According to the latest Application Trends Survey by the Graduate Management Admission Council (GMAC), which conducts the Graduate Management Admission Test (GMAT), Graduate Management Education (GME) programs in the US saw a 1% decline in total applications, with 49% of programs reporting a decrease, and a 3% drop in international applications.
In Canada, 84% of programs reported declines with a 49% drop in international applications, while in the UK, two-thirds of programs saw fewer applications, including a 5% decline in international applications.
In contrast, India saw 73% of its GME programs report growth, with international applications rising by 26%, while East and Southeast Asia recorded a 42% increase, and Asia (excluding India and China) grew by 10%.
Meanwhile, Europe (excluding the UK) reported a 9% rise in international applications.
“Given the current geopolitical atmosphere, we are seeing MBA applicants evaluate their choices more closely, given the extensive financial investment they will be making. Applicants expect overseas MBA programs to provide them with a broad range of employment opportunities, and act as the foundation of a global career,” Namita Mehta, president, The Red Pen, told The PIE News.
“Therefore, this year, international applicants are asking more focused questions on how schools will facilitate post-MBA careers for them, and whether they will have enough options to start their post-MBA journeys across a broad range of geographies.”
The trend of declining interest in western economies is definitely panning out, more so in the last 3-4 months than last year
Manish Gupta, MBA Crystal Ball
The trend of candidates looking eastward for their business education aligns with a recent poll by the Association to Advance Collegiate Schools of Business (AACSB), which found that business students are increasingly turning away from the traditional ‘big four’ destinations as policy and legal challenges dampen interest in these markets.
Moreover, recent studies note that the US is no longer the top destination for business education, with global demand for master’s programs falling by 60% in the country amid visa revocations, proposed time limits, calls to end OPT, and other restrictive policies creating uncertainty among applicants.
“The trend of declining interest in western economies is definitely panning out, more so in the last 3-4 months than last year,” said Manish Gupta, chief consulting officer, MBA Crystal Ball, a prominent MBA and MS admissions consulting team in India.
“In fact, last year (the 2025 intake cycle) witnessed among the highest application volumes for US MBA schools from our experience.”
According to Gupta, while policy volatility elsewhere could be driving interest in European MBA programs, including those in the UK, candidates — especially Indian applicants — are yet to be fully convinced about pursuing business studies in Asia.
“Regarding the surge in international applications, that could be driven by neighbouring/Asian countries but we are yet to see candidates following through with that interest,” stated Gupta.
“Some of this could also be driven by international universities announcing plans to setup extended campuses in India. But in our experience, this interest may or may not really pan out in terms of actual applications. The attractiveness of India as a geography for international management grads has a long way to go.”
While interest in business programs across Asia, particularly in Southeast Asia, is clearly growing, whether these are becoming a first choice or merely serving as backup options “will only be clear at the end of the major admissions rounds (March–April), when yield figures provide a clearer picture”, according to Mehta.
In 2025, domestic applications to Indian business schools rose by 10%, echoing similar upticks in the US (5%), UK (9%), and Canada (6%).
As per data highlighted by GMAC, growth in GME applications was driven by full-time, in-person programs — particularly two-year MBAs and business master’s in accounting, finance, and marketing — while nearly two-thirds of business analytics programs saw declining demand for the second consecutive year.
Additionally, over half of executive, online, and part-time MBA programs saw application declines, reversing earlier gains as candidates shift preferences amid widespread return-to-office mandates.
Business schools are also increasingly aligning their courses with emerging trends like sustainability and AI.
About three in four business schools now offer sustainability-focused courses, while AI has gone mainstream, with only 16% lacking integration, down from 22% last year, as most use it to teach strategy, decision-making, and impact, as per the report.
“Most (MBA schools) have AI-focused electives in the curriculum. But, given the rapidly evolving landscape, b-schools may take a while to be on top of this trend,” said Gupta.
“This has led to some candidates questioning the value of an MBA and online chatter about AI misuse for applications as well as on campus. While candidates may not have this as a strong filter when applying, most realise once they reach the campus, that this is an essential skill,” he continued, adding that although MBA demand may remain “muted” amid policy uncertainties, business schools are likely to catch up with AI soon enough.
Although progress has been gradual, women now account for 40% of GME applicants, a proportion that has remained largely unchanged for over a decade.
The median share has risen by only one percentage point, though women applied to MBA programs at a faster rate than men, while their representation in business master’s programs remains just below parity, the GMAC report noted.
“Traditionally, we have seen that women applicants in the age-group of 24-29, face major life choices such as marriage, child birth or child care, which impacts their mobility and ability to commit to a rigorous program,” said Mehta.
“While we have seen women increasingly prioritize career choices and planning over traditional roles and gender expectations, it continues to be a complex scenario, which still contributes towards the slow growth in the percentage of women applicants.”
