1. Accreditation. It sounds obvious, but if a school for online MBAs lacks accreditation, its educational quality is poor and diploma is useless. The agency accrediting the MBA program is important, especially when the school is unfamiliar. Avoid finding MBAs online from schools that don't have a unique .edu domain. Those domains are reserved for actual educational institutions while other domains are available for anybody.

The Association to Advance Collegiate Schools of Business, or AACSB, is the leading accrediting agency. A listing of school and their accreditations is at the Department of Education's Post-Secondary Institutions and Programs Database.

Examine online MBA program details at the website of the college or university offering the program. Important details can be found about what types of class materials and lesson plans are being used.

Another tool is contacting admission counselors or advisors who may be able to address additional questions.

2. Reputation. Accreditation is not enough in many cases. Employers also are looking at program and training quality. Potential students need to determine if the school is reputable and respected.

Many fake MBA programs plague the online world, so it's important to look beyond the surface. Business Week maintains reports on schools, noting more fake schools (diploma mills) exist online than actual schools.

Schools requiring the Graduate Management Admission Test (GMAT) are going to be more rigorous. Also, known business schools with campuses as well as online teaching are going to be better respected. Some online schools also maintain campuses, but old-line, brick-and-mortar schools with online programs generally are best bets.

3. Cost. Taking a conservative approach is a safe bet. In other words, red flags should go up if a school seems too cheap or too expensive. It's also important to know your budget and stick to it rather than go in without knowing a financial exit plan.

Best Online MBA found in a February 2010 survey that online MBA programs cost anywhere from $8,000 to $115,000. The average cost varied greatly, but cost didn't necessarily reflect quality. High quality online MBAs cost less than on-campus programs, but may never be the same quality as in-person campus work. However, significant savings also come from not having to pay so much for gas, housing, transportation, and food.

Typically, programs cost $400 to $600 per semester credit, according to analysts, with most courses being three to four credits. Creating a spreadsheet to compare program costs can be helpful.

Don't forget to look into financial aid. Many schools have grants and low-interest loans available as well, making the online MBA degree even more affordable.