In the second decade of the 21st century, there is an ongoing discussion on the value of online classes in higher education as the implementation of new technologies in the higher education processes is on the rise. The main questions that are emerging are the level of interactions, quality of knowledge transfer, and development of critical thinking. Several previously conducted research concluded that online models of higher education teaching add more value than traditional methods, and some of the research has shown the shortcomings of online higher education programs. The pandemic of Covid-19 disease caused by a Corona Virus (SARS-CoV-2) has forced most of the higher education institutions in Europe to transfer almost the entire educational process to online platforms. In this paper, the satisfaction of the teachers and the students with the online classes’ effectiveness regarding the teacher-student communication, knowledge transfer, and development of critical thinking in the case of the School of Engineering Management in Belgrade, Serbia, is researched through a short survey and interviews. Statistical analysis has shown that there is a statistically significant difference between students' and teachers' satisfaction. Furthermore, in short interviews, it is shown that the students are more receptive to knowledge transfer, teacher-student communication, and the development of critical thinking through online classes than the professors. As the sample is small, further empirical research on the wider sample is needed in order to get more compelling conclusions.