At he University of North Carolina at Chapel Hills Kenan-Flagler Business School, No. 11 on Forbes’ most recent list of the nation’s top business schools, a two-year MBA costs $111,000 in tuition and fees. But the school now offers the same degree online, at a 13% discount ($97,000). According to a new list of the 25 top online MBA programs from test prep company Princeton Review, Kenan-Flagler is No. 1, with an average quantitative GRE score of 156 and a mean base salary for graduates of $112,000. This is the first year Princeton Review has ranked online MBA programs. The motivation, says the company’s director of content development David Soto, is that the number of schools offering online MBAs is growing rapidly, from 68 schools in 2008 to 90 in 2012. As the online option becomes more accepted, greater numbers of students are taking advantage of the ability to keep working and earning while they study, and to avoid uprooting themselves to go to school far from home. “Students are reluctant to give up two years of salary to go to school,” says Soto, “and you can go to a great school, even a school across the world in Madrid. The online option is leveling the playing field for students who want flexibility.” The No. 3 school on Princeton Review’s list is IE University in Spain, which charges $58,320 for an online degree. The mean base salary for IE graduates is $113,800. When Princeton Review asked students how they chose an online school, reputation was the top criterion. Then came convenience and in third place, field of study. I would have thought that cost would matter more, but it was the last item on students’ lists. Still, the cost savings at some schools is substantial. At Auburn University in Auburn, AL, an online MBA costs just $27,900, compared to an on-campus degree, which is $65,500. Some other interesting statistics: 47% of the 2,000 online MBA students surveyed by Princeton Review were “career changers.” Some 42% of students surveyed at the top 25 schools said their employers were helping pay for their degree at an average of 61% of the degree cost. Also 44% of students said they got a promotion while earning their online MBA and their average base salary increase on completing the degree was 25%.