An article on MSN tells us that MBA degrees aren't such a big deal and that ethical behavior is (link):
When asked to assess executives based on characteristics other than their professional qualifications, 97 percent of U.S. executives, 86 percent of U.K. executives, 85 percent of German executives, and 69 percent of French executives said ethical behavior was extremely or very important.Learn more about business ethics in R. Aaron Levine's Moral Issues of the Marketplace in Jewish Law.
For the U.S. and U.K. executives, ethical behavior topped the list of key attributes for an executive.