In this article, the author presents empirical results concerning the effectiveness of campus, online, and hybrid (i.e., a mix of campus and online) instruction in business education. The sample is derived from graduate students enrolled in economics, computer information systems, and finance courses at a regional university. The author investigates assessment of enrollment, attrition, grade distribution, faculty evaluation, course evaluation, and explicit achievement of learning objectives across the various instruction modes. Results show student performance on class assignments to be equivalent across the three instruction modes. Holding ability, effort, and demographic considerations constant, students enrolled in online courses scored over 4% lower on the final exam than campus or hybrid students. (Contains 2 tables.)