Major Report Finds Cost & ROI Are Top Concerns For Prospective Master’s Students

Before prospective business master’s students ask how good a school is, they now ask what it will cost them and what they’ll get back.

That’s the central finding of the 2026 Tomorrow’s Masters study from CarringtonCrisp, produced in association with EFMD Global. Total fees and other costs are now the single most important consideration when choosing a provider, cited by 31% of respondents. That puts cost ahead of academic reputation (26%) and connections with business and industry (26%), and it marks the first time fees have topped the list in the study’s recent history.

The barriers to enrolling at all are also rising. Just over half of respondents (51%) say living costs while studying are a reason not to pursue a business master’s, up from 48% a year earlier. Another 44% say they may be unable to pay program fees, up from 40% in the 2025 study. Both figures have now increased two years in a row.

CAREER OUTCOMES CLIMB ALONGSIDE COST

The survey drew 2,226 prospective students from 32 countries, with data collected in May and June 2026. The largest groups of respondents came from the UK, the United States, Germany, China, France, India, Canada and Spain. Two-thirds were between 18 and 24, and the remaining third were 25 to 40.

As financial pressure builds, students are scrutinizing the payoff more closely. A third of respondents (33%) say strong career outcomes for graduates are the most important element of an ideal master’s degree, up 5 percentage points from 28% last year. The top three motivations for pursuing the degree are all career-driven and all rose year over year: developing new skills (31%, up from 27%), improving earning potential (29%, up from 24%) and improving employability (25%, up from 23%).

“Money and jobs are the big issues for the next generation of master’s students, with many asking whether they will get the ROI to make it worth their while,” says Andrew Crisp, author of the study. “While pre-experience master’s have been doing well as younger students use them to get a step ahead in their career, consistent stories about a tough graduate jobs market has meant many are unsure about the master’s route to employment.”

The way students plan to pay is also changing. The share expecting to rely on family for financial help jumps to 32% from 23%. Dependence on scholarships or bursaries falls to 29% from 35%. The share counting on an employer contribution drops by more than half, to 14% from 29%. Self-funding rises to 27% from 21%, an increase the report’s authors call counterintuitive and say may partly reflect the makeup of this year’s sample.

INTERNATIONAL, WITHOUT THE PLANE TICKET

Cost is also reshaping international study. The share of respondents planning to study outside their home country falls to 35% from 40%. Those planning to stay home also dip, to 41% from 44%. The difference has flowed into a growing undecided group, now 24% of respondents, up from 15%. Asked why they might not study internationally, 47% of respondents cite cost, up from 42%. Visa concerns, by contrast, are cited by just 11%.

The appetite for an international credential has not faded, however. Nearly half of respondents (47%) say they are very or extremely attracted to studying with an international business school from their home country, either online or through a transnational campus, up from 43% last year.

“Money again is driving this change in international study patterns,” Crisp says. “Our findings suggest prospective students want the value and benefits that experience with an international business school brings, but without the expenses of relocating to another country. And fewer students want full-time study. It’s no longer the default choice, with both trends driving important decisions for how business schools develop their blended learning offers and build their brands in different markets.”

The long slide in demand for full-time, on-campus study continues. In 2021, 68% of prospective students preferred that format. In 2026, the share is 43%. Another 23% prefer part-time study on campus, 16% want blended delivery, 12% want a fully online program and 6% want hi-flex, which lets students switch between online and in-person attendance. Among students open to online study, demand for purely synchronous, live delivery falls to 19% from 31%, the biggest one-year shift in online preferences the study has recorded.

AI AND BUSINESS RISES, ACCOUNTING SLIDES

Investment and Banking remains the most popular subject at 33%. However, Artificial Intelligence and Business has climbed to second place at 31%, up from 26% and fourth place last year. The report notes that respondents are drawn to AI’s application in business rather than to technical development or coding.

Accounting continues to slide. Just 10% of respondents express interest, ranking it 45th among all subjects. That is down from 11% last year and 21% three years ago.

Students also want degrees that go beyond a single subject. Almost a third of respondents (31%) say their first preference is a master’s that pairs business or management with a specialist subject, and another 62% would consider one. Only 4% want a broad business degree with no specialization, and 3% want a specialist subject alone.

RANKINGS LOSE SWAY AS YOUTUBE GAINS

Rankings remain part of most students’ research, but their influence is limited. Asked whether they use rankings, 36% say they have or will, 57% say they may and 6% say they won’t, double last year’s share. Among those who do use them, only 24% say rankings are key to their choice of where to apply. The most consulted rankings are the Times Higher Education World University Rankings, the QS World University Rankings, and the Financial Times master’s rankings (see here and here), the same top three as in previous years. 

Video is becoming a bigger part of how students research schools. Google remains the top research tool, used by 53% of respondents, up from 45%, but YouTube jumps to 45% from 33%. Instagram, LinkedIn and TikTok are each used by 32%, while Facebook falls to 21%, the same share as Reddit.

“The business school that innovates in its master’s portfolio will be the school that succeeds,” Crisp concludes. “Schools will need to find authentic ways to demonstrate ROI, different ways to attract students on to campus and think about how content connects to careers.”

See the full 2026 Tomorrow’s Masters report here.

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