The author gives an overview of typical learning outcomes in business education and assessment instruments that help measure and test these outcomes. Using data from a recently accredited program the author investigated the determinants of performance on assessment exams to help identify and evaluate differences between homegrown and standardized assessment instruments. The results indicate that performance on assessment exams whether standardized or homegrown is significantly related to the general performance of the students in the program. Accordingly, the ultimate choice of the instrument boils down to 2 important variables: the match between exam objectives and institutional objectives and the total cost of the instrument.