Layabout music students deliberately fail their exams in order to stay in college and avoid settling for a nine-to-five existence. They are finally tempted to join the outside world as they compete for the attention of their band manager, who gets a prestigious job with jazz bandleader Artie Shaw. Comedy, starring Fred Astaire, Burgess Meredith and Paulette Goddard, with Shaw playing himself.

Danny O'Neill and Hank Taylor are rival trumpeters with the Perennials, a college band, and both men are still attending college by failing their exams seven years in a row. In the midst of a performance, Danny spies Ellen Miller who ends up being made band manager. Both men compete for her affections while trying to get the other one fired.