MBA enrollment declined 6% over the past five years, while applications to master’s-level programs increased 25% during the same period, AACSB reports
Graduate business education at AACSB-accredited schools is not shrinking, but it is changing shape. New global enrollment data show a market adjusting to employer needs, demographic shifts, and geopolitical forces – with the traditional MBA losing ground even as specialized master’s programs expand.
According to Enrollment Trends at AACSB Business Schools: 2025, released this month by AACSB International, MBA enrollment declined 6% over the past five years, while demand for graduate business education overall remained strong. Applications to master’s-level programs increased 25% during the same period, but new entrants rose by just 6%, underscoring a widening gap between interest and enrollment as prospective students make more deliberate choices.
STABLE TOTALS MASK A SHARP REBALANCING BY PROGRAM TYPE
At a regional level, master’s enrollment increased modestly across the globe, ranging from 4% growth in Asia Pacific to 6% in Europe, the Middle East, and Africa. Those stable totals, however, conceal significant divergence by degree type.
While MBA enrollment declined, master’s specialist programs grew 11% and master’s generalist programs expanded 17%. Together, specialized programs now account for more than half of all master’s-level business enrollments worldwide, marking a decisive shift in how graduate business education is structured.
AACSB notes that enrollment at the master’s level remains highly skewed, shaped by outliers – particularly in specialist programs, where a relatively small number of institutions enroll exceptionally large cohorts. As a result, aggregate stability often masks sharp variation across individual schools.
INTERNATIONAL ENROLLMENT POWERS GROWTH – BUT PRESSURES ARE RISING
International students continue to play a central role in graduate business education. Aggregate international enrollment at the master’s level grew 25% between 2020-21 and 2024-25, lifting the international share of graduate business students from 30% to 36%. That growth has been driven overwhelmingly by specialist programs, which now attract nearly three-quarters of all international master’s students.
Yet AACSB’s fall 2025 survey, designed to preview trends for the 2025-26 academic year, points to growing volatility. Forty-five percent of surveyed institutions reported a year-over-year decline in master’s-level international enrollment, suggesting that recent growth may be uneven or fragile.
Across regions, schools identified visa policies, post-graduation work rights, and political climate as the most significant constraints on attracting international students. The impact is most acute in the Americas, where nearly eight in ten schools cited visas as a major obstacle, compared with 49% in EMEA and 22% in Asia Pacific.
GENDER REPRESENTATION VARIES SHARPLY BY DEGREE
Gender representation at the master’s level has remained stable overall, mirroring undergraduate trends, but meaningful differences emerge by program type.
MBA programs continue to skew male, with roughly half enrolling majority-male cohorts, though that share is gradually declining. About 30% of MBA programs achieve gender parity. Specialist master’s programs show a contrasting pattern, with nearly 40% enrolling more women than men, reinforcing the idea that program design and career focus influence who enrolls – not just how many.
MBA DELIVERY SHIFTS TOWARD FLEXIBILITY AND ONLINE FORMATS
Program delivery models at the master’s level continue to diverge. Nearly 60% of MBA students are now enrolled in part-time or other flexible formats, and fully online MBA enrollment has grown from 30% to 38% over five years. Over the same period, full face-to-face MBA enrollment has declined modestly, reflecting a gradual but sustained diversification in modality.
Specialist master’s programs, by contrast, remain predominantly full time and in person – especially in EMEA – though blended and online options are slowly expanding. Regional differences are pronounced, with institutions in the Americas offering the greatest flexibility and EMEA schools maintaining more traditional delivery structures.
A STABLE SECTOR UNDERGOING STRUCTURAL CHANGE
“The data affirms that global business education remains vibrant, even as the composition of programs and student populations continues to evolve,” says Lily Bi, president and CEO of AACSB, in a news release.
“These findings underscore AACSB’s commitment to advancing excellence and innovation in business education worldwide. Business schools are expanding specialized offerings, adopting flexible delivery models, and strengthening international partnerships to meet the needs of a rapidly changing global environment.”
DON’T MISS BUSINESS SCHOOL UNDERGRADS ARE STILL COMING – BUT THEY’RE TAKING LONGER TO DECIDE
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