How Should Students Evaluate a Business School in 2025?

• With so many business schools out there, the differences between individual schools can be paper-thin.
• Although financial measures remain an important part of the decision-making process, they’re no longer the only consideration for students.
• Global and societal events have shaped the ways students decide on a business school.

According to popular business school metrics, 2024 was a difficult year for Harvard Business School. MBA job placement rates were down, graduate salaries were down, and the school’s position in global rankings was down. But that didn’t tell the whole story.

In the same year, Harvard also retained its place at the top of the Times Higher Education World Reputation Ranking for the 14th consecutive year, was awarded more student aid than ever before, and saw more than 60 social impact startups produced by its MBA cohort.

The Harvard dilemma illustrates why evaluating a business school in 2025 is so difficult. Although financial considerations remain important for students, they’re now looking at more factors than ever when comparing schools.

“By and large, the foundation of what this cohort are looking for hasn’t changed dramatically,” says admissions consultant Oren Margolis. “They see a very volatile job market, and so this generation is more focused on security than previous generations. But there is more in the mix.”

Let’s take a look at how else students should evaluate a business school in 2025.

Opportunity Cost

Economic uncertainty tends to lead to a boom in business school applications—and today’s volatility is no different.

Global business master’s-level applications rose by 18 percent between 2023 and 2024, with many in the industry predicting another increase this year. But although we’re seeing more overall applications, it does seem that students are being more selective with the format they choose.

Students may want to explore the growing number of part-time, hybrid, and online programs available.

“We’ve observed a shift away from traditional two-year full-time programs over the last 10 years,” says Brian Rothschild, assistant dean for graduate studies at Stevens Institute of Technology’s School of Business. “Students increasingly focus on factors like the time it takes to complete the degree and the program’s cost. We’re finding that potential students are looking for a balance between academic excellence and more practical considerations like flexibility and affordability.”

Margolis has also observed this trend, noting that many students aren’t willing to “take the risk” of leaving a secure job to start a full-time program—particularly for two years. Opportunity cost is now an even bigger consideration for students. Is it worth taking one or two years out of the workforce to study an MBA? If not, students may want to explore the growing number of part-time, hybrid, and online programs available in 2025.

A Career With Purpose and Meaning

If students do decide to take a chance and go to business school, they’re also looking to gain a more fulfilling and purpose-driven career from it. According to education consultant JoNataye Prather, this change of outlook was another unintended consequence of the COVID-19 pandemic.

“The pandemic reshaped student expectations, emphasizing work-life balance, experiential learning, and career adaptability over traditional academic prestige,” she explains. “Students in 2025 are looking beyond salary increases and prestige when selecting business schools.”

This desire among students for a greater sense of purpose has had an indirect effect at business schools. Now, a post-grad career isn’t limited to traditional MBA industries such as finance or consulting. More and more business school graduates are moving into growth industries such as healthcare and sustainability, which can provide a more meaningful career and greater fulfillment to some.

According to Dennis Shirshikov, a professor of finance, economics, and accounting at the City University of New York, this shift in outlook has also changed the way that business schools measure their own success.

The desire among students for a greater sense of purpose has had an indirect effect at business schools.

“For example, the Yale School of Management expanded their factors for measuring student success from salaries and careers to impact-based metrics like the portion of graduates who lead social responsibility-oriented projects or work for nonprofits,” he notes.

Environmental and Ethical Considerations

Business school students are looking for a more fulfilling career—but they also want their time at business school to be just as meaningful. Schools are responding to that by emphasizing their own ethics and values, and how they align with those of their students.

“Students are actively evaluating institutions based on measurements of how schools implement ESG (environmental, social, and governance) principles, scrutinizing the degree to which schools’ curricula, extracurricular opportunities, and campus cultures reflect these factors,” says Shirshikov.

The differences between schools can be small, so researching the values and ethics of each institution will make your decision that much easier. Aligning with a school’s values will also likely make the time you spend there more enjoyable.

Student Well-Being Initiatives

Whether you study an MBA as a full-time or part-time student, you’re going to devote hundreds of hours to the program. With financial pressures and global economic uncertainty added in, a variety of factors could potentially affect your mental health during your studies. For this reason, student well-being programs have become an increasingly important part of MBAs and other business degrees.

“Students now assign great importance to a school’s approach to nurture mental health, personal development, and a sense of community responsibility,” says Shirshikov. “Business schools hitting on these trends have started responding by not just offering but promoting personal enrichment courses, mental wellness programs, and extensive networking with alumni in purpose-driven careers.”

Managing student well-being is a far more complex business than it once was, and the schools that support students the best will be the ones with the most appeal.

ROI Is Still King

Although there are more ways to evaluate a business school than ever before, Margolis says that financial considerations remain the most important factors for students.

“In my opinion, people aren’t going to business school to deepen their ethical compass, for example. People still view an MBA as a degree that will ultimately do something for their career,” he says.

The main change is that with so many schools to choose from, students should be looking at as many metrics as possible when making their decisions. That’s where things like ethics, opportunity cost, and well-being come in. Doing more research into factors like these will not only make your decision easier but may also help you choose a career that matters more to you.

Ultimately, doing the research now will get you the best return in the future.