We report a correlation between the spin polarization of the tunneling electrons (TSP) and the magnetic moment of amorphous CoFeB alloys. Such a correlation is surprising since the TSP involves s-like electrons close to the Fermi level (EF), while the magnetic moment mainly arises due to all d-electrons below EF. We show that probing the s and d-bands individually provides clear and crucial evidence for such a correlation to exist through s-d hybridization, and demonstrate the tuneability of the electronic and magnetic properties of CoFeB alloys.