This paper first compares the academic performance of business students who participated in online and offline peer-assisted learning during 2018–2022. The purpose of the study was to evaluate if quantitative academic result was impacted by the mode of delivery. Interviews were then conducted with students who attended/taught both modes of classes to solicit their personal qualitative feedback. Key research questions and issues to be studied include: (1) any objective difference in academic performance (as measured in course GPA) between students attending online and face-to-face sessions; (2) any perceptible difference in learning effectiveness; and (3) any perceptible difference in communication with both leaders and peers during class. After investigation, it was found that both delivery modes offered a similar level of student academic performance and learning experience, and there was no evidence to suggest that peer-assisted learning was impacted by the mode of delivery. Reasons could be concluded as small class size, high level of technological literacy, and voluntariness. Though student interviewees mostly agreed that both online and face-to-face peer-assisted learning were equally effective, if they were to choose between the two, all of them would opt for physical classes as they stimulated greater learning motivation.