B-School Deans Brace For Long-Term Decline In International Students

International enrollment in U.S. graduate business programs is down significantly and deans at top B-schools expect that decline to continue, according to the Eduvantis Fall 2025 Business School Deans Survey released this month.

The survey of 52 graduate business school deans found that two-thirds said their schools’ international enrollment this fall fell below projections. Only 4% reported enrollments “well above” expectations.

The survey describes the findings as evidence of “a fundamental market shift.” Nearly 80% of respondents said they are moderately to extremely concerned about international enrollment heading into spring 2026 and beyond. Looking further out, just one in five deans said they expect the number of international students to rebound to pre-decline levels by 2030.

INTERNATIONAL ENROLLMENT AT THE TOP U.S. B-SCHOOLS, 2020-2025

School	2025 Internationals %	2024 Internationals %	2023 Internationals %	2022 Internationals %	2021 Internationals %	2020 Internationals %
Wharton	26%	31%	31%	35%	36%	19%
Duke Fuqua	38%	41%	47%	39%	36%	27%
Georgia Tech Scheller	43%	24%	37%	26%	19%	19%
UCLA Anderson	35%	41%	47%	47%	36%	36%
Carnegie Mellon Tepper	37%	39%	53%	56%	34%	28%
Yale SOM	41%	37%	41%	48%	44%	27%
NYU Stern	43%*	40%	48%	44%	32%	32%
Emory Goizueta	36%	45%	48%	50%	35%	28%
Michigan Ross	40%	44%	43%	36%	28%	23%

*Students with international citizenship, including foreign nationals, dual citizens & U.S. permanent residents; source: B-school class profiles

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A SNAPSHOT OF DEAN SENTIMENT

Eduvantis’ Fall 2025 Business School Deans Survey was conducted in October. Fifty-two deans across a range of U.S. institutions responded to both quantitative and open-ended questions about actual fall 2025 enrollment results, their forecasts for spring 2026 and the rest of the decade, and the strategic actions they are pursuing. 

Eduvantis, a Chicago-based higher education consulting firm that works with universities and business schools on strategy, marketing, enrollment, and program development, emphasizes that the survey is not exhaustive but offers a timely “pulse” on how deans are interpreting and responding to current market conditions.

Respondents identified familiar obstacles that remain unresolved: visa processing delays, questions about the competitiveness of U.S. institutions, and the rising attractiveness of alternative destinations. The authors warn that these factors are reshaping the long-term landscape for U.S. business education. 

DOMESTIC ENROLLMENT TAKES CENTER STAGE

With fewer international students arriving, schools are shifting focus to domestic pipelines. Nearly 70% of deans said enrolling more U.S. students has become either their top or a high priority. The most common approaches include accelerated undergraduate-to-graduate pathways, such as 4+1 or 3+2 programs; modifications to delivery models aimed at domestic students; and stepped-up investments in recruiting at home.

Accelerated programs in particular are proliferating, with 73% of schools either prioritizing or already implementing them. But deans acknowledged that the strategy comes with drawbacks, including the risk of cannibalizing undergraduate enrollment and eroding margins through discounts. 

The survey authors note that many schools are pursuing the same domestic-focused initiatives, which could create challenges for differentiation in an already competitive marketplace.

A NEW SET OF STRATEGIC IMPERATIVES

The survey also highlights the themes that deans believe will define success in the current environment. Chief among them is the need to demonstrate a clear return on investment through strong career outcomes and employer connections. Respondents emphasized the importance of partnerships with industry and regional employers, as well as building pipelines into internships and jobs.

Affordability and access remain pressing concerns, with many deans citing the need to stabilize tuition and expand scholarship support. Others pointed to innovation in delivery and program structure as key to attracting both domestic and international students, whether through distinctive program features, micro-credentials, or flexible formats.

See the complete survey results here.

DON’T MISS U.S. INTERNATIONAL STUDENT ARRIVALS PLUMMET — AND B-SCHOOLS MAY BE AMONG THE HARDEST HIT

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