If someone along the likes of Lowry Mays is handing out advice, it’s probably a good time to take notes. The school’s namesake recently gave first- and second-year MBA students a dose of his own lessons learned as founder, chairman and CEO of Clear Channel Communications.

Mays was quick to point out that being of high ethical standards is what often determines success, as illustrated by the fall of high-profile corporations. “I think the important thing is to understand that 99 percent of Fortune 500 companies stress integrity in their businesses and haven’t gone askew,” he said.

In fact, Mays shared with the students that Clear Channel is in the process of implementing an in-depth code of conduct that addresses numerous topics, such as anti-trust and anti-conflict policies. And he explained that he expects all 60,000 employees to commit to it.

Mays also provided insight into how he grew the company from a single radio station in San Antonio in 1972 to today owning 1,225 radio stations, 39 television stations, more than 776,000 outdoor advertising displays, and a live entertainment company.

When asked when the job market might turn around, Mays said he anticipates it picking up within the next year. But he cautioned students to not overlook the value of where they are in their current pursuits.

“I think you are all doing the right thing by concentrating on your education,” he said. “It will pay huge dividends in the future. Just because employers aren’t knocking on the door at this time doesn’t mean that you should get down. Because, you are building upon the assets you will need in the business world.”