Conjoint analysis was used to model the importance of study mode in students' choice of university. Study mode was proposed as a key choice attribute as universities have diversified their means of delivering education and increased the use of online delivery. Results are reported for two conjoint experiments. The first investigated how undergraduate students made trade-offs between study mode, university and tuition fees. The second examined similar trade-offs made by current and prospective postgraduates. Findings confirmed the importance of study mode to both groups and suggest two main reasons for its influence on university choice: it affects students' experiences of learning and socialising at university, and their time and place flexibility. The most preferred study modes for undergraduates and postgraduates were face-to-face study and print-based study, respectively. Given the trend towards online delivery, the findings have relevance to universities across national systems and reputational markets.