Every year around this time (October), the same thing happens. The new GMAC Application Trends Survey comes out, and headlines start flying. Applications are down! US Programs Sink! Asia and Europe are booming! The MBA is dead! The MBA is back!

It’s the same cycle of soundbites and selective data points that leave candidates wondering what’s actually real and what YOU should do.

So, let’s cut through the noise. I’ve reviewed the full MBA Applications Trend Survey 2025 and here’s my take about what’s truly happening, what’s just headline spin, and most importantly, what’s actually worth paying attention to if you’re planning to apply this year.

Modest Growth After a Record Year

After the post-pandemic surge of 2024, application growth has moderated. Across all graduate management programs (this includes all MBA formats and all specialized master’s programs), applications increased 7% in 2025, following 12% growth in 2024.

That may sound like a reassuring slowdown, but remember: these are gains on top of an already elevated volume.

Still, fewer schools are reporting growth. Only 49% of programs said their applications rose, compared to 56% last year. The rest either held steady or declined.

If we single out all MBA programs, the growth is smaller, namely 2% as you can see in the graphic below.

Source: GMAC Application Trends Survey 2025

The Full-Time, Two-Year MBA Is Back on Top

If one story stands out, it’s this: the traditional, full-time two-year MBA has reasserted its dominance.

Applications to full-time, two-year MBAs rose 4% year-over-year—the only MBA format to report an increase.
59% of these programs experienced growth, compared with just 40% of one-year MBAs and 31% of part-time MBAs.
Executive, flex, and online MBAs all declined.

This reflects a clear shift back toward in-person learning. After several years when flexibility was the buzzword, candidates appear to be prioritizing the full MBA experience: on-campus networks, in-person collaboration, and recruiting access. It may also be that in a turbulent job market, more professionals are seeking the kind of reset that only a full-time MBA can provide.

The Most Selective MBA Programs Drive the Application Growth

The GMAC data also reveals a familiar pattern: the most selective schools are getting even more competitive.

Among the most selective quartile of MBA programs, 52% reported application growth, compared with just 28% among the least selective.
Nearly two-thirds of less selective programs saw declines.

Put simply: demand is consolidating at the top. Applicants are chasing prestige, brand recognition, and ROI—and that concentration makes elite programs even more selective.

This is how GMAC defines selectivity here: Finally, MBA programs with lower acceptance rates were especially likely to experience relative application growth in 2025 (Figure 9). To examine how selectivity may have impacted changes in application volume, we divided respondents into four equally sized quadrants based on their reported acceptance rates. We found that 52 percent of MBA programs with the lowest acceptance rates reported growth, and selectivity was positively correlated with application growth. Last year, programs from business schools ranked one to 50 by the Financial Times and/or U.S. News and World Report were also more likely than programs at lower or unranked business schools to report application growth, perhaps signaling applicants’ appreciation for perceived prestige for the second consecutive year.

A Tale of Two Cities: Domestic vs. International

One of the clearest shifts in this year’s report isn’t about total volume, it’s about who ends up in the class. At many schools, the percentage of international students in the enrolled class went down even when total applications held steady or grew.

Wharton, for example, saw a 4% rise in total MBA applications but a drop in international enrollment from 31% to 26%.

At Fuqua, MBA applications for the Class of 2027 hit a record at 4,032 prospects. Still, in the end Duke’s international-student MBA enrollment was down.

Interestingly, some outlets, including the WSJ, initially reported that interest in U.S. MBA programs is shrinking. But a key correction in the WSJ article tells the real story: international applications to schools like Wharton and Fuqua did not decline; only international enrollment did.

Gender Parity? Progress, but Still a Plateau

Women’s applications to MBA programs outpaced men’s in 2025: up 6% versus a 1% rise among men.
Yet, the overall proportion of women in MBA applicant pools remains roughly 41%, where it’s hovered for a decade.

Women are best represented in flexible and online MBAs, but still underrepresented in executive programs (around one-third of applicants).

The Rise of the First-Generation MBA Applicant

An encouraging trend. Among the programs reporting this data, first-generation applicants (those whose parents did not complete a bachelor’s degree) now comprise roughly 25–30% of their applicant pools.

This reflects widening access and awareness but also raises the bar. Many candidates hope that being first-generation will set them apart in the admissions race. Yet as their numbers grow, it’s clear that simply being first-generation isn’t enough. It’s how you’ve turned that experience into perspective, resilience, and impact that will truly differentiate you.

What It All Means for MBA Candidates. Scratch that. What it all means for YOU?

If you are applying in the 2025–2026 cycle, three takeaways stand out:

Competition is fierce where prestige is high. The top-tier programs are absorbing much of the growth, leaving mid-tier schools to fight harder for talent. If prestige isn’t your primary goal, this could be your moment. Many excellent programs are competing harder for talent, and that often means generous scholarships for those who look just one tier down.

The MBA endures. Even amidst job-market turbulence, people still choose business school. When uncertainty rises, the MBA remains the go-to strategy for regaining control, clarity, and career momentum.

Strong candidates still win. You can get in. The strongest candidates always do—provided their school list is realistic. And only the strongest candidates get in. Schools don’t lower standards just because applications fluctuate.

So yes, as I predicted a year ago, MBA Applications in 2025 did not skyrocket again.

The MBA is still one of the most powerful accelerators of career growth, but its value narrative now requires sharper articulation from both schools and applicants.

MBA Application Volume and Admissions Trends for 2025-2026