Abstract This study employs the Fuzzy Analytical Hierarchy Process (FAHP) to assess stakeholder preferences regarding MBA program attributes and delivery modes, specifically online versus on‐site, in the post‐COVID‐19 context of Nepal. Data were collected from three core stakeholder groups: Academic Bodies (faculty and administrators), Business Sector professionals (employers and HR managers), and Decision‐Makers (students, alumni, applicants, and parents). Results reveal distinct value orientations: Academic Bodies prioritized curricular frameworks and instructional quality, showing a slight preference for online delivery; the Business Sector emphasized adaptive learning and job readiness, favoring on‐site programs; Decision‐Makers focused on employability and cost, also preferring on‐site formats. The findings provide a structured, comparative view of stakeholder priorities and delivery preferences, offering evidence‐based guidance for reforming MBA programs. This study demonstrates the utility of FAHP in triangulating stakeholder input and enhancing policy decisions in management education within developing contexts.