Distance learning has come a long way since the first “Get your diploma by mail” ad appeared in the back of a magazine. In a year when 4 million Americans took a class over the Internet, the phrase “online degree” can describe everything from a diploma mill to the executive track at a prestigious brick-and-mortar university. Earning your MBA this way still lacks some of the benefits that candidates look for in a traditional business degree — namely the status and elbow-rubbing that goes along with admission to a top-tier school. But if you’re a mid-career manager hoping to boost your standing without taking time off from your job, an online degree can be a smart solution. Here’s what you need to know.

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