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The Enrollment Trends at AACSB Business Schools: 2025 report, which analyzed five years of data from AACSB-accredited institutions, found that while applications to undergraduate and master's programs increased 38 percent and 25 percent respectively, actual new enrollments rose far more modestly—10 percent for undergraduates and 6 percent for master's students.
"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, the world's largest business education association.
The report documented a 6 percent decline in MBA enrollment over the five-year period, while master's specialist programs grew 11 percent and master's generalist programs expanded 17 percent. The shift reflects changing market dynamics as students pursue more targeted credentials aligned with specific career paths.
At the undergraduate level, enrollment remained stable overall, with 10 percent growth in the Americas and 6 percent growth in Europe, the Middle East, and Africa offsetting a 6 percent decline in Asia Pacific institutions.
International student enrollment at the master's level increased substantially, rising 25 percent over five years and expanding from 30 to 36 percent of total enrollment. That growth was driven overwhelmingly by specialist programs, which now attract nearly three-quarters of all international master's students.
However, visa policies emerged as the most significant barrier to international recruitment, particularly in the Americas, where nearly 80 percent of surveyed schools identified visas as a major obstacle—substantially higher than in EMEA at 49 percent and Asia Pacific at 22 percent.
A fall 2025 AACSB survey found that 45 percent of institutions reported declines in master's-level international enrollment for the 2025-26 academic year.
Gender representation remained largely unchanged, with women comprising 44 percent of undergraduate enrollment throughout the five-year period. At the master's level, nearly 40 percent of specialist programs now enroll more women than men, while roughly half of MBA programs remain male-dominant.
Program delivery formats continued evolving, with nearly 60 percent of MBA students enrolled in part-time or flexible formats. Fully online MBA enrollment grew from 30 to 38 percent over five years, while face-to-face delivery declined to 46 percent.
Specialist master's programs remained predominantly full-time and in-person, particularly in EMEA, although blended and online options are expanding.
Member institutions surveyed identified institutional reputation and rankings as the most influential enrollment factor, cited by 44 percent of respondents, followed by international student mobility and visa policies at 43 percent, and tuition costs and affordability at 38 percent.
The report analyzed data from AACSB-accredited schools that consistently reported enrollment information through the Business School Questionnaire Programs Module. For 2024-25, participating institutions included 783 undergraduate programs, 697 master's specialist programs, and 732 MBA programs.
