There’s a long way to go in Donald Trump’s four-year second term. But data collected in the first half of its first year by the Graduate Management Admission Council show that while global demand for graduate business education remains strong, it is increasingly shaped by politics — and that the 2024 U.S. presidential election, and Trump’s return to the White House, are having a measurable dampening effect on international students’ willingness to apply to American business schools.
GMAC has found that while the U.S. remains a top destination, its dominance is eroding as Western Europe gains favor and more students in India and Asia opt to stay closer to home. The research, drawing on responses from more than 4,900 prospective students across 147 countries and shared with Poets&Quants in London this week, reveals a steep post-inauguration drop in international candidates who say they are more likely to study in the U.S. — and a simultaneous uptick in those who are less likely.
Sentiment varies by region, but the trend is clear: the political environment in the U.S. is becoming a major factor in graduate business education decision-making.
Here’s what GMAC’s charts reveal, one graph at a time.
U.S. & EUROPE NECK-AND-NECK FOR GLOBAL CANDIDATES
Source: GMAC
While the U.S. remains a leading destination for business education, its dominance has slipped. Between 2019 and 2024, preference for the U.S. among prospective students fell from 41% to 35%, while Western Europe rose to match it at 35%. The shift reflects growing global interest in shorter, more affordable programs and less political volatility.
INDIAN CANDIDATES ARE STAYING CLOSER TO HOME
Source: GMAC
In 2024, a record 53% of Indian graduate business education candidates planned to apply to domestic programs — up sharply from 38% in 2019. At the same time, international applications from India declined to just 34%. Rising quality of Indian institutions and concerns about geopolitical barriers are driving the shift.
EUROPE LEADS MONTHLY DESTINATION PREFERENCES IN 2025
Source: GMAC
From January to June 2025, Western Europe consistently ranked as the top study destination for non-U.S. candidates. The U.S. trailed slightly behind, with Central and South Asia, East Asia, and Canada as more distant alternatives. These trends show Europe’s expanding appeal amid shifting political winds.
APPLICATION PLANS MIRROR DESTINATION PREFERENCES
Source: GMAC
Application behavior in early 2025 echoed students’ top destination choices. Interest in applying to Western European schools peaked at 71% in January and June, while applications to U.S. schools dipped from 63% to 58% over the same period. The data signal growing hesitancy to engage with U.S. institutions.
GRADUATE ENROLLMENT DIPPED IN TRUMP’S FIRST TERM — RECOVERY HAS BEEN UNEVEN
Source: GMAC
During Trump’s first term, international graduate enrollment in the U.S. declined sharply. From 2016-17 to 2020-21, the number of international graduate students fell even as Optional Practical Training (OPT) continued to climb — underscoring how work opportunities, not study alone, sustained demand. In 2022-23, graduate enrollment rebounded to its highest level in two decades, but undergraduate and OPT numbers remain below their pre-pandemic peaks.
APPLICATIONS TO U.S. PROGRAMS HAVE BEEN VOLATILE
Source: GMAC
International applications to U.S. business schools have fluctuated sharply over the past decade. Strong growth years like 2018 and 2021 were offset by significant declines in 2020 and again in 2023. The instability reflects broader global uncertainty and reaction to U.S. policy shifts.
U.S. ELECTION SENTIMENT SHIFTS AFTER THE INAUGURATION
Source: GMAC
Prior to the 2024 election, more than half of international candidates said the outcome made them more likely to apply to U.S. programs. But after the inauguration, that enthusiasm dropped sharply, with a growing share saying they were now less likely to apply. The post-election cooling effect is clear.
OPTIMISM FADES IN THE MONTHS AFTER TRUMP’S RETURN
Source: GMAC
Between May 2024 and June 2025, the proportion of international candidates who felt “significantly more likely” to study in the U.S. fell steadily. Meanwhile, those saying they were less likely rose gradually, especially after Trump’s inauguration. Political events appear to have a lingering influence on sentiment.
REGIONAL BREAKDOWN: WHO’S MOST DISCOURAGED?
Source: GMAC
Post-election, skepticism toward U.S. study opportunities grew across all regions. Candidates in Asia, Latin America, and Eastern Europe were particularly discouraged, while those in the U.S. and Western Europe were more neutral or positive. The regional divide reflects differing expectations and exposure to U.S. politics.
DON’T MISS HOW THE TRUMP ADMINISTRATION IS STRONG-ARMING HIGHER EDUCATION
