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To evaluate the validity of the Major Field Test in Business (MFTB), we reviewed 30 studies using the meta analysis approach and summarized related findings that could support the use of the MFTB as a business related learning outcomes assessment tool. Our analyses revealed that the MFTB scores moderately correlated with students’ GPA (r = .45) across the studies and correlated even higher with the standardized admission tests such as ACT (r = .63) and SAT (r = .56), with close to zero variances across studies. These findings suggest that as a standardized external measure, the MFTB can capture reasonably well students’ business-specific knowledge and skills as reflected on their GPAs.