The perceptions of what constitutes quality learning for undergraduate business management students have been little studied despite the widespread use of online classes in business programs. Using survey data and focus group comments from undergraduate management students, the current study aims to 1) explore the factors affecting student’s perception of quality online education, 2) discuss the relative importance of the factors, and 3) summarize recommendations from students’ perspective. Exploratory factor analysis identifies seven distinct, coherent, and significant areas in terms of student perceptions of quality. They are: basic online modality (e.g., online gradebook), teaching presence (e.g., customized feedback), instructional design (clarity of structure and communication), cognitive presence (e.g., intellectual stimulation), social or student-to-student presence, online social comfort (comfort interacting online), and interactive online modality (e.g., videoconferencing and small groups). Out of seven factors, the factors that matter most for effective online learning are basic technological and teaching elements (i.e., basic online modality, instructional design, and teaching presence). Lastly, recommendations from students revealed that instructor training and motivation are critical to students’ online learning experience. The data was collected from students at a single university; thus, the results might be affected by single source bias. The study answered the call for more comprehensive measures of student learning.