While online MBA programs are nothing new, elite business schools are starting to offer the option to students, with UNC’s Kenan-Flagler school the latest to join the party.

Online MBA degrees, of course, are nothing new. About 11,000 business school students are currently studying for online MBAs at some 90 schools accredited by the Association to Advance Collegiate Schools at institutions like the University of Florida, Arizona State, and Penn State. The largest for-profit player, the University of Phoenix, has been offering an online MBA since 1989. More than half of its 66,000 graduate students are enrolled as MBA candidates.

But very few online players boast the prestige of the Kenan-Flagler Business School, which typically ranks among the top 20 U.S. MBA programs.

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