Graduate business education continues to reconfigure: AACSB data show MBA enrollment declined 6% in five years while specialized master’s programs grew, lifting master’s-level applications and international student shares. Schools are retooling offerings toward targeted skills and employer needs, with microcredentials and AI courses climbing in priority. At the same time, hands‑on experiential learning is producing real outcomes: the University of Michigan’s student‑led Wolverine Venture Fund reported a $2.25 billion exit for portfolio company HistoSonics—an early example of student-managed funds delivering material returns and embedding investment experience in curricula.