MBA Applications Grow Again: U.S. Competition Heats Up After Years of Decline

A new survey from GMAC shows that graduate business school applications continued to grow in 2025. This follows a 12 percent jump worldwide in 2024, ending years of declines after the pandemic. The comeback—especially for full-time MBA programs—means more competition for spots at top U.S. business schools.

This is the biggest change in MBA admissions since the early 2020s recession. Back then, applications dropped sharply through 2023. GMAC’s latest report also shows rising interest in two-year MBAs, AI skills, and new patterns in where applicants come from.

MBA Applications: Years of Declines, Now Growing (2019–2025)

Collected during summer 2025, GMAC’s latest Application Trends Survey covers responses from over 1,170 graduate business programs at over 600 schools worldwide. The data shows a clear pattern: applications declined steadily from 2019 through 2023, then rebounded strongly in 2024 and continued growing in 2025.

Worldwide, all business school applications fell 5 percent in 2023 (after 3.4 percent in 2022), continuing a downtrend that began with a 3.1 percent drop in 2019. MBA programs saw even steeper declines: 4.9 percent in 2023 and 6.5 percent in 2022. But 2024 brought a record 13.2 percent global MBA surge, followed by continued growth in 2025—driven by full-time, two-year programs.

In the U.S., the story follows the global pattern. Full-time one-year MBAs saw about half of the programs report growth in 2025, while two-year programs led the rebound. Domestic applications fueled most of the increase across full-time, online, and hybrid formats.

Flexibility Still Drives Growth Across Formats

GMAC’s 2025 survey confirms that the most flexible programs—our main focus at BSchools.org—continue to lead application growth. More than half of online MBA programs reported increases in 2025. Hybrid, part-time evening, and weekend formats also saw strong gains. Even full-time two-year MBAs grew, but online and flexible programs remain the top performers for applicants balancing work and study.

Top-Ranked vs. Flexible Programs: 2025 Trends

GMAC’s 2025 Application Trends Survey reveals an important shift in how applicants view program rankings versus flexibility. While top-ranked schools remain desirable, flexible formats across all ranking levels now attract more interest.

The data shows programs with greater scheduling flexibility—whether online, hybrid, or part-time—reported stronger application growth in 2025, regardless of their ranking status. Lower-ranked and unranked schools offering these flexible options saw particularly robust increases, as applicants prioritize programs that fit their professional and personal schedules.

However, GMAC notes that top-ranked full-time programs maintain a dedicated applicant pool seeking prestige and networking opportunities. The key change is that more candidates now balance these traditional advantages with practical considerations like work-life balance and faster completion times.

This evolution means U.S. online MBA programs—especially those with flexible delivery—compete effectively even against elite on-campus options.

2023 Struggles at Top Schools: Now Rebounding

During the 2022-2023 application cycle, several top-ranked U.S. business schools faced sharp declines that led to unusual admissions tactics. GMAC data from that period shows elite full-time programs struggled more than average as applicants shifted toward flexible formats.

For example, some highly selective schools extended deadlines and added application rounds to fill seats. This reflected the broader trend where 53 percent of full-time on-campus programs reported declines while flexible options grew.

GMAC’s 2025 survey confirms this was a low point, not the current reality. Full-time two-year MBA programs—especially at top schools—led the strong rebound starting in 2024 and continuing through 2025.

Online and flexible programs at all ranking levels maintained steady growth through this period, proving their appeal to working professionals remains strong even when prestigious programs recover.

International Applications: Steady Demand for U.S. Programs

GMAC’s 2025 Application Trends Survey shows international students continue to seek U.S. business schools, though applicant flows have shifted somewhat globally.

Across all program formats, international applications to U.S. graduate management programs remained steady through 2025, supporting overall growth after the 2019-2023 declines. Full-time MBA programs—both one-year and two-year—saw consistent international interest alongside rising domestic applications.

The survey notes that while North America (including the U.S.) maintains strong appeal, applicants from key regions increasingly consider programs closer to home or in Europe. Flexible online and hybrid U.S. MBAs attract international students who need scheduling options that work across time zones.

This balanced mix of domestic rebound and sustained international demand creates healthy competition across U.S. programs in 2025.

Admissions Teams Adapt to 2025 Growth Trends

GMAC’s 2025 Application Trends Survey highlights how admissions teams at U.S. business schools now manage rising application volumes after years of uncertainty.

During the 2019-2023 decline period, many programs faced challenges filling classes, requiring new recruitment strategies and deadline adjustments. The 2025 rebound—especially in full-time and online MBA formats—puts fresh demands on admissions staff to handle increased competition and diverse applicant pools.

Programs report needing to balance growing domestic interest with steady international demand while promoting flexible delivery options. Admissions teams must now communicate program value, AI integration, and career outcomes more effectively to attract candidates across all formats.

This shift from volume shortages to growth management shows U.S. business schools entering a new phase of strategic enrollment planning in 2025.

Diverse Applicants Show Interest But Need Support

GMAC’s 2025 survey reveals a persistent gap: underrepresented candidates like first-generation students show strong interest in business schools but apply at much lower rates.

First-generation prospects make up nearly a third of those considering graduate business programs, yet they represent far fewer actual applications. Online MBA programs attract the largest share of these diverse candidates (37 percent interest), followed by part-time and full-time formats. This gap persists despite growing overall applications. GMAC notes programs must overcome social, economic, and awareness barriers to convert interest into applications across all formats.

Demonstrated interest plays a key role here. Candidates who engage early—through virtual events, email interactions, or campus visits—build stronger profiles. Flexible executive and online MBAs particularly appeal to working professionals from diverse backgrounds seeking work-life balance.