Enrollment Trends Shaping Business Education in 2026

• Every year, AACSB schools from around the world take part in the Business School Questionnaire Programs Module, which collects data on various characteristics across business school programs, including enrollment.
• The enrollment report offers a five-year view of data on the demand for business programs, gender and international trends, and program formats, as well as a current understanding of enrollment influencers and barriers.
• An additional survey on current enrollment influencers found that reputation and ranking remain the most important influencers on student recruitment, and visas are a growing barrier.

AACSB’s new Enrollment Trends Report: 2025 offers a five-year view of the business education landscape, showing trends from 2020–21 to 2024–25.

Using data from AACSB-accredited schools that participated in the Business School Questionnaire (BSQ) Programs Module as well as a special member survey on the current factors influencing international student enrollment, the report highlights some of the most interesting trends shaping business education today.

Let’s take a look at some of the key points from the report.

The Two ‘R’s Still Matter the Most

Business education is constantly evolving, but one thing seems to remain the same: the importance of reputation and ranking.

In the report, 44 percent of business schools highlighted institutional reputation and/or rankings as the biggest influencer on student enrollment. That response was the most cited factor globally, ahead of international student mobility/visa policies (43 percent), tuition costs/affordability (38 percent), and competition from other institutions (32 percent).

However, there were some interesting regional differences.

The importance of reputation and ranking was strongest in Asia Pacific, where 63 percent of institutions highlighted it as the biggest influence on student enrollment. The next most-cited factor was tuition fees, at 38 percent.

44 percent of business schools highlighted institutional reputation and/or rankings as the biggest influencer on student enrollment.

Although the two “R”s are highly valued in Asia Pacific and EMEA (Europe, the Middle East, and Africa), the story is a little different in the Americas. There, 50 percent of institutions cited international student mobility/visa policies as the most important factor—significantly more than reputation and ranking (29 percent).

Although the Americas macroregion encompasses a large area, this high response rate may suggest that the United States’ crackdown on international students and workers may be affecting many schools in the region—especially given that Canada also recently introduced a cap on international student numbers.

The Main Barriers to International Student Recruitment

A similar theme emerged when schools were asked about their biggest barriers to international student recruitment.

This time, participants cited student visas as the biggest challenge globally. Again, the issue was most prominent in the Americas, where nearly 8 in 10 schools said visa challenges “significantly” hinder international recruitment—notably higher than EMEA (49 percent) and Asia Pacific (22 percent). Given the amount of policy changes in the region over the past 12 months, this issue is unlikely to resolve anytime soon.

“AACSB’s report aligns closely with the global shifts we’ve identified in GMAC’s 2025 Application Trends Survey,” notes Andrew Walker, director of research analysis and communications for GMAC. “Respondents to both surveys, especially in the Americas, noted the impact of visa policies, economic changes, and geopolitics on their ability to attract international talent.”

The only region that didn’t cite visas as the main barrier to international student recruitment was Asia Pacific. Instead, 28 percent of responding schools cited language and cultural differences as their top challenge. Input from international students in the region aligns with these findings, pointing to language as a barrier for English speakers.

Despite this challenge, the friendlier visa policies in Asia and Europe may continue to boost the international appeal of schools in the regions. “In this context, we may see continued shifts in student mobility away from major English-speaking hubs like the U.S., U.K., and Canada and toward programs in Asia and Europe that seek to expand their global reach,” adds Walker.

Speculative Applications Continue to Rise

Another trend highlighted in the report is the rise of speculative business school applicants. A speculative applicant is someone who applies for (and is accepted at) business school, but doesn’t go on to enroll. And participant responses suggest that the trend is only gathering pace.

A trend analysis of BSQ Programs Module data shows that, across MBA programs globally, the admissions yield rates—the percentage of admitted students who ended up enrolling—have fallen from 58 percent in 2020–21 to 50 percent in 2024–25. Findings are similar for specialized master’s programs, where admissions yield rates have also fallen —from 38 percent in 2020–21 to 33 percent in 2024–25.

The same trend is seen in wider master ’s-level application figures. In 2020–21 there were 1.07 million applications to business schools worldwide, with 209,852 going on to enroll. However, the 2024–25 admissions cycle saw 1.3 million applications (a 25 percent increase) but just 222,713 new entrants (a 6 percent increase), suggesting that applications are outpacing enrollments.

It also appears that some candidates are waiting until they receive several offers of admission before deciding where they study.

A number of factors could help explain this trend.

The rise of test waivers and more flexible admissions policies in recent years may have made it easier for candidates to submit more applications to more schools.

It also appears that some candidates are waiting until they receive several offers of admission before deciding where they study—particularly if the offers are based on scholarships.

“Students are casting a very wide net, but they are taking longer to commit, or not committing at all,” offers Estrella Serrato, founder of Cafecito con Estrellita, a podcast that guides first-generation Latinx scholars through higher education. “In my experience, that usually signals uncertainty around outcomes, cost, or whether a program truly fits their career goals.”

One Program Format Is Growing in Popularity

It’s fair to say that education changed a lot during the COVID-19 pandemic—and although we’re no longer wearing face masks or social distancing, some other trends have persisted. One of those is online study.

After experiencing a boom during the pandemic, online study has remained an integral part of business education. AACSB’s enrollment report confirms that.

According to the survey responses, enrollment in online MBA programs increased from 30 percent in 2020–21 to 38 percent in 2024–25. However, only MBA programs have seen this kind of increase. Online enrollment for specialized master’s degrees remained relatively stagnant in that same time period, with a small drop and then returning to 2020–21 levels.

Even so, these findings suggest that business schools are responding to increased interest in online study by providing high-quality programs that students are enrolling in. Serrato says it “feels less like a temporary trend and more like a permanent shift.”

After experiencing a boom during the pandemic, online study has remained an integral part of business education.

“Students want flexibility because they are working part-time or full-time, supporting family, navigating visa limitations, or managing debt. Online programs are increasingly seen as a smart and practical option.”

As long as students continue to get the same return on investment as they would expect from an in-person program, this pattern is likely to continue.

“Overall, these trends suggest that students are being more cautious, strategic, and selective,” says Serrano. “For business schools, the message is clear: transparency, flexibility, and genuine career alignment matter more than ever.”