The use of standardized tests as a piece of outcomes assessment has risen in recent years in order to satisfy external accrediting bodies such as the Association to Advance Collegiate Schools of Business International. The authors explore the value added by the Graduate Major Field Test in Business (GMFT-B) for assurance of learning in a master of business administration (MBA) program. The results indicate that the GMFT-B can be considered a valuable tool for outcome assessment because it provides enough unique information above that of MBA grade point average and GMAT scores. However, the GMFT-B should be used in conjunction with other assessment methods because it had little relationship to the competencies associated with effective management.