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A critical aspect of a learning outcomes assessment tool is its validity, or the empirical evidence that could support the adequacy and appropriateness of making particular inferences or interpretations using the test scores. Using multilevel modeling approach, we analyzed the data of 669 business programs over the last seven years and confirmed that the MFTB and self-reported MGPA had a moderate correlation across business programs. In addition, we found that such a correlation varied among business programs and years, and a series of characteristics of the business programs were associated with such variation. These findings confirmed earlier findings about a moderate correlation between the MFTB and college GPA; but also revealed a series of institution characteristics that could explain between-institution variations.