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The paper is to offer a new angle on the knowledge economy debate for the professions and professionaleducation. It presents Moulier Boutang’s (2011) argument that cognitive capitalism constitutes a stage of economic development beyond that denoted by terms such as post-industrial societies and knowledge economies. The paper firstly, explores his claim that cognitive capitalism has introduced a radically different conception of the key resource for the professional-client relationship, which Moulier Boutang defines as “immaterial” activity. Secondly, uses a case study of a global consulting engineering company to identify three expressions of immaterial activity. Thirdly, identifies the implications of these expressions of immaterial activity for professional education.