Where Did Japan’s MBA Applicants Go?

Two decades of decline, the reasons behind it, and signs of renewal

For the past twenty-five years, I have worked as an MBA admissions consultant in Tokyo, guiding more than five hundred Japanese professionals into top programs around the world. Over that time, I have witnessed a steady and unmistakable decline in the number of Japanese professionals choosing to pursue global MBAs. When I began this work in the early 2000s, Japanese candidates were a common sight on U.S. campuses, and many large firms routinely sponsored multiple employees each year. Today, the numbers tell a very different story. Although exact headcounts are hard to verify, estimates suggest that Japanese enrollment in U.S. MBA programs has fallen from around 250 in 2000 to just over 100 in the Class of 2026 (Poets & Quants, 2025). Data from the Nikkei indicates that graduates from the top 10 U.S. MBA programs have dropped from 104 in 2009 to only 59 in 2024 (News on Japan, 2024). Even at Harvard Business School, which once enrolled 30 to 40 Japanese students per class, anecdotal accounts suggest only a handful remain (Fortune, 2015). This statistic is 10 years old, but the numbers haven’t improved. While Harvard now reports that 39 percent of its MBA students are international, representing 705 students from 80 countries, the precise number from Japan is small enough that it is no longer broken out separately (Poets & Quants, 2024).

The reasons behind this decline are multiple and interlocking. Japan’s shrinking economy has reduced the appetite of major corporations to invest in lengthy, expensive overseas education. Where once sponsorships were plentiful, today they are far fewer, reflecting both cost pressures and concerns about retaining talent after graduation. At the same time, the weak yen has made U.S. tuition and living costs—already among the highest in the world—even more burdensome for self-sponsored students, who must shoulder the cost personally. Corporate training priorities have shifted as well. Two years abroad is now often seen as too long and too risky, especially when shorter, specialized programs at home or in Asia can deliver targeted skills at a fraction of the price. Perhaps most significantly, cultural attitudes have changed. Earlier generations of Japanese professionals were more outward looking, eager to immerse themselves in international environments. Today’s rising managers are more pragmatic, weighing return on investment carefully and often opting for one-year MBAs in Europe, professional master’s degrees, or programs closer to home.

Yet within this larger decline, I have observed one very positive trend. The share of Japanese women pursuing MBAs has increased steadily. When I first started consulting, only about five to seven percent of my clients were female. Today, that figure has risen to twenty to twenty-five percent. This mirrors the global direction of business education: organizations like the Forté Foundation report female enrollment reaching 40 percent or more at many leading programs (Forté Foundation, 2024). In Japan, where women’s representation in leadership roles remains low, the growth of female MBA candidates is an encouraging sign that more women see the degree as a viable path to senior positions and international careers.

The decline in numbers does not mean that opportunities have disappeared. In fact, scarcity can work to the advantage of well-prepared Japanese applicants. Business schools value nationality diversity, and with fewer Japanese in the pool, those who do apply stand out more. Japan remains the world’s third-largest economy, and global firms continue to seek leaders who can bridge Japanese corporate culture with international strategy. Alumni networks, though thinner today, present another opportunity: new admits have the chance to take visible roles in rebuilding those communities, which in turn strengthens their influence and career prospects.

For candidates considering the MBA today, the challenges are real. They must think carefully about the return on investment, plan financing strategies that account for the yen’s weakness, and align their career goals with the needs of sponsoring employers or future recruiters. But for those willing to do that work, the MBA remains one of the best springboards to global leadership. The numbers may be down, but the value is still there—and for Japanese women in particular, the momentum is finally shifting in the right direction.

If you are considering graduate study abroad and want to explore your options, visit www.roahconsulting.jp or reach out directly at info@roahconsulting.jp. I would be happy to help you take the first step.