Business Education Enrollment Is Transforming, Not Declining

AACSB International (AACSB), the world’s largest business education association, today released its Enrollment Trends at AACSB Business Schools: 2025 report, focusing on undergraduate- and master’s-level trends. The findings reveal, while demand for business education has remained strong across AACSB-accredited institutions over the past five years, shifting market conditions and evolving learner expectations are prompting business schools to adopt more agile and strategic approaches as they plan for the future of their programs.

Key Findings
Applications to undergraduate and master’s programs rose in the last five years (38 percent and 25 percent, respectively), but increases in new enrollments were significantly smaller, reflecting more selective and complex decision-making among prospective students.

• Undergraduate enrollment remained stable overall, with growth in the Americas and Europe, Middle East, and Africa (EMEA) offsetting declines in Asia Pacific. At the master’s level, MBA enrollment declined 6 percent, while specialist and generalist programs grew 11 and 17 percent, respectively. Specialized programs now make up more than half of all master’s-level enrollments worldwide.
• Gender representation in undergraduate programs has remained steady, with women consistently comprising 44 percent of enrollment over the past five years. At the master’s level, women hold slightly higher representation in specialist and generalist programs compared to the MBA. Program-level distributions show that roughly half of MBA programs remain male-dominant, while nearly 40 percent of specialist programs now enroll more women than men.
• Aggregate international enrollment at the master’s level grew 25 percent from 2020– 21 to 2024–25, increasing its share from 30 to 36 percent, driven by specialist programs. Undergraduate international enrollment remained stable globally but varied widely by region.
• Flexible delivery continues to expand, particularly in MBA programs, where nearly 60 percent of students enroll in part-time or flexible formats, and fully online enrollment increased from 30 to 38 percent. Specialist master’s programs remain primarily full-time and in person.
• Program delivery at the master’s level varies by program and region. Nearly 60 percent of MBA students enrolled in a part-time format over the five-year period, and fully online MBA enrollment has grown from 30 to 38 percent, while face-to-face delivery has slightly declined. Specialist master’s programs have remained predominantly full-time and in person—especially in EMEA—although blended and online options have been slowly expanding.

International Mobility and Diversity on the Rise

This year’s report also includes a deeper examination of international mobility trends, supported by a survey AACSB conducted in fall 2025 to provide a preview of how international undergraduate and master’s enrollment was developing for the 2025–26 academic year. The survey assessed year-over-year changes and identified the leading challenges member schools are facing. Key findings include:

• Nearly equal proportions of surveyed schools reported increases and decreases in undergraduate international student counts over the past year. Notably, 45 percent of institutions observed a decline in master’s-level international enrollment.
• More than half of schools (56 percent) reported no year-to-year change in their overall share of undergraduate international students. At the master’s level, however, shifts in international representation were more varied across institutions.
• Visa barriers emerged as the most significant challenge to attracting international students. The impact is particularly acute in the Americas, where nearly eight in 10 schools reported visas as a major obstacle—substantially higher than in EMEA (49 percent) and Asia Pacific (22 percent).

A Stable Yet Transforming Sector

“The data affirms that global business education remains vibrant, even as the composition of programs and student populations continues to evolve,” said Lily Bi, president and CEO of AACSB. “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.”

Enrollment Trends at AACSB Business Schools: 2025 provides member institutions with insights to guide strategic planning, recruitment, and program development. AACSB’s findings reveal a sector that is stable yet transforming. Institutions that embrace flexibility, global insight, and student-driven design will remain competitive as business education enters its next era.