This paper considers management education and specifically how student learning has been impacted by the online replacement teaching offered by universities during the COVID-19 pandemic. The study utilizes a learning gain model which considers the students’ own perception of their learning, and separates the provision of theoretical explicit knowledge (distance travelled) from that of practical tacit understanding (journey travelled). In 2019, data were collected from a cohort of marketing students studying for an undergraduate UK business studies degree. In 2021, data were again collected from a new cohort of students studying the same business studies degree course, but this time during the COVID-19 period. A comparison was undertaken to identify any differences in learning gain. Overall, a drop in perceived learning was reported, although in a few areas, an indication of stronger learning was identified. Interestingly, female students reported the most significant drop in their learning related to journey travelled, whereas for male students, it related to distance travelled.