Graduate management admissions are shifting: GMAC data show a growing share of MBA candidates are applying closer to home or choosing hybrid models, and business‑school leaders are retooling recruitment and program design accordingly. Schools are emphasizing affordability, immigration clarity and regional career connections as drivers in candidate decision‑making. The shift comes as international student enrollments in the U.S. fell sharply—new international enrollments dropped about 17% in 2025—creating revenue and pipeline pressures for many campuses. Business schools and graduate programs must adjust recruiting geographies, bolster employer partnerships and expand hybrid offerings to capture talent that once migrated to traditional Western hubs.