Applications to undergraduate business programs climbed 38% over five years, but global enrollment remained largely flat
Undergraduate business education at AACSB-accredited schools remains fundamentally stable, but new data suggest that stability increasingly reflects offsetting forces rather than uniform strength, as student decision-making grows more selective and regionally uneven.
According to Enrollment Trends at AACSB Business Schools: 2025, released this month by AACSB International, applications to undergraduate business programs rose 38% over the past five years, underscoring the enduring appeal of business degrees as pathways to employment, mobility, and professional relevance.
Yet that surge in interest translated into far smaller gains in actual enrollment, pointing to a widening gap between aspiration and commitment.
UNDERGRADUATE BUSINESS ENROLLMENT HOLDS STEADY AMID SHIFTING STUDENT BEHAVIOR
AACSB’s data suggest that prospective undergraduate students are applying more broadly and weighing offers more carefully than in the past. The result is a more competitive conversion environment for schools, where higher application volumes do not automatically translate into larger entering classes. Instead, institutions are facing a market in which students are evaluating value, outcomes, geographic opportunity, and program fit with greater scrutiny.
“The data affirms that global business education remains vibrant, even as the composition of programs and student populations continues to evolve,” says Lily Bi, president and CEO of AACSB. “These findings underscore AACSB’s commitment to advancing excellence and innovation in business education worldwide. Business schools are expanding specialized offerings, adopting flexible delivery models, and strengthening international partnerships to meet the needs of a rapidly changing global environment.”
Regionally, undergraduate enrollment patterns diverged sharply. Growth in the Americas and in Europe, the Middle East, and Africa helped sustain global stability, while Asia Pacific experienced declines that offset those gains. This regional imbalance reflects broader demographic, economic, and policy dynamics shaping global student flows, as well as varying levels of competition from alternative educational pathways.
APPLICATION GROWTH OUTPACES ENROLLMENT COMMITMENT
International undergraduate enrollment followed a similarly mixed pattern. Globally, the number of international undergraduates remained stable, but AACSB found wide variation at the institutional and regional level. Some schools reported gains, while others experienced meaningful declines, reinforcing the increasingly localized nature of undergraduate recruitment even within a globalized education market.
Demographically, undergraduate business programs showed little change over the five-year period. Women consistently comprised 44% of undergraduate enrollment, a figure that has held steady despite shifting application behavior and regional enrollment swings.
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