This study investigates the validity of equivalency theory among 63 students by comparing two introductory upper-division human resource management courses: one taught online, the other in a traditional classroom. Commonalities included same term, same professor, and identical assignments/tests in the same order, thus allowing a direct comparison of course outcomes. MANCOVA results supported equivalency theory, and further suggest that the online learning pedagogy may be superior in its overall effect on student performance. (Contains 7 tables.)