This study investigated factors that might be related to successful academic progress and students' satisfaction with a competency-based graduate program in an online environment. It offers an in-depth look into the structure and operations of a Master of Arts Program in Learning and Technology at Western Governor's University, Utah. At the time of the study, the number of students actively engaged in e-mail correspondence with their mentors and in working on the degree was 80. All were teachers at various levels, managers of training, and technology facilitators; all held bachelor's degrees. Results of the e-mail survey indicate that the students' overall satisfaction is high. Students were most satisfied with the flexibility of time and place provided by an online degree program and the academic services provided by the mentor. The area in which students felt the need for examination and improvement was demonstrating competencies through domain assessments. Among the variables selected for the study, only "contacts with a mentor" had a significant relationship with students' satisfaction. "Student-mentor interaction" was a strong predictor for students' academic progress. Courses and hours for studies were significantly correlated with academic progress but not powerful enough to predict the variance of the academic progress. Pre-assessment did not have any significant correlation with academic progress. The survey questions are appended. (Contains 3 tables and 17 references.) (SLD)