There are plenty of differences to be found among the 92 schools that participated in Fortune’s most recent ranking of the nation’s best online MBAs. These programs span 31 different states and the District of Columbia; the group includes both public and private institutions; and admissions requirements can vary significantly. 

No matter which program you enroll in, you can expect some similarities, however: a core lineup of courses, group projects or exercises, and some shared career goals with fellow classmates. But what makes some programs stand out from the crowd is their ability to attract a competitive cohort of students who, as important, remain enrolled and go on to build an influential alumni network that in turn attracts the attention of recruiters.

Here, in greater detail, is what this year’s best online MBA programs have in common.

A competitive admissions process

The best programs typically attract the best students. The top 10 schools in this year’s Fortune ranking tended to admit students with both higher average undergraduate GPAs and higher GMAT scores than those of students admitted to the broader group of online MBA programs.

For example, consider Carnegie Mellon’s Tepper School of Business and the University of North Carolina Kenan-Flagler Business School. These two programs had the two highest average GMAT scores for admitted students—684 and 710, respectively. By comparison, the overall average score for all of the programs in the ranking was about 576, while the average among all test takers is 546.

However, you should certainly take GMAT and GRE scores with a grain of salt for online MBAs because very few entrants—just 3%—even submit the scores.

While this is good news for those who do not love test taking, it puts much more pressure on other parts of one’s application, like the essays and recommendation letters. The acceptance rate at Indiana University (Kelly) was just 30%. At the University of Washington (Foster) and University of Southern California (Marshall) only about 47% of applicants were admitted.

Bigger online MBA programs

Online MBA programs continue to generally gain in popularity.  58% of online programs experienced application growth in 2023, according to GMAC data—though, that’s not a universal phenomenon. While some schools reported gains in enrollment, others reported declines.

While bigger isn’t always better, it does offer students the opportunity to take part in that all-important MBA program ritual: networking. Bigger programs will introduce you to more classmates who could go on to become future business partners. 

The biggest online programs, based on 2023–24 enrollment are: the University of Iowa, University of Massachusetts–Lowell, and University of Massachusetts–Amherst (Isenberg)—each with just over 1,500 students.

One way that MBA programs are able to easily expand enrollment is by offering multiple cohorts. Doing so allows students to apply—and then begin school—at the time of year that makes the most sense for them. It’s common for most MBA programs to offer two to three different cohorts throughout the year, though there are some schools that have only one.

And some schools have even gone the route of four start dates throughout the year, including UNC Kenan-Flagler and Syracuse University’s Martin J. Whitman School of Management. Both schools have online MBA cohorts that begin in January, April, July, and October. 

Higher retention and graduation rates

To get the most out of those networking opportunities and various cohorts, it’s important that your classmates stay enrolled—and go on to graduate from the program. The one-year retention rate among all of the top programs is about 90%, whereas that rate falls to 79%, on average, for the remainder of schools reporting this data. 

Similarly, the average graduation rate among the top programs was 87%, and fell to 68% for all the schools reporting this data. Arizona State and the University of Washington (Foster), for example, both reported graduation rates in excess of 97%.

Finally, where MBA grads end up may be important when you’re considering different programs. Tapping into those alumni networks can help you break into desirable companies, which is why part of this year’s ranking took into account how many alumni from each school (regardless of the type of program) are executives at Fortune 1000 companies. Notably several of the top-ranked schools have the most Fortune 1000 alums in C-suite positions.

Where the top online MBA programs differ

Of course, for all of the similarities among the top ranked MBA programs, there also are plenty of differences. And, yes, you probably guessed it: Costs can vary. You could graduate with an MBA that costs about the same as a new car—or slightly more than the average salary you might aspire to earn following graduation.

For example, while both are in the top 10 of Fortune’s ranking, UNC’s online MBA total tuition is over $125,000, whereas the University of Iowa charges about $34,000 by comparison. 

The commitment time of a program may also differ, with some schools allowing you to study on a part-time basis—while others requiring full-time commitment. 

Finally, the curriculum of online MBAs is probably the most important differentiating factor. For example, at Rice they have several focus areas, including energy and investment management. Arizona State has nine concentrations, such as artificial intelligence and business data analytics. The University of South Florida has concentrations in subjects like cybersecurity and blue economy.

In order to best succeed, finding a program that best fits your needs as a professional will help you make your online MBA experience worth it in the long run.

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Frequently asked questions

What is the hardest online MBA program to get into?

Florida State University is the hardest online MBA program to get into, with an acceptance rate of just 21%. This is followed by Indiana University, with an acceptance rate of 30%. Most other programs have rates closer to 80%.

What do employers think of online MBA?

Most employers do not overly care about what format you obtained your MBA. What matters more is the skills you learned and took from the program as well as how you use them to apply to today’s business problems.

What should I look for in an online MBA?

Because an online MBA can be completed anywhere, it is best to pick a program that meets your career goals. This means finding a school with curriculum concentration or specialization in subjects that best pertain to you—whether that’s healthcare, entrepreneurship, or artificial intelligence. Also, find a program that strikes a balance between being fairly competitive while also being relatively affordable.

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Check out all of Fortune’s rankings of degree programs, and learn more about specific career paths.