This study was designed to compare perceptions of the adequacy of a traditional curriculum (TC) and a problem‐based curriculum (PBC) to prepare students to meet the short‐term goals of passing examinations versus the long‐term goals of becoming competent physicians. One hundred fifteen students and 25 faculty in a TC and 32 students and 17faculty in a PBC rated lists of educational activities according to how effectively each activity helped them in passing examinations and in becoming good physicians. Mean effectiveness scores of individual activities were compared for each curriculum. The results indicate that, in the TC, the educational activities that are most effective in helping to pass examinations are not necessarily effective for becoming good physicians. In the PBC, the key activities are perceived by students as both effective for passing examinations and for becoming good physicians. The more clinically oriented activities were seen as effective for becoming good physicians by both groups of students and faculty.