultural economics and agribusiness and how graduate degrees in agricultural economics prepare faculty for agribusiness positions. The paper focuses on the need for applied agribusiness management training in agricultural economics graduate programs, the challenges that new faculty with agribusiness extension appointments face, and balancing extension, research, and teaching responsibilities. Suggestions are offered for providing formal training in extension/outreach functions during graduate school through coursework or apprenticeships. The opportunities and difficulties associated with building a new agribusiness extension program are also discussed.