On the surface it would seem that the geographic location of the business school offering your MBA program should not matter. The degree is offered online, you don't need to physically attend classes, so who really cares if the school is based in New York City or Park Bench Arkansas?
The truth is that there are some compelling reasons why the campus location of your online MBA program matters. These include:
Job Recruitment - Companies often recruit from MBA programs in their geographic area. While getting your MBA online from a school across the US may be enticing, keep in mind that companies that recruit from that school may well be located near the school, and less interested in relocating a candidate to fill the positions.
Networking - Your business school classmates often become lifetime business connections, sharing info on job availability and business opportunities throughout your career. There are pros and cons to having your network spread across the US versus having it geographically concentrated. If you are planning on remaining in the same geographic location for your career, it may be wise to leverage a locally based online MBA program so that your connections are also local.
Brand Awareness - Schools in larger, more populated cities or schools with large student populations tend to have greater brand awareness in the market. If you intend to relocate or expect to be transferred from your current geographic location, you may want to choose an online program in the city to which you are relocating, or a program that has a national reputation.
Schools in New Mexico that offer MBA Programs online:
Eastern New Mexico University, Portales
University of the Southwest, Hobbs