Interest in American MBA programs shrinks, but schools across Asia are booming

Interest in M.B.A. programs in the U.S. dropped 1% in 2025, while applications to business-school programs worldwide increased 7%, according to a new survey of schools by the Graduate Management Admission Council, a nonprofit that tracks application trends.

That is a significant about-face from last year when applications to many U.S. business schools surged as American professionals who were frustrated by the white-collar job market tried to wait out sluggish hiring by going back to school. This year, many young American professionals appear to be hanging on to the jobs they have.

Worldwide, applications to business-school programs increased 7% this year, GMAC reported, thanks to sizable jumps in international applications across Asia, India and Europe. In East Asia, including China, international applications were up 42%. In India, they were 26% higher. And Europe registered a 9% increase.

Several renowned U.S. business schools, including the Booth School of Business at the University of Chicago and NYU’s Stern School of Business, continued to see increases in applications for their full-time M.B.A. programs. Most of the drop in interest occurred at schools outside the top 30 to 50 ranked programs, said Joy Jones, chief executive of GMAC.

Some highly ranked M.B.A. programs, including the University of Pennsylvania’s Wharton School, booked an increase in overall applications, but a decline in interest from foreign prospects. Others, like the Yale School of Management, saw greater applications from both American and international prospects.

At Wharton, overall M.B.A. applications rose 4% to 7,613 for the incoming class this fall, but the percentage of international applications as part of that pool fell to 26%, down from 31%.

Total applications to the University of California, Davis, Graduate School of Management’s full-time M.B.A. program fell 7%, while international applications declined 4%.

Duke University’s Fuqua School of Business hit a record number of M.B.A. applications for the Class of 2027 at 4,032 prospects, but the share of interest from international applicants was down.

“Visa uncertainty is a challenge," said Shari Hubert, Fuqua’s associate dean for admissions, who added the school saw more applicants from a diverse set of industries who were seeking cross-sector opportunities and leadership preparation.

While international applications to U.S. business schools were down 3% in the latest survey of nearly 1,200 programs at 326 business schools located in 41 countries, the drop was more pronounced in Canada and the U.K., where visa requirements became stricter.

The number of international candidates applying to business schools in Canada was 46% lower this year than last, and in the U.K., international applications dropped 5%. It was the second straight year of declines as the job markets in those countries also weakened.

“There’s a question about the employment opportunity in all of those markets," Jones added, referring to the U.S., the U.K., and Canada.

Growth in applications from women to M.B.A. programs outpaced that in applications from men in 2025, GMAC reported, with women’s representation among business master’s applicants at levels just below parity.

Write to Ray A. Smith at Ray.Smith@wsj.com