×· Q4 2026
— days until Round 2 closes (Jan 5, 2027), historically Fuqua's biggest round

What new students from search are worth to Fuqua in net tuition

Fuqua's Daytime MBA applications fell 23% this cycle and the class came in 67 seats smaller (426 to 359), while Fuqua's search traffic fell 39% since April. Prospects ask Google and AI ~54,000 generic MBA questions a month, and Fuqua isn't in the top 100 for most of them. This models what answering them, plus program-search ads, is worth in new students and net tuition. Only the application-to-enrollment rate is Fuqua's own; every other rate is a placeholder until Fuqua's numbers replace it.

Demand
2,700
From pages that answer the generic MBA questions prospects search ~53,660 times a month (21 generic MBA terms, excluding "mba", "gmat" and "online mba"; Ahrefs, US, Oct 2026). 2,700 is 5% of them. Pages take 3–6 months to rank.
0
Kept at 0 in the headline. 39.6% of US prospective students used ChatGPT last month (GWI, proxy); Fuqua's GA4 can show today's AI referrals.
$25,000
Search ads for Daytime, Weekend Executive MBA and business master's searches, plus brand protection. Fuqua's own Jun–Aug 2026 burst ran at ~$60K a month (Ahrefs).
$15.00
Placeholder. "MBA" clicks cost $17.33 in an EAB client case; online-MBA clicks $14.29 (Benchmarketing).
Funnel
1.5%
Placeholder until Fuqua shares its own: request-info forms and event sign-ups from question pages.
5%
Placeholder. At ~$15 a click, MBA cost per lead benchmarks of $229–$395 imply 4–7%.
10%
Placeholder; the least certain rate (see the sensitivity table). A top-50 full-time MBA reported 7%.
11.6%
Fuqua's own: 359 enrolled from 3,088 Daytime MBA applications, Class of 2028 (Poets&Quants, Sep 2026).
$117,180
Placeholder: $167,400 Daytime MBA list tuition for two years (2026–27) less a 30% average scholarship. Weekend Executive MBA lists at $185,600.
Net tuition from each new class
$2,019,902
over the program, after scholarships
17.2
New students a class
~26% of the 67 seats lost this year
149
Applications
from 1,486 inquiries
$4.53
Net tuition per $1 of ads
ads alone: ~11.6 students
$25,862
Ad cost per new student
of $300,000 in ads a year

Ads alone: ~12 new students. With the pages ranking: ~17 on the same ad budget.

New students a class, by channel

Ads alone
11.6
Pages
5.6
Both together
17.2
Seats lost this year
67

The class came in 67 seats smaller this year (426 to 359). Yellow is what the pages add.

From visits to students, one class

52,400
Visits & clicks
32,400 visits · 20,000 clicks
1,486
Inquiries
486 pages · 1,000 ads
149
Applications
10% of inquiries
17.2
New students
11.6% of applications

A year of visits and ad clicks at the rates set above. Only the last step, application to enrollment, is Fuqua's own rate.

If the least certain rate comes in different

Inquiry to application$83,7001 year, list$117,180placeholder$167,4002 years, list

Net tuition a class. Columns are net tuition per new student: one year of Daytime MBA list tuition, the placeholder (two years less a 30% average scholarship) and two full years at list. Every other rate as set above; the yellow cell matches the current setting.

The paid view

Ad budget a year$300,000
Ad clicks a year20,000
New students from ads11.6
Net tuition per $1 of ads$4.53
Ad cost per new student$25,862

Pages add ~5.6 students on the same ad budget.

For scale: buying the same 2,700 visits a month as ads would cost ~$40,500 a month at $15.00 a click. Pages also reach what ads can't: AI answers and the ~85% of generic MBA clicks ads rarely win.

What waiting costs

Each month without the plan defers ~$168K of net tuition. Fuqua's search traffic is down 6,201 visits a month since April (−39%), from ~15,857 to ~9,656 (Ahrefs). Round 2 closes Jan 5, 2027: ads can still reach it, and the ads part, ~$1.4M at these rates, is what the class entering in fall 2027 can mostly still get. Pages take 3–6 months to rank, so they mostly land for the class entering in fall 2028.

Assumptions & sources. Only application to enrollment is Fuqua's own: 359 enrolled from 3,088 Daytime MBA applications for the Class of 2028, down from 426 from 4,032 for the Class of 2027 (Poets&Quants, 4 Sep 2026, Fuqua data). Every other rate is a placeholder until Fuqua shares its own (inquiries and applications by source, average scholarship). Search: Ahrefs, US, pulled 12 Oct 2026 (modeled estimates): organic traffic of ~15,857 visits a month in April 2026 and ~9,656 in October; ~53,660 generic MBA question searches a month from 22 generic MBA and business-school terms (67,660 a month) less "online mba" (~14,000; Fuqua has no online MBA), with "mba" (~165,000) and "gmat" (~24,000) left out; Fuqua's own search ads peaked in Jun–Aug 2026 (~3,967 paid visits in July, ~$60K a month at ~$15 a click). Tuition: Fuqua 2026–27 tuition pages (Daytime MBA $83,700 a year, $167,400 for two years; Weekend Executive MBA $185,600). AI: GWI USA, Q3 2025–Q2 2026, a proxy audience of US internet users who expect to go back to school in the next 6 months (39.6% used ChatGPT in the last month). Benchmarks: EAB ($17.33 a click on "MBA" in a client case), Benchmarketing ($14.29 a click on online MBA), MBA cost-per-lead benchmarks of $229–$395, and the MSU Broad / GMAC GradSelect case (7% inquiry to application at a top-50 full-time MBA). Business master's programs (MQM, MMS, MSQM) and any gain in yield are not in the number. ROAST fees are not in the number.
Formula. Organic students = (new non-branded visits + AI visits a month) × 12 × visit to inquiry × inquiry to application × application to enrollment. Ad students = ad budget a month ÷ cost per click × 12 × click to inquiry × inquiry to application × application to enrollment. Value = (organic + ad students) × net tuition per new student, over the program, after scholarships. Net tuition per $1 of ads = ad students × net tuition ÷ ad budget a year. Ad cost per new student = ad budget a year ÷ ad students. Each month of waiting = value ÷ 12. The tiers change only the visits, AI visits and ad budget; the rates stay as set.
Part of the ROAST × Duke Fuqua search, paid media and AI visibility analysis, October 2026.