While the Psychopathic Personality Inventory (PPI) has gained increasing attention as a measure of noncriminal psychopathy, absent has been research involving samples including business people. This study investigated the validity of the PPI with such a population by examining the association between psychopathic traits and moral decision-making among MBA students. Sixty-six MBA students were assessed using the PPI, the MACH-IV (a measure of Machiavellianism), the Ethical Position Questionnaire (EPQ), and the Defining Issues Test (DIT-2). Only PPI Machiavellian Egocentricity was associated with level of post-conventional moral reasoning. MACH-IV Machiavellianism was a stronger predictor of the Subjectivist ethical position than were PPI subscales. However, a combination of MACH-IV Machiavellianism and four PPI scales accounted for 46% of the variance in Subjectivism. Results suggested that Machiavellian Egocentricity and Machiavellianism are distinct constructs. Benning, Patrick, Hicks, Blonigen, & Krueger (2003)'s two factor model of the PPI was also supported. In general, the findings provided further validation for the PPI as a tool for assessing psychopathic traits among "mainstream" individuals, including business people.