This paper examines performance differences among demographic groups on the ETS Major Field Test in Business. The study employs the Blinder-Oaxaca decomposition technique to analyze the test score differentials by gender and racial minority status. This technique decomposes the difference into two parts: an endowment effect (or explained portion) and a returns effect (or unexplained portion). The results demonstrate that the endowment effect fully explains the gap between white and racial minority students but virtually none of the gender gap. This large unexplained gap between male and female test performance suggests the need for further study of potential gender bias of the exam.