Right around the time Donald Trump won re-election as president of the United States, respondents to a major annual poll decided in droves that they were suddenly less interested in studying internationally for an MBA.
Coincidence?
The latest Tomorrow’s MBA study from CarringtonCrisp, in association with EFMD, doesn’t assert a direct correlation between the election of an avowed anti-immigration president and the sudden widespread disinterest in studying abroad. But the reversal is striking: In the study carried out last November and December among 1,908 prospective MBA students across 37 countries, fewer than 1 in 5 respondents (19%) expressed a preference for studying overseas — anywhere overseas — compared to 39% in the previous edition of the study in 2024.
MOST-VALUED TECH-RELATED SUBJECT: YOU GUESSED IT, AI
Andrew Crisp, author of the study published in January and co-founder of the higher education data analysis firm, doesn’t make a direct connection to Trump when searching for causes for the precipitous decline in interest in international study. Instead, he refers to “Increasingly restrictive visa policies in several major MBA markets” and “geopolitical instability” as factors “combining to put some students off studying internationally.” Another factor: the “improving quality of domestic and online MBA programs,” something that has significantly driven down China’s talent exports in recent years.
The world’s increasingly homebound students are also continuing to turn toward specialized MBAs, the new study finds, with nearly twice as many respondents (41%) expressing a preference for specialist programs over traditional generalist MBAs (23%). AI (43%) is the most valued technology-related subject in an MBA, followed by Data Analytics and Decision Making (33%), Technology Management (31%), Digital Marketing (29%) and Cybersecurity (27%).
Respondents’ primary motivation in wanting to study for an MBA is focused on career outcomes, with a third (33%) indicating that an MBA/EMBA “is essential for me to advance my career as I desire.” Conversely, money is the main issue in not undertaking an MBA, with the top three reasons as “the fees being too much” (32%), “an MBA not offering a good return on investment” (30%), and “receiving too little or no financial aid/scholarships” (25%).
‘AN INTERESTING & CHALLENGING TIME FOR MBAs’
One in five (20%) respondents are open to alternatives to an MBA or EMBA, with a Professional Qualification (30%), Masters (29%), and Certificate/Diploma (21%) being the most popular. “Students are open to other forms of learning that they perceive as offering value for money and flexibility,” Andrew Crisp says. “Business schools need to clearly articulate the distinct value proposition that an MBA offers over alternatives.”
The study also reveals a shift back toward traditional, full-time, on-campus MBA programs, with a third (33%) expressing a preference for this way of learning. In comparison, in the previous study, approximately two-thirds of respondents (66%) favored blended or hybrid study formats. This shift may reflect a renewed desire for face-to-face interaction, immersive classroom experiences, and enhanced networking opportunities—elements that are often more easily achieved in an on-campus setting.
“It is an interesting and challenging time for MBAs. Geopolitical developments and other factors are affecting international MBA student movements, the pace of AI development is changing how and what is taught on MBAs, and there is a growing array of MBA alternatives,” Crisp says. “Despite this, the MBA is still a flagship qualification, and the onus is on business schools to keep up with the pace of change and deliver programs that prospective students are looking for.”
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