My daughter currently studies at the Franz Liszt Academy in the Preparatory Class. The level of teaching at the Academy is very high and most teachers speak English and or German in addition to Hungarian.
Many of the foreign students are Japanese, but there are also some Spaniards, and Italians, Germans, etc. Large number of foreign students are post graduate students (although not all).
The historical building is scheduled to undergo a massive renovation starting this summer for 2 years (at least). During the renovation, the Academy will find alternate facilities, but we imagine not as beautiful nor convenient.
My daughter's favorite part about the Academy is the naturally worn indentation by the pedals in the Bartok room (the actual class room where Bartok taught!).
Please let me know if you have any specific questions about the Academy or Budapest.