The Graduate Management Admission Council (GMAC) released a new white paper on February 24, 2026, titled “The Great Re-Routing Of Global Business Talent“. This report examines significant changes in where international candidates for graduate management education (GME), particularly MBA and business master’s programs, plan to study, based on data collected throughout 2025. It draws from multiple GMAC sources: the 2025 Application Trends Survey, covering incoming classes for the 2025-2026 academic year, a fall 2025 pulse survey on enrollments, and year-long results from the GMAC Prospective Students Survey tracking candidate intentions.
The core finding is a clear redirection of global business talent away from traditional English-speaking destinations like the United States, the United Kingdom, and Canada. For non-U.S. candidates, preference for studying in the United States dropped sharply from 57% in January 2025 to 42% by December 2025; a 15-percentage-point decline in just one year. This shift coincided with growing interest in alternative regions: application plans to programs in Asia and Eastern Europe increased notably over the same period, while Western Europe saw rising preference among those one to two years from applying.
Major Student Visa Rule Changes Across Countries in 2026
By late 2025, about 40% of non-U.S. graduate management candidates reported being less likely to pursue studies in the United States under current policy conditions. This sentiment appears linked to formal immigration and visa policies, as well as their ripple effects, such as delayed processing, higher denial rates, temporary pauses in visa interviews (noted in summer 2025), and uncertainty around post-study work options like the H-1B visa. These factors influenced decisions at every stage: from initial consideration of study locations to final application submissions and even post-deposit attrition, where accepted students fail to enroll, often due to visa issues.
Enrollment data from fall 2025 reflects the impact. Many U.S. programs reported declines in international student numbers, with broader higher education figures showing a 19% year-over-year drop in new international enrollments in August 2025. Specific source countries saw steeper reductions: India (a major feeder for MBA programs) experienced a 45% decline, alongside notable drops from China, South Korea, Iran, Syria, and Nigeria. PhD programs faced the highest international enrollment declines (57% of programs affected), followed by business master’s (nearly half), while full-time MBA programs held steadier, with roughly balanced reports of growth, stability, and decline.
South Korea Bans 20 Universities from Issuing Foreign Student Visas for One Year
Meanwhile, programs in Asia and parts of Europe (outside the UK) benefited from the redirection. International applications surged in these regions, even as domestic applications sometimes grew in traditional hubs. The report attributes this realignment primarily to policy-driven barriers in English-speaking markets, compounded by economic uncertainty and evolving candidate priorities for career outcomes, work authorization, and overall study experience.
GMAC emphasizes that while overall demand for graduate business education remains resilient, total applications rose modestly in some segments, and the geographic distribution is shifting dramatically. This creates opportunities for schools in emerging or alternative destinations to attract talent that might previously have defaulted to U.S. or UK programs. For institutions in declining markets, the findings suggest a need to bolster domestic recruitment, diversify outreach, and clearly communicate value amid policy headwinds.
The white paper concludes by noting several trends to monitor into 2026 and beyond: continued policy effects on mobility, potential growth in non-traditional destinations, and the role of post-study opportunities in candidate decisions. It serves as a timely alert for business schools worldwide to adapt recruitment strategies in a more fragmented global talent landscape.
Primary Source
- Full GMAC white paper: “The Great Re-Routing Of Global Business Talent” (February 2026) – Available as a PDF download here: https://www.gmac.com/-/media/files/gmac/research/admissions-and-application-trends/2026-geographic-mobility-white-paper.pdf
Additional Coverage and Analysis
- Poets&Quants article summarizing key data points (February 24, 2026): https://poetsandquants.com/2026/02/24/trump-effect-40-of-international-candidates-now-less-likely-to-study-in-u-s
- Yahoo News repost of the above (February 24, 2026): https://www.yahoo.com/news/articles/trump-effect-40-international-candidates-062415226.html
