Every fall, the same thing happens: the new GMAC Application Trends Survey drops, and the headlines start flying. Applications are down! Asia is booming! The MBA is dead! The MBA is back!
But beyond the noise, the data tells a more grounded story. Applications to graduate business programs rose again in 2025—up 7% after last year’s surge—but growth wasn’t evenly spread. Full-time, two-year MBAs are doing well, selective schools are getting even more competitive, and international enrollment patterns are shifting under visa pressure.
Here’s my analysis of what’s really driving these trends—and what it means if you’re applying in the 2025–2026 MBA cycle.
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