In this paper, the authors compare business faculty and undergraduate students' perceptions of online learning. Specifically, a survey was given to a convenience sample of 893 undergraduate students (of which 890 were usable) at two regional universities in the southern United States; a modified version of the survey was mailed to a random sample of 1,175 business faculty members throughout the United States. Comparison of the results from each group showed that a number of differences in perception exist, due, perhaps, to the heterogeneous points of view and motivations for online learning between faculty and students. Since many universities are still deciding the extent of their offerings of such courses, this information may be helpful to university administrators in deciding which types of courses at their universities might be offered online. Faculty who are considering teaching one or more online courses may find the results of this study helpful in structuring these online offerings. The results of this study should assist students in gaining a realistic expectation of what to anticipate from online learning courses based on information we have found and studies we have done. It is important that students have a realistic perception of the online learning experience. (Contains 5 tables and 1 figure.)