UCLA Anderson disclosed a 12-point drop in international MBA representation over two admission cycles—falling from 47% to 35%—a sharp recalibration that tracks with sectorwide declines at top business schools. Program leaders point to visa uncertainty, rising costs, and changing work prospects in the U.S. as drivers pushing candidates toward Europe, Canada and Asia. Federal data released ahead of the fall semester show international student arrivals to the U.S. fell roughly 19% year-over-year in August, with Asian enrollments down nearly 25%. Universities from Harvard to regional public systems are reporting notable declines that have prompted budget cuts, hiring freezes and program consolidations at some campuses. Institutions dependent on international tuition revenues and graduate research talent are now revising financial forecasts and ramping recruitment strategies abroad. Trustees and enrollment officers should prioritize visa advocacy, tailored aid packages, and targeted marketing to stabilize international cohorts.