An apparatus, program product and method utilize dynamic EJB's capable of being dynamically reconfigured in a runtime environment. An EJB may be dynamically instantiated in a runtime container during execution of an EJB application that uses the EJB. Moreover, a deployment descriptor associated with an EJB may be parameterized such that at least one descriptor element in the deployment descriptor identifies a variable in a value field therefor. Then, when the deployment descriptor is parsed during instantiation of the EJB, the value for the variable may be determined, and the EJB instantiated using the determined value for the variable as the value for the descriptor element. By doing so, information that is not known at development time can be provided when the EJB is being instantiated.