Here's the Geteducated.com response to a question asked many times here. http://www.geteducated.com/online-mbas/9-online-mbas/94-do-i-need-an-aacsb-accredited-online-mba
Although I did opt to go the AACSB route, I am not sure how much it seriously matters. I just am not 100% convinced most employers are going to check accreditation. The majority of AACSB schools offering online MBA are not very high in prestige so it's not like it will open doors like a Wharton MBA or an MBA from HBS. I will say that if you are going to University of Phoenix or a similar online school that it will be more easily identifiable as an online MBA and they may face a tougher job market. I haven't finished so I can't speak to first hand knowledge.
When I began my online journey and was considering Capella's IT Management and MBA programs I asked the CIO of the company I was working for to take a look and offer his opinion. A few days later he told me that the school was accredited and the program looked worthwhile. This was the same response that I received from the firm's HR department. I asked him about AACSB accreditation, something that was new to me and apparently new to him too. I would note that he had received a MBA from an AACSB accredited school although he was completely unaware of it. While I was still with this employer they brought in representatives from a local school, Centinary College, to try to get employees into their business programs. Centinary College is a reputable school in New Jersey but again not AACSB accredited. The company is a retailer with 500+ locations nationwide, not a small business.
I think you should always try for the best accredited degree you can get. Do you need AACSB? It makes for fewer questions later, however I say if you can't afford it or get into it, settle for less. It is better to have an MBA than a story why you don't because you couldn't get 'the best'...
Unless it's top tier, it means doodly squat. The MBA will help get you into the interview, the rest is up to your experience and skill. This might be slightly different for fresh out of school, entry level grads where there is competition for that entry slot and the culture is based on competition between new degree holders. Otherwise, for adult learners, solid business experience, good references and sharp skills trump AACSB certification by a mile.
