The Global MBA Is Losing Its Passport: Fewer Candidates Look Overseas For B-School

Interest in pursuing an MBA abroad is falling for the second straight year, as candidates rethink the value – and feasibility – of international study in a changing global market.

A new Tomorrow’s MBA 2026 report from CarringtonCrisp, conducted with EFMD, finds that just 31% of prospective students now plan to study outside their home country. That’s down from 35% last year and 39% two years ago – a steady erosion of what has long been a defining feature of the MBA experience.

The findings, based on a survey of 1,646 respondents across 35 countries, are part of a long-running global study that has tracked MBA demand since the aftermath of the 2009 financial crisis. Over that period, CarringtonCrisp has surveyed more than 20,000 prospective students in more than 90 countries – offering one of the clearest longitudinal views of how MBA preferences are evolving.

COST, VISAS, AND LOCAL OPTIONS RESHAPE GLOBAL FLOWS

CarringtonCrisp’s findings align closely with the most recent GMAC Prospective Students Survey, which also reported declining application interest in traditional study destinations such as the United States, the United Kingdom, and Canada, alongside rising demand in regions including Asia, the Middle East, and Africa. GMAC data show international application growth shifting toward these emerging hubs, while candidates increasingly cite visa uncertainty, affordability, and economic conditions as primary drivers of their decisions – in some cases outweighing school reputation itself.

If GMAC captures the directional shift in global demand, CarringtonCrisp’s data adds texture to how that shift is playing out at the individual level – from cost constraints and career tradeoffs to changing expectations about what an MBA should deliver.

Among candidates choosing to stay domestic, nearly half (49%) say they have access to strong MBA programs in their home country, reflecting the rapid global expansion of business education.

Cost remains a major deterrent to going abroad: 37% say international study is too expensive, while 35% report they cannot afford to leave their jobs to pursue a full-time program overseas. Visa policy is also playing a growing role.

“Declining international study has a myriad of causes,” says Andrew Crisp, author of the report. “Stricter visa policies in traditionally leading destination countries such as the U.S. have made international study more difficult. Magnifying this has been the growth of business schools in other parts of the world such as Asia offering students a wider range of options closer to home.”

The result is not necessarily declining demand for the MBA itself, but a redistribution – with more candidates opting for regional or domestic options.

MBA COMPETES WITH SPECIALIZED DEGREES – AND LOSES SOME GROUND

At the same time, the MBA is facing intensifying competition from alternative credentials.

More than a quarter of respondents (28%) say they are considering a specialized master’s degree instead of an MBA. Another 25% are looking at professional qualifications such as CPA, ACCA, or CIM, while at least 15% are weighing certificates, employer-sponsored training, or other forms of continuing education.

For one in five candidates (20%), these alternatives are a primary reason for not pursuing an MBA at all.

Concerns about value are also mounting. A third of respondents (33%) cite lack of return on investment as a reason not to pursue the degree, while 29% say fees are simply too high.

“Some candidates may be deciding that a generalist MBA is not their best option,” Crisp says. “Instead, they prefer a master’s degree in a subject they already know to advance their career or to add a specific skill.”

PERSONALIZATION, FLEXIBILITY – AND AI – REDEFINE THE MBA

Even among those still considering an MBA, expectations are shifting.

Nearly two-thirds (64%) of respondents say they would consider pairing an MBA with a professional qualification, while another 34% say they might, signaling demand for more tailored, stackable learning pathways.

Flexibility is also becoming essential. When it comes to online learning, 41% prefer a blended format combining live and self-paced study. Women are more likely than men to favor blended approaches (32% versus 26%).

At the same time, the report points to a broader recalibration of the MBA itself. Schools are being pushed to rethink content, delivery, and format – driven not just by declining international mobility, but also by technological change and shifting career expectations.

Alongside the drop in study-abroad interest, the study highlights several parallel trends: growing demand for personalization, a modest drift back toward campus-based learning after the pandemic years, and rising interest in artificial intelligence as part of the curriculum.

“The MBA market is changing,” Crisp concludes. “While there is still solid demand for the qualification, there are evolving student preferences on where, what, and how to study.”

Find out more about the Tomorrow’s MBA 2026 survey here.

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