Academic researchers have often touted the growing importance of "soft skills" for modern day business leaders, especially leadership and communication skills. Despite this growing interest and attention, relatively little work has been done to develop and validate tools to assess soft skills. Forty graduate students from nine MBA courses completed the McCann Soft Skills Assessment Tool--a paper-pencil test designed to measure leadership, teamwork, critical thinking, logical reasoning, communication, and holistic thinking. These students were also rated by their instructors on the same six dimensions in an attempt to validate the soft skills instrument. Results showed significant correlations between leadership and communication assessment scores and faculty ratings of students on the same dimensions; however none of the other four soft skill dimensions were empirically validated. Data also indicated moderate test-retest reliability for the assessment tool. While some limitations are acknowledged in the current study, findings suggest that further refinement and empirical validation of the McCann Soft Skills Assessment Tool can better aid practitioners in understanding and developing these important dimensions of business competency.