This paper presents the main findings of a UK study exploring graduate students' perceptions of web-based education, with a specific focus on their change over time, throughout an asynchronous course. Data were collected through online messages and interviews, and analyzed qualitatively, following content and thematic analyses. Participant pre- (at the beginning of the course) and post-course (by the end of the course) perceptions were compared. Several inconsistencies were identified between the two sets of perceptions, while three themes emerged: managerial, social and learning. The findings indicate negative perception change with respect to the managerial and social aspects, whereas positive change has been evident in terms of the learning aspect. The implications drawn from the study are expected to inform and optimize the design and implementation of web-based courses.