The Annual Student Exhibition (ASE) is an academic capstone event and the longest-standing student exhibition of its kind. While art exhibitions for matriculating students are common, PAFA's show takes place in a major museum and is one of the most celebrated student group shows in the country.

The ASE offers PAFA's emerging artists the opportunity to curate, install, and sell their own work in a professional setting. In addition to its role as an exhibition and sale, the ASE includes a competition for the coveted Cresson, Schiedt, Von Hess, Ware, and Women's Committee travel scholarships, to name a few.

The ASE marks the end of a student's time at PAFA but the beginning of their contribution to the arts and culture scene in Philadelphia and beyond. Among the many successful artists who have launched their careers at the Annual Student Exhibition are Njideka Akunyili Crosby, Bo Bartlett, Moe Brooker, Barkley L. Hendricks, and Sarah McEneaney.