The COVID-19 pandemic has forced a shift from traditional face-to-face instruction to online learning. We analyze how this shift has affected learning outcomes, using a rich data set from a financial literacy training of schoolteachers in Armenia. Online training worked well for relatively simple skills (acquiring theoretical financial knowledge) but less well than in-person training for more complex tasks (learning how to teach financial literacy to students). We also found that the deterioration of training success in the online cohort is stronger among social studies teachers than among math teachers.