Another cycle of MBA rankings and enrollment results has arrived, providing a fresh look at the health and direction of the market. What does the latest data tell us about the market? Do rankings still matter as much as they once did? Which schools are gaining momentum, and which are struggling to maintain their position?
As Round 1 application deadlines approach after the summer, applicants now move beyond broad awareness and begin narrowing their consideration sets with reputation and prestige—often reflected through rankings—continue to play a significant role in shaping perceptions and influencing decisions.
With the release of the latest U.S. News MBA rankings, there is no shortage of commentary on which schools moved up or down the list. Rather than focusing solely on ranking shifts, however, we take a broader view of the market. In this analysis, we examine enrollment trends, the continuing influence of rankings on applicant behavior, and what these signal for business schools heading into the next recruiting cycle.
The MBA market is back—and bigger than ever
*Release data contains institutional enrollment data from the previous year (where applicable / reported)
After a brief post-pandemic correction, the MBA market has regained its momentum. According to enrollment data reported to U.S. News, total MBA enrollment in 2025 surpassed the previous record set during the pandemic-driven surge of 2021, reaching a new all-time high. Notably, this trend was anticipated in Eduvantis’ analysis published last year.
The growth story continues to be driven by Online MBA programs, which have been the primary engine of market expansion for several years. Since 2021, online MBA enrollment has increased by 11%, reaching nearly 120,000 students. The outlook for Full-Time MBA programs is also becoming more encouraging. After several years of relatively flat enrollment, the segment recorded its second consecutive year of growth in 2025—the first time this has occurred in more than a decade. While the gains remain modest, the trend suggests that demand for the traditional residential MBA experience is stabilizing and potentially beginning to recover. Part-Time MBA programs also posted positive results in 2025, adding approximately 1,000 enrollments year over year. Although the increase was relatively small, it marks the first year of growth for the segment following several years of stagnation and decline.
Full-time MBA
The Full-time MBA is becoming more concentrated, with high-ranking and prestigious institutions taking up market share. For example, M7 (Magnificent 7) institutions – comprising of Harvard, Stanford, Warton, MIT Sloan, Booth, Kellogg, and Columbia Business School – market share has been consistently increased and reach more than a quarter since 2022.
Since then, Columbia Business School and Booth focus on growth, whereas others decided to maintain their program size. For example, Harvard Business School decreased their acceptance rate after seeing a growth in applications.
On the other hand, a growing number of institutions appear to be exiting the MBA market compared to 10 years ago, either by discontinuing their MBA programs or by no longer reporting enrollment data to USNEWS. After reaching an all-time low in 2023, there are now 234 institutions reported Full-Time MBA Enrollments on USNEWS.
Unlike the concentration trend observed among elite MBA programs, the fastest-growing Full-Time MBA programs in 2025 do not appear to share a common institutional profile. Growth is occurring across public and private institutions, among both highly ranked and unranked programs, and across states. This suggests that success may be driven more by institution-specific strategies than by structural advantages associated with a particular type of school. One geographic pattern worth noting is that many of the fastest-growing programs are located in the South and Northeast.
Part-time MBA
The fastest-growing Part-Time MBA programs share several common characteristics. Many are located in large metropolitan areas and serve sizable populations of working professionals, including programs in Atlanta, Dallas-Fort Worth, Houston, Los Angeles, New York City, and the Washington, DC region.
Strong regional public universities are well represented among the fastest-growing programs, but growth is not limited to public institutions. The list includes a mix of flagship public universities, regional publics, and private institutions, ranging from UCLA, Berkeley, and Rutgers to Mercer University, Butler University, and Marquette University.
Institutions with Sizable Part-Time MBA Enrollments (50+ in the last two years) and Fastest Part-Time MBA Enrollments Growth (25%+ last year). Sorted by 2024-25 change in enrollments.
| Institution Name | 2024 | 2025 | 24-25 growth | 24-25 growth % | 2026 ranking |
|---|---|---|---|---|---|
| Mercer University – Atlanta | 74 | 387 | 313 | 423% | 166 |
| Texas State University | 140 | 358 | 218 | 156% | 98 |
| University of California – Los Angeles | 558 | 758 | 200 | 36% | 5 |
| Butler University | 84 | 238 | 154 | 183% | 85 |
| University of North Texas | 672 | 798 | 126 | 19% | 91 |
| University of Iowa | 1,164 | 1,286 | 122 | 10% | 22 |
| Rutgers University | 672 | 772 | 100 | 15% | 35 |
| University of Texas – Arlington | 262 | 349 | 87 | 33% | 74 |
| Washington University in St. Louis | 183 | 262 | 79 | 43% | 18 |
| University of Dayton | 55 | 129 | 74 | 135% | 114 |
| University of Nevada – Las Vegas | 140 | 211 | 71 | 51% | 82 |
| Georgia Institute of Technology | 372 | 436 | 64 | 17% | 9 |
| Marquette University | 167 | 229 | 62 | 37% | 41 |
| University of California – Berkeley | 1,092 | 1,153 | 61 | 6% | 1 |
| Wichita State University | 110 | 170 | 60 | 55% | 169 |
| New York University | 1,524 | 1,584 | 60 | 4% | 3 |
| Georgia State University | 538 | 595 | 57 | 11% | 33 |
| Virginia Commonwealth University | 140 | 189 | 49 | 35% | 67 |
| University of Colorado – Colorado Springs | 270 | 317 | 47 | 17% | 142 |
| University of Texas – Austin | 471 | 516 | 45 | 10% | 6 |
| University of Houston – Clear Lake | 183 | 226 | 43 | 23% | 149 |
Note: Enrollment changes may be influenced by reporting differences. Some institutions may adjust how students are classified across program types from year to year.
In terms of market dynamics, the Part-Time MBA market has seen a steady decline in the number of reporting institutions over the past decade, with the pace of decline accelerating since 2022.
Online MBA
In contrast to the other two markets, the Online MBA market continues to expand. While the pace of growth has moderated since the post-pandemic surge, the number of institutions reporting Online MBA enrollments to U.S. News continues to increase, reaching a record 371 programs in 2025.
The competitive dynamics of the Online MBA market differ significantly from the other two, where lower-ranked institutions can still compete, and win, at scale. Many of the fastest-growing programs in 2025 were ranked outside the top 100, with several ranked outside the top 200. While location and institution types vary among these schools, affordability appears to be the one factor contributing to the success.
Institutions with Sizable Part-Time MBA Enrollments (50+ in the last two years) and Fastest Part-Time MBA Enrollments Growth (25%+ last year)
| Institution Name | 2024 | 2025 | 2024-25 growth | 2024-25 growth % | 2026 ranking |
|---|---|---|---|---|---|
| Eastern University | 2,423 | 3,317 | 894 | 37% | 276-364 |
| Trine University | 1,504 | 2,307 | 803 | 53% | 276-364 |
| Colorado Technical University | 2,741 | 3,347 | 606 | 22% | 276-364 |
| University of Massachusetts – Global | 419 | 713 | 294 | 70% | 217 |
| Lewis University | 317 | 586 | 269 | 85% | 276-364 |
| Southern Utah University | 1,052 | 1,312 | 260 | 25% | 217 |
| University of Texas – Tyler | 733 | 914 | 181 | 25% | 254 |
| University of Tennessee – Knoxville | 147 | 284 | 137 | 93% | 119 |
| Arkansas State University – Jonesboro | 840 | 967 | 127 | 15% | 217 |
| University of Illinois – Springfield | 362 | 484 | 122 | 34% | 136 |
| The Citadel | 355 | 471 | 116 | 33% | 259 |
| University of Hartford | 426 | 541 | 115 | 27% | 227 |
| Troy University | 443 | 556 | 113 | 26% | 178 |
| Ohio State University | 260 | 370 | 110 | 42% | 50 |
| DeVry University | 1,788 | 1,894 | 106 | 6% | 232 |
| Tarleton State University | 263 | 367 | 104 | 40% | 276-364 |
| East Carolina University | 782 | 876 | 94 | 12% | 178 |
| North Carolina Central University | 93 | 184 | 91 | 98% | 205 |
| Stony Brook University – SUNY | 161 | 252 | 91 | 57% | 107 |
| Berkeley College-Woodland Park | 363 | 451 | 88 | 24% | 276-364 |
| Oklahoma State University | 404 | 492 | 88 | 22% | 10 |
| University of West Florida | 665 | 751 | 86 | 13% | 178 |
| University of Texas Permian Basin | 632 | 717 | 85 | 13% | 192 |
| Louisiana State University – Baton Rouge | 512 | 593 | 81 | 16% | 78 |
| Arizona State University | 720 | 801 | 81 | 11% | 8 |
| University of Oklahoma | 272 | 352 | 80 | 29% | 59 |
| Westcliff University | 453 | 533 | 80 | 18% | 178 |
| Florida Gulf Coast University | 657 | 728 | 71 | 11% | 192 |
| University of New Hampshire | 146 | 216 | 70 | 48% | 42 |
Ending Notes
While national trends provide valuable context on the overall MBA market, competition ultimately plays out at the regional and institutional levels. The reality is far more nuanced than rankings, tuition, or enrollment growth alone. Applicants are increasingly evaluating factors such as program flexibility, delivery format, specialization offerings, career outcomes, and the balance between academic and practitioner faculty.
As the market becomes more segmented, institutions must develop a clear understanding of their target audiences, competitive positioning, and unique strengths. At Eduvantis, we refer to this as authenticity—the ability to articulate and deliver a value proposition that is both distinctive and credible to prospective students.
Eduvantis helps business schools uncover these insights through market research, competitive intelligence, and student demand analysis, enabling institutions to make smarter enrollment, marketing, and program strategy decisions. To learn more about how your program compares within its competitive market, contact us today.