One page is good, and two pages works as well (unless the school specifically asks for one page). Two pages will not in any way look unprofessional as long as you have stuff to fill it, and esp. for older candidates, or "multitaskers" who have lots of varied business experience, two pages is probably even better.
I've found people with two pagers in finance for anything less than an MD band to generally be either too wordy or think too highly of themselves. I usually urge others to keep it to one page for everyone's interest.
Hmmm maybe, and I agree that actually it's a bit different when you apply for a job, but I from what I have seen from applications, I haven't seen it have any negative affect at all to have two pages when there was what to fill it with.
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