An age-old question among instructors and administrators is whether time spent studying course material results in the student success. This study analyzes this relationship for two online and two face-to-face business finance courses using the Canvas Learning Management System (LMS). The relationship between the average exam scores and the "total activity" measuring time spent online in hours is statistically significant for the online courses, and insignificant for the face-to-face courses. Additionally, the results indicate that the hard work may not pay off for the students who spent too many hours online with the course material.