The 2026 GMAC prospective‑students survey reveals shifting priorities for graduate management applicants: prospective business‑school candidates now prioritize clear ROI and AI fluency over career pivots, with geopolitical uncertainty and immigration policy pushing some to consider programs outside the U.S. At the same time, reporting on how many college graduates use their degrees highlights employer and student concerns about alignment between credentials and job outcomes. Business schools and university career teams will need to sharpen program evidence, emphasize measurable career outcomes, and integrate AI skills into curricula. Recruitment strategies must address mobility concerns and communicate concrete return‑on‑investment metrics to retain an increasingly discerning candidate pool.