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Is your UG in business as well? - MBAs are pretty common these days. What other skills or training do you have to set yourself apart from the pack.
Are you planning to change companies? - If definitely not, the MBA will only be as valuable as your current employer thinks it is. If you anticipate changing companies, it opens up a bigger market to consider the value of your degree.
Will your employer pay the cost of your education? -There are a number of executive MBA programs that accomodate working people. Some of these may include an online component. However I would not consider a purely on-line MBA. I don't think most employers would consider it equivalent to an MBA from a legitimate on site program. If your employer would cover the cost of that, it could be a good way of getting the degree without disrupting your life and financial status too much.
An MBA is one of those degrees that it really pays off to go to the best name program you can get into. The folks that graduate from the top programs commonly pull six figures upon graduation.
If the employer would support it, I would strongly consider the executive MBA. If not, I would only consider an MBA if I could get into one of the to 10 or so programs in the nation. In that case the disruption of your life is likely to pay off with a sweet gig after graduation.
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