A newly published GMAC report revealed a sharp increase in the annual number of applications to business master’s programs, with demand for degrees including in marketing, accounting, and finance up by 9% year-on-year.

The findings from the 2025 Application Trends Survey marked the first major increase in demand for these specialized degrees since 2020, when demand grew by 14.3% during the COVID-19 pandemic. It had remained static in the years since—even as MBA applications rocketed by 13% last year.

Students shift toward specialized master's degrees 

The Application Trends Survey, which is based on responses from 326 business schools worldwide and application data for the 2025-2026 academic year, revealed above all a boom in applications to marketing programs, where applications grew by 17%. Other specialized degrees in finance (14%), and accounting (14%) were also popular, while applications to more generalist master’s in management degrees increased by 7%.

The results revealed a significant turnaround for master’s in marketing programs in particular. In last year’s survey, more than half (56%) of schools reported a decline in applications.

The survey also highlighted sustained interest in master’s in accounting programs, with a majority of global accounting degrees reporting growth in applications for a third consecutive year. Meanwhile, the overall figure for master’s in accounting applications rose by double figures in both 2024 and 2025.

“This continuous rise in Master of Accounting interest is also seen in data from GMAC’s Prospective Students Survey. In the past year, candidate interest in Master of Accounting programs surged amid sustained interest from Gen Z candidates (born 1996-2012) who report seeking stability and financial freedom in their careers,” the report added.

Interest in business analytics degrees falls

By contrast, master's in business analytics were the only program type where applications failed to grow. In 2025, 61% of business schools reported a decline in applications, marking the second successive year in which a majority of business schools have seen a decline in applications to accounting programs.

“With the rise of candidates interested in accounting degrees—and perhaps even new degrees related to artificial intelligence—business analytics programs may be facing greater competition for the same candidates,” the report stated.

Domestic applications rapidly outpace international study

When comparing domestic and international applications to master's programs, most of the growth in applications came from those applying to schools domestically. Overall, schools reported an 18% increase in business master’s applications from domestic applicants, compared to 5% internationally. Of the specialized programs, only marketing saw larger growth among international applicants.

Overall, GMAC suggested the findings indicated more business school applicants may be turning towards shorter, lower-cost programs that are seen as less risky in the current global economy.

Given that MBA applications soared by 13% last year—the largest increase in at least a decade—increased competition for places in MBA cohorts may also have persuaded more applicants to apply for business masters and specialized degrees instead.

Elsewhere the study revealed that demand for MBA programs has continued to rise in 2025, though this is concentrated among full-time, in-person degrees as students prioritize face-to-face learning.