1938, France, Paris, at the Superior Conservatory of Dramatic Art ("Conservatoire Supérieur d'Art Dramatique"). The first-year entrance exams are in full swing. Many applicants, few accepted. Isabelle (Janine Darcey) is one of the few chosen. She joins former students from the second and third years, including François (Claude Dauphin) and Cécilia (Odette Joyeux). They attend the drama class run by Professor Lambertin (Louis Jouvet). The young people, passionate and eager to become comedians, clash in tumultuous love affairs, because by dint of acting, they imagine that life is a farce. François, for example, is in love with Isabelle, who also loves him, but is pursued by Cecilia, his former mistress... "Put art in your life and life in your art!"

Dédé de Montmartre, former king of the accordion, has become a bad boy who lives off drug trafficking and prostitution. He sets his sights on a young girl, fresh and naive, Odette, saleswoman at Galeries Lafayette. But he is touched by the charm of this midinette.

Driven by necessity, Jean Larcher, a young agricultural engineer, accepts the degrading mission of leading to ruin, under cover of administering it, a huge cocoa plantation on the island of São Tomé. His employers, a financial coalition, indeed plan to dispossess its owner, an inexperienced young woman who has just inherited it, of her property. But when Jean comes into contact with her, he recognizes Francesca, a girl he had fond feelings for when he was a student.