New GMAC data shows U.S. business schools are losing ground with global candidates as prospective students demand proof of ROI over promises of transformation
Every year, the GMAC Prospective Students Survey confirms some things the graduate management education world already suspected and complicates a few others. This year’s edition – based on responses from 4,253 candidates across 145 countries throughout 2025 – lands closer to the complicated end of the spectrum.
Here are five findings that raise some eyebrows.
For years, the technology sector has been a magnet for ambitious young people considering graduate business school. That pull appears to be weakening – at least among the youngest candidates in the pipeline.
Among prospective students 22 and younger, interest in post-GME technology careers has dropped to just 24%, down from 43% in 2019. That’s a 19-point collapse over six years among the cohort that will define the B-school applicant pool of the late 2020s. Among 23-to-24-year-olds, the decline is similarly pronounced.
Where is that interest going? Finance. The same cohort of candidates 22 and younger now reports 54% interest in financial services careers – up from roughly 30% in 2019. Interest in investment banking and asset management among this group has climbed to 42%, compared to around 21% six years ago.
Ironically, candidates aged 25-39 are actually more interested in technology careers than they were in 2019, even after two years of prominent layoffs and industry turbulence. The oldest candidates in the pipeline are leaning into tech while the youngest are walking away from it. GMAC’s qualitative research on Gen Z candidates points to an emphasis on financial security and career stability as the explanation – and right now, a lot of them apparently think they’ll find it on Wall Street rather than in Silicon Valley.
For as long as anyone in graduate management education can remember, program rankings have been a central currency of the business school marketplace. Candidates researched them obsessively. Schools competed furiously to move up them. Publications built entire business models around them.
That dynamic may be shifting. Among full-time MBA candidates, interest in researching program rankings has seen a statistically significant decline since 2023 – at the same time that research into ROI and career outcomes has climbed to the top of the list. The same pattern holds for non-MBA business master’s candidates.
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