NEW DELHI: A 45% decline in Indian student enrolments at US universities in Aug 2025, alongside a 25% rise in international applications to Indian graduate management programmes, points to a clear realignment in global management education, according to Graduate Management Admission Council (GMAC)’s latest white paper.
The data, exclusively accessed by TOI, indicates the long-dominant North American study corridor is losing ground to Asia and continental Europe, shaped by visa policies, currency pressures and affordability concerns.
GMAC’s 2025 Application Trends Survey shows international applications increased in Europe (excluding the UK) and Asia, while declining acr-oss Canada, the UK and the US, with the drop in international demand outweighing growth in domestic applications.
A pulse survey of 361 business schools found 54% of programmes in the Asia-Pacific region reported higher international enrolment in fall 2025 compared with the previous year, while two-thirds of programmes in the Americas recorded declines.
Visa uncertainty is also affecting outcomes after admission. Nearly 90% of programmes in the Americas cited India among the top countries from where students paid deposits but ultimately failed to matriculate, largely because of visa delays, denials or multiple deposits.
GMAC’s Prospective Students Survey shows that non-US candidates’ preference for studying in the US fell to 42% in 2025 from 57% in 2019, while Western Europe held steady at 63%. Application plans for Asia and Eastern Europe increased steadily through 2025, indicating diversification in destination choices. Among Central and South Asian applications to programmes in their home region and East and Southeast Asia rose, while preference for Western Europe increased by six percentage points year-on-year.
India continues to occupy a dual position in global mobility. More than two in five Indian business school programmes still reported the US as their top source of international students, underlining India’s role as a major sender of global management talent. The 25% rise in international applications to Indian programmes suggests that the country is emerging as a destination in its own right.
Schools in Canada, the US and the UK most frequently pointed to changes in visa policy and geopolitical conditions as the main reasons for falling applications. Canada’s 2024 cap on international study permits led to sharp declines in applications and approvals, leaving enrolments well below permitted levels. In the US, the broader higher education sector recorded a 19% fall in new international enrolments, compounded by visa interview suspensions and immigration curbing proposals.
In the UK, restrictions on dependents and a shortened post-study work period contri-buted to a 12% drop in proces-sed student visas in 2024, while Australia’s National Planning Level led to a 16% fall in enrolments in the first half of 2025.
GMAC finds that financial considerations now outweigh institutional reputation in decision-making. The Indian rupee’s fall to record lows against major currencies in Sept 2025 reduced its purchasing power, pushing aspirants to weigh costs more carefully. Looking ahead to 2026, the white paper concludes that global management talent flows will hinge less on rankings and more on visa clarity, post-study work opportunities and affordability.
