Four of America’s most prestigious schools, including Harvard, reported a drop in MBA application numbers in 2018.

According to a Financial Times article, the decline in demand in North America is due to a mix between immigration restrictions and an increase in alternatives and cyclical movements in the demand for full-time studies. “The perception that foreign students are not welcome in the United States, fostered by Trump’s halts to immigration, is part of the problem, but it’s not the most important factor,” explains Bill Boulding, dean of Duke University’s Fuqua School of Business, where applications dropped 6%.

In his opinion, the increase in the quality of business schools in Europe and Asia, distance learning options and the perception of greater diversity have also been very decisive. “Now I’m in an older, more established place, with a different work ethic and, frankly, I’m trying to see if this is the place where I’d like to live,” says an American student doing an MBA at HEC Paris.