As the Class of 2027 profiles roll out, we’re noticing some fundamental shifts in MBA admissions. After three years of recovery from pandemic-era lows, international student enrollment at top U.S. MBA programs seemingly reversed.

Across all higher ed institutions in the U.S., international student arrivals dropped from 386,940 in August 2024 to 313,138 in August 2025. That’s a 19% decline in a single year.

This isn’t exactly a surprise, given the dynamics across the U.S. job market, combined with the uncertainty of U.S. policy and the visa process. However, it does have a material effect on U.S. MBA programs.

The MBA experience is fundamentally built on the diversity of the cohort. Specifically, your classmates are your teachers, your case study discussion partners, and your future network. When international enrollment drops from 41% to 35%, or from 35% to 26%, that's not just a stat – it changes the educational experience and affects the long-term value of the degree.

Let’s take a closer look at what’s happening….

Not all of the M7 programs have released their class profiles. However, Wharton has reported a dramatic single-year decline. International students now comprise 26% of Wharton's MBA Class of 2027 – down from 31% in the Class of 2026. That's a 16% year-over-year decline in international representation – even though the program received more applications.

Duke Fuqua received a record 4,032 applications for the Class of 2027, yet international students make up 35% of the class – down from 41% of the Class of 2026. That’s a 6-point drop in a single year – even as overall interest in Fuqua’s MBA program hit all-time highs.

The decline in international student enrollment at Goizueta is even more dramatic over the course of multiple years. International enrollment fell to 36% for the Class of 2027, down from 45% for the Class of 2024 and 49% for the Class of 2025. That's a 13-point drop in just three years – one of the steepest declines among top MBA programs.

MIT Sloan is a notable exception (so far?) International students increased to 42% of the Class of 2027, up from 40% the previous three years. The program enrolled 450 students, growing class size and international representation, with students from 61 countries.

According to a Poets & Quants analysis, UCLA Anderson, CMU Tepper, and others have struggled to maintain their international mix. It will be interesting to see what’s revealed by the remainder of the M7 programs.

A decline in international students diminishes part of what makes an MBA valuable. Here's why:

Unlike some other Master’s or PhD-level degree programs, the MBA experience is fundamentally collaborative. Much of the learning comes through case and class discussions, team projects, study groups, and informal conversations. Students teach each other – about their industries, their functional expertise, their leadership experiences, their cultural perspectives, and how businesses actually operate in their home countries.

This was certainly true in my own experience at Ross. Where else can you work on a team comprised of an entrepreneur from Poland, a military veteran from Israel, a consultant from New York City, and an accountant from Puerto Rico? This isn’t an education you can get from a textbook.

So, when Wharton's international enrollment drops from 31% to 26%, or Fuqua’s drops from 41% to 35%, the impact looks something like this:

Most F500 companies operate in multiple countries. Even mid-sized companies can build global supply chains, attract international customers, or manage operations overseas. MBA graduates who have studied alongside peers from dozens of other countries are more effectively prepared to:

An MBA cohort with fewer international students provides fewer of these opportunities.

The value of an MBA extends beyond those two years at school. Of course, the alumni network is one of the degree’s most tangible benefits – it’s why many pursue the degree. A network of international alumni around the world creates opportunities for business – and beyond. When fewer international students enroll, the network becomes less global, which reduces its value for all graduates.

Beyond the MBA classroom, this decline poses broader risks to the American economy:

Over 80% of international students in the U.S. are enrolled in graduate school, and the large majority of those students are in STEM fields – including many MBA students in STEM-designated programs.

Many of the innovations driving the American economy have been developed by international students and researchers who stayed in the U.S. after graduation. When fewer international students come to study, we lose not just their immediate contributions… but also their potential long-term impact as entrepreneurs, researchers, and business leaders in the U.S.

Did you know:

That’s a significant boost to the U.S. economy!

If these types of students redirect their attention to INSEAD, LBS, HEC Paris, and similar programs elsewhere, the U.S. misses out on tremendous upside.

International students contributed approximately $40 billion to the U.S. economy in 2023. They pay tuition, rent apartments, buy stuff, and support local economies. A sustained decline in international students affects consumption – particularly for the programs and local economies that host them.

Time will tell. Is this a true inflection point, and will international enrollment continue to decline? Or will the administration recognize the impact and reverse course? We’ve already seen a correction on the H1-B policy.

Until then, the best and brightest have options. If this year’s application season to date is any indication, international candidates are exploring what other markets and programs like LBS, INSEAD, and more will offer.

What are you seeing and hearing regarding international student enrollment across U.S. MBA programs? Drop me a line at [email protected] and let me know!