Fuqua Tops 4,000 MBA Applications For The First Time — But Loses Gender Parity

Women make up 47% of Duke Fuqua’s MBA Class of 2027, following last year’s historic Class of 2026 that became the first in school history with a majority of women at 51%. In 2019, women comprised 43% on the incoming Class of 2021. Duke photo

Last year, Duke University’s Fuqua School of Business celebrated a milestone few top MBA programs have ever reached: the Class of 2026 became the first in school history with a majority of women, at 51%. For decades, MBA programs have struggled to crack the 50% threshold, often hovering in the low to mid-40s even at the most competitive schools. 

Fuqua’s achievement, putting it in rare company, was widely recognized as evidence of a long-term commitment to building more gender-balanced cohorts. But milestones are easier to reach than to sustain. In the newly arrived Class of 2027, women make up 47% of the class, a four-point decline from the historic mark of a year earlier. 

While that percentage is still stronger than many peer schools — and still above Fuqua’s 45% share just two years ago in the Class of 2025 — it nonetheless represents a retreat from the breakthrough moment — highlighting both the competitiveness of the global MBA talent pool and the volatility that can influence enrollment outcomes from one year to the next.

THREE YEARS OF SHIFTS

Gender is just one dimension of a broader story that stretches across the last three entering classes. The Class of 2025, which enrolled in fall 2023, arrived during a cycle of declining MBA demand nationally. Fuqua’s applications dipped, and class size shrank to 385 students, down from 399 the year before. Women accounted for 45% of that cohort, and international students represented nearly half at 47%. The class was globally broad, with students drawn from 51 countries, but the demographic and size figures reflected a program weathering a period of turbulence.

By contrast, the Class of 2026 was a high-water mark in nearly every dimension. Applications surged to a record 3,808, enabling Fuqua to expand its entering class to 427 students. For the first time in the school’s history, women crossed the 50% line, hitting 51%. U.S. students of color rose to 56%, the highest on record, while international representation remained strong at 41%. Just a year after trimming its class, Fuqua appeared to be back on a growth trajectory, pairing stronger numbers with historic diversity achievements. 

The story of the Class of 2027, then, is not a collapse but a recalibration — a return closer to 2025 levels in some areas, paired with gains in others. Applications, meanwhile, have surged for two consecutive years: from 3,292 in the Class of 2025 to 3,808 in the Class of 2026, and now a record 4,032 in the Class of 2027 — the highest in Fuqua’s history.

DUKE FUQUA MBA CLASSES OF 2022-2027

*Middle 80%. Source: Duke Fuqua

A STEADY COMMITMENT TO DIVERSITY

Partly a byproduct of that surge in applications, Fuqua’s diversity profile shows both stability and forward momentum. One of the most striking gains is in socioeconomic representation: 22% of the Class of 2027 are first-generation students, meaning they are the first in their families to attend college. That figure marks a noteworthy rise from 18% in both 2025 and 2026, and underscores the school’s efforts to widen the pipeline to students from non-traditional backgrounds.

Racial and ethnic diversity among U.S. students also remains strong in the Fuqua MBA program. In 2025, students of color made up roughly 40% of the class, but that share jumped dramatically to 56% in 2026 and has held steady at 55% in 2027 — demonstrating that Fuqua’s commitment to racial inclusion is a continuing focus, even amid stiff political headwinds.

INTERNATIONAL STUDENT SHARE DECLINES

Where Fuqua has seen the most pronounced decline is in international representation. Two years ago, in the Class of 2025, nearly half the class — 47% — came from outside the United States, with 51 countries and territories represented. That global reach put Fuqua on par with the most internationally diverse MBA programs in the world.

Since then, the trend has shifted downward. The Class of 2026 enrolled 41% international students, and in 2027 the figure dropped further to 35%, with 43 countries represented. While Fuqua still maintains a strong international presence, the contraction is noticeable. The decline mirrors broader patterns across U.S. business schools, where factors ranging from visa backlogs to geopolitical uncertainty have dampened international mobility. 

They may also reflect an uptick in domestic demand, as more U.S. students pursue MBAs amid a shifting labor market.

ACADEMICS REMAIN STRONG

What has not shifted is the school’s academic profile. Fuqua’s GMAT ranges have held steady at the upper end while moving slightly at the bottom, signaling consistency in selectivity. The Class of 2025 reported a middle-80% GMAT range of 670-760. That range grew slightly in 2026 to 660-760, before tightening again this year to 680-760. Undergraduate GPA ranges tell a similar story of stability, with the Class of 2027 reporting 3.16-3.91 compared to 3.17-3.89 the year before.

The professional experience profile is likewise consistent, though with minor fluctuations. Students in the Class of 2025 brought an average of just over six years of work experience; that dipped slightly to six years flat in 2026 and to 5.8 years in 2027. The average age of students has remained constant at 29 across the three years.

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