Is an online degree worth as much as a traditional degree? It depends on the program. Before you enroll in any online degree program, it's important to look closely at its quality and learn about its reputation.

Ask your employer or companies you might like to work for what degree programs' tuition they will reimburse. Also talk with individual managers about programs they are familiar with. Ask what companies have hired the program's graduates.

Also consider the subject matter. For obvious reasons, subjects that require relatively little face-to-face interaction often are best suited to online learning. For example, online accounting and finance courses may be a better bet than strategic management or ethics, where group dynamics and leadership skills are important components. You might prefer a degree program that allows you to take some courses online and others in a traditional class setting.

Flagships and Satellites
Many online programs are run by a large university's continuing education or extension division. Find out exactly what school would be awarding your degree and where the faculty comes from. At some schools-Colorado State University, for example, the online MBA program uses the same faculty and curriculum as its campus-based counterpart. At many other schools, however, the status of an online program is more complex.

Some of the most elite business schools do not offer online MBAs. No matter where in the world you live, you can take business courses from Harvard Extension if you have online access. No one, however, can earn a Harvard MBA online.

A program's association with a well-known university might, or might not, help boost the reputation of its online MBA program. The nuances can be complex. For example, Colorado University Online is the "virtual" campus of the University of Colorado at Denver. An MBA from CU Online is an MBA from the University of Colorado, but it's not associated with the nationally ranked University of Colorado at Boulder's Leeds School of Business. To assess the value of a CU Online MBA, it helps to talk with employers.

Similarly, an online degree from the Penn State World Campus qualifies as a Penn State degree. It's not the same, however, as an MBA from Penn State's Smeal College of Business.

University of Maryland University College offers a wide range of masters degree programs in business, technology, and education. Recently, the Sloan Consortium named the UMUC online MBA the 2005 Most Outstanding Online Teaching and Learning Program. A UMUC degree is a University of Maryland degree, but it is not associated with the University of Maryland's nationally renowned Smith School of Business. Many local employers value UMUC's online degrees, but an MBA from the Smith School also carries national recognition. Depending on where you plan to locate, national recognition may or may not matter.

Online courses from a satellite campus or extension program may offer useful preparation for a nationally known traditional MBA program. For example, some students at the University of Maryland's Smith School take online courses at UMUC to fulfill their calculus requirement or to help build their skills in quantitative fields. UMUC courses in economics, statistics and accounting can help prepare students for the rigors of related courses at the Smith School.

The University of California's UC Berkeley Extension program offers online certificate programs, which are not to be confused with campus-based degree programs at UC Berkeley's Haas School of Business. The two programs are separate, but MBA students at the Haas School can get credit for online math and statistics courses offered by UC Berkeley Extension.

Accreditation Matters
Accreditation is one of the first indicators of quality in any degree program, but you need to understand who is doing the accrediting. That is especially important for an online program. You may have heard about so-called "diploma mills" that offer you little education for the money you pay. Did you also know that a diploma mill may be accredited by a phony accrediting organization?

To steer clear of "accreditation mills," make sure the program you choose is accredited by an organization approved by the Council for Higher Education Accreditation or the U.S. Department of Education, or both. For a list of approved accrediting bodies, go to www.chea.org.

Even CHEA-approved accreditation may not ensure a program has the standards you want, however. For example, regional accrediting bodies like the Middle States Commission on Higher Education meet CHEA and DOE criteria. Nonetheless, "There are some very weak regional programs that still have regional accreditation," says Richard Sorensen, dean of Virginia Tech's business school, and immediate past chairman of the board of the Association to Advance Collegiate Schools of Business International. Some regionally accredited programs "may be close to being diploma mills," Sorensen asserts.

In addition to having regional accreditation, most major business schools are accredited by AACSB. Whether a program is large or small, AACSB accreditation is a sign that it meets the highest standards in business education. As part of its accreditation process, AACSB examines a business school's mission, finances, faculty scholarship, teaching quality, curriculum, student-faculty interaction, and student achievement.

Colorado State University was the first to offer an AACSB-accredited online MBA. Though CSU's online and campus-based MBA programs both have AACSB accreditation, that is not the case for many other state schools. At the University of Maryland, for example, the Smith School of Business is AACSB-accredited, but UMUC, despite its many strengths, does not have AACSB's stamp of approval.

For a list of the lowest-priced, AASCB-accredited online MBA programs, go to www.geteducated.com. Western Kentucky University, Mississippi State University and the University of Nebraska-Lincoln appear to be the lowest-cost AACSB-accredited programs for out-of-state students. Each of these, as well as Colorado State University and several other AACSB-accredited MBAs, cost less than $20,000 per year.

If a program does not have AACSB accreditation, find out why. A relatively new, but highly regarded, program might be undergoing the lengthy process of preparing for accreditation. AACSB looks at a program's curriculum, faculty credentials and research, financial support of program goals, and other aspects of quality, which takes time.

An excellent program may lack AACSB accreditation simply because the university doesn't offer business degrees. The University of Maryland, Baltimore County offers an online master of science in information systems program that can help you advance in a business career. UMBC is accredited by the Commission on Higher Education of the Middle States Association of Colleges and Schools. However, since the school doesn't offer a business degree, it is not eligible for AACSB accreditation.

Checking Out Quality
Before you enroll in any online degree program, ask to sample the courses. Find out what opportunities exist for interaction with faculty and fellow students. Is some of the online dialogue synchronous (allowing for real-time online conversations), or is it only asynchronous?

Even the best MBA program isn't worth it if you end up getting mired in technical problems, so take a first-hand look at a program's technical support system. Try using a prospective program's technical help system to see how easily you can get support and see how helpful it is.

Finally, be sure to ask several key questions:

• What credentials are required for faculty? Ideally, the program will have Ph.D.'s who are doing independent research.
• What is the graduation rate? Find out what percentage of students eventually graduate.
• What is the average completion rate? You need to know how long it takes students to complete the program.
• What companies have hired or promoted graduates of the program? A program's recognition in the business community can be crucial.