2026 Report The direction of the future candidate pipeline is beingreshaped by what, how, and increasingly where prospectivestudents choose to study. When building new strategies,business schools should factor in the elasticity of evolvingpatterns in global student mobility as candidates explore a Table of contents Introduction�����������������������������������������������������������������������������������������������������������������4Executive summary����������������������������������������������������������������������������������������������������6Key findings�����������������������������������������������������������������������������������������������������������������7Motivations and barriers�������������������������������������������������������������������������������������������9 Conclusion�����������������������������������������������������������������������������������������������������������������57Methodology��������������������������������������������������������������������������������������������������������������58Appendix��������������������������������������������������������������������������������������������������������������������61Contributors�������������������������������������������������������������������������������������������������������������63 Introduction For more than 15 years, the GMAC Prospective Students Surveyhas provided the world’s graduate business schools with criticalinsights into the decision-making processes of people activelyapplying to, considering, or researching graduate management This year’s report, which considers data collected throughout the 2025 calendar year, continuesto explore candidates’ program and modality preferences, the skills they plan to cultivate inbusiness school, and the career goals they ultimately aim to achieve. In the context of new Respondents include candidates who visited GMAC’s web properties (i.e., mba.com,businessbecause.com, gmac.com, gmat.com.cn, and social media accounts) to learn aboutand prepare applications to GME programs. Respondents may also be members of partnerorganizations (e.g., Forté Foundation, Beta Alpha Psi) who are interested in GME. Our sample About GMAC GMAC is a global nonprofit association of leading graduate business schools committed toconnecting future business leaders with educational opportunities and advancing graduatemanagement education worldwide. Through assessments, research, events, and recruitment Executive summary Interest in full-time, in-person learning also remainedelevated after last year’s resurgence, with womenand first-generation candidates continuing to express TheGMAC Prospective Students Survey – 2026 report reveals that GME candidates are redefining where they want to study, what they expect to learn, andhow they evaluate return on investment (ROI). Today,candidates view business school less as a vehicle forcareer pivoting and more as a pathway to durable Prospective students are also reconsidering notjust what and how they want to study, but where.Recent trends point to structural risks in the U.S.international talent pipeline. Non-U.S. citizens report As business schools refine their value propositions,this year’s results show that candidates earlier inthe GME journey need more support in visualizinghow graduate business education fits into their lives.Compared to those closer to applying, candidates twoor more years out express greater concerns about cost, Last year’s GMAC Prospective Students Surveyfocused on the channels and messages thatresonate most with candidates. This year’s reportgoes further, examining the underlying mindsets thatdraw candidates toward—or away from—graduate Following a banner year for business master’sapplication growth, 2025 saw preferred degree typesremain largely stable. MBA programs continue todominate among their core pipeline of 25-30-year- Key findings Motivations and barriers ⚫On average, candidates are less motivated than before to pursue GME to change their ⚫Younger candidates are more likely to pursue GME to increase their income, status,opportunities abroad, and family pride compared to candidates who are further along in their ⚫Compared to pre-pandemic levels, candidates are more likely to take action toward pursuing ⚫Candidates who are earlier in their journey to graduate business school are moreconcerned about cost, potential career disruption, and demands on time compared to Study destinations ⚫Candidates increasingly prefer to study in Western Europe over the United States— ⚫Over the course of 2025, non-U.S. citizens were increasingly deterred from pursuing GME in Preferred degrees and modalities ⚫The core pipeline of MBA candidates aged 25-30 have maintainedconsistent preferenceforfull-time MBA programs since 2019. Candidates aged 22 and younger—typically consideredthe core pipeline of business master’s degrees—reported evengreater preferencefor non- ⚫Global candidates’ preference to study full-time an