The aim of this study is to provide additional evidence on the contribution of business degrees to students' competencies and learning outcomes, differentiating between face-to-face and online learning. The article examines data on competencies among business students at two universities, one classroom-based and the other online, and provides a comparative analysis of the general results from academic tutors' assessments of students' competencies and learning outcomes. The results show that competencies have a positive influence on learning outcomes, in which the type of university is a determining factor. Students from the classroom-based university obtained very good results in ethics-related competencies, while online university students did so with ICT-related competencies.