AACSB International released its 2025 enrollment analysis showing a rebalancing in graduate business education: MBA enrollment slipped 6% over five years while applications to master’s‑level programs rose 25%. Specialized master’s programs gained ground — growing 11% — and now make up more than half of master’s enrollment worldwide, with international students powering much of the increase (international master’s enrollments up 25% since 2020‑21). The report highlighted geographic variation and concentration effects where a few schools enroll outsized cohorts, and flagged volatility in international pipelines that institutions must manage. Career services, program design teams and deans are recalibrating recruitment and curricular strategies to align with employer demand for specialized, technical and shorter‑term credentials.