Global GMAT administrations fell 19% in the 2025 testing year, GMAC reported, marking one of the sharpest single‑year declines in recent memory. GMAC attributed the drop to test‑optional admissions, the growth of GRE use and disruptions tied to the new GMAT Focus Edition and its scoring changes. At the same time, law and business graduate programs reported rising application volumes—prospective students are responding to a difficult early‑career job market by seeking additional credentials. GMAC’s data showed fewer test takers but industry analysts and deans note application growth driven by career anxiety among Gen Z and early‑career professionals. Implication: admissions offices must reconcile fewer standardized score submissions with growing applicant pools and evolving employer expectations. Admissions teams face short‑term complexity in evaluation and scholarship allocations as credentialing and standardized testing trends shift.