The report questioned 97 business schools across 27 countries, finding that international students are increasingly looking at alternatives to traditional business school destinations, including the US, Canada, Australia, and the UK, exploring other destinations instead or choosing to study in-country.
Those business schools impacted also predicted an average enrollment decline of 16% in the upcoming year, with schools on average expecting a 10% decline in enrollment, the report said.
Business schools in the Americas reported the highest level of disruption due to policy and legal changes, with 84% of institutions affected. A third (33%) of schools in Europe, the Middle East, and Africa also reported disruption affecting international students, compared to 40% in Asia Pacific.
The AACSB poll also revealed that almost all (94%) of the schools located in countries where policy has changed cited new and restrictive visa rules as the main challenges with attracting international students, followed by other concerns such as their country's political environment, or career opportunities post-graduation.
Over half (56%) of these institutions indicated they were shifting their focus toward attracting domestic students to apply. This sample predominantly consisted of US based business schools, with 39% strengthening international partnerships with peer institutions abroad as part of a strategy to diversify.
However, AACSB noted that, although the data provides new insights, the small sample size of 97 schools is not fully representative.
The report is supported by recent findings from Studyportals, which showed that demand for study in the traditional ‘big four’ destinations of the US, the UK, Canada, and Australia is no longer growing at the same rate as demand for study in other countries, with the gap continuing to widen.
Interest in studying in Western Europe is growing
However, recent GMAC research suggests non-US business school candidates still favor education in Western Europe and the US for study. Around half (51%) of international students prefer destinations in Western Europe, while 24% favored the US. Although there are signs of declining willingness to apply to US programs, there are also signs of rising interest in Western Europe.
“Data from our ongoing survey of prospective graduate business students show growing hesitation among international candidates about studying in the United States, though the overwhelming majority of US candidates still prefer to study in the country," says Andrew Walker, director of research analysis and communications for GMAC.
"Given that US candidates make up such a large share of the global candidate pool, we should expect that US business school classrooms will continue to fill with talented individuals seeking professional advancement and personal fulfilment.”
