GMAC’s survey highlights AI integration in business education
RESTON, Va., Nov. 25, 2024 (GLOBE NEWSWIRE) — A recent survey by the Graduate Management Admission Council (GMAC) revealed that a striking 75% of MBA and business master’s programs have successfully woven artificial intelligence (AI) into their curricula. This shift emphasizes a holistic approach, examining the implications of AI in business ethics, informed decision-making, hands-on applications, and strategic planning, facilitating students’ preparedness for an increasingly tech-driven marketplace.
Since the inception of generative AI, following the pivotal release of OpenAI’s ChatGPT in late November 2022, business schools are actively reshaping their offerings. They are responding to the escalating expectations of prospective students eager to incorporate AI into their studies, while also aligning with corporate recruiters who anticipate a heightened demand for AI-related skills in the workforce over the coming years. This year, GMAC’s comprehensive survey, which engaged over 4,000 prospective business students globally, illuminated a remarkable increase in the percentage of candidates deeming AI essential to their preferred educational framework—now reaching an impressive 40%.
In a parallel study of nearly 1,000 corporate recruiters—50% of whom hail from Global Fortune 500 companies—GMAC discovered that while employers may currently show limited concern over business graduates’ AI expertise, there is a collective foresight regarding its escalating importance in the next half-decade. This indicates a proactive approach in both education and hiring sectors, underscoring the need for students to gain proficiency in AI tools and applications.
“There is no doubt that business schools have taken it up a notch in responding to market imperatives in technological advancements,” emphasized Joy Jones, CEO of GMAC. “This year’s soaring applications to graduate business programs proves that business schools are on the right track meeting student demands head on, helping graduates upskill with employer’s most coveted capabilities in an AI-affected world.”
A grassroots approach in AI integration
To gain deeper insights into the ways business schools globally have adeptly incorporated AI into curriculum design and administrative strategies, GMAC initiated a detailed AI in Business Education case study series in 2024. Notably, the MIT Sloan School of Management exemplifies this approach, having adopted a synchronized, crowdsourced strategy to encourage faculty involvement in innovative technology experiments. This initiative has fostered numerous projects poised for wider application, including advanced classroom chatbots, tools for monitoring student engagement, and comprehensive resources for handling administrative inquiries. This collaborative strategy harnesses the collective insights of faculty to anticipate market trends and swiftly adapt to new technological developments.
“We believe the integration of generative AI into teaching and learning can be a great differentiator for MIT Sloan,” remarked Rodrigo Verdi, deputy dean for degree programs, teaching and learning. “AI is a great enabler and opportunity for levelling up. Given that MIT itself is at the frontier of the development of artificial intelligence, we intend to double down.”
Small but innovative approaches in AI
At the European School of Management and Technology (ESMT) in Berlin, the institution has carefully invested AI resources, reflecting its smaller size while fostering organic growth in AI initiatives and strategically planning future resource allocations. This methodology led to the creation of a unique plug-in system built on a custom generative pre-trained transformer (GPT), which offers distinct interfaces for student support, academic integrity training, and faculty assistance in course development.
“We are genuinely excited about the transformative potential of AI in the academic sphere,” expressed Jörg Rocholl, president of ESMT Berlin. “At ESMT Berlin, our aim is to ensure fair and responsible access to generative AI technologies for our entire community. This will not only enhance our capabilities in research, teaching, and operations but also ensure that we remain at the forefront of technological advancement in business education.”
About GMAC
The Graduate Management Admission Council (GMAC) is a visionary association representing top graduate business schools worldwide. GMAC not only provides research and industry conferences, but it also offers invaluable recruiting tools and assessments within the graduate management education sector. Furthermore, GMAC administers the widely recognized Graduate Management Admission Test™ (GMAT™), which remains the preeminent assessment for prospective business school candidates.
More than 13 million aspiring students annually rely on GMAC’s extensive digital platforms, including mba.com, to discover and connect with MBA programs worldwide, prepare for admissions tests, and access valuable guidance for successful applications to business master’s programs. BusinessBecause and GMAC Tours serve as vital subsidiaries of GMAC, a global organization with regional offices located in China, India, the United Kingdom, and the United States.
To learn more about our work, please visit www.gmac.com.
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**What are the main factors driving the integration of AI into MBA programs according to Joy Jones?**
**Interview with Joy Jones, CEO of GMAC**
**Interviewer:** Thank you for joining us today, Joy. The GMAC survey indicates that 75% of MBA programs are integrating AI into their curricula. What do you think is driving this significant shift?
**Joy Jones:** Thank you for having me! The integration of AI into business education is being driven by a combination of student demand and the changing job market. Students are increasingly seeking programs that prepare them for a tech-driven workplace, and employers are recognizing the need for graduates to possess AI-related skills. Our survey has shown that 40% of prospective students now consider AI essential to their learning experience, which compels business schools to adapt accordingly.
**Interviewer:** That’s fascinating. You mentioned the expectations from corporate recruiters as well. What did the survey reveal about their views on AI skills in graduates?
**Joy Jones:** We found that while current hiring practices may not heavily emphasize AI expertise, there’s an overwhelming consensus among recruiters that this will change in the next five years. Many recruiters are already strategizing for the future, indicating a proactive stance towards understanding AI’s importance within the workforce. This foresight reinforces the urgency for business schools to equip students with the necessary AI skills.
**Interviewer:** It sounds like a fundamental change in education is underway. Could you share how institutions like MIT Sloan are approaching AI integration?
**Joy Jones:** Absolutely! MIT Sloan exemplifies a collaborative approach. They initiated a crowdsourced strategy that encourages faculty to innovatively experiment with technology, allowing for a diverse range of projects, from classroom chatbots to tools that monitor student engagement. This strategy not only promotes faculty involvement but also helps those institutions quickly adapt to market demands and new technological developments.
**Interviewer:** ESMT Berlin has also developed a tailored approach to AI. How is their method unique, and what are its goals?
**Joy Jones:** ESMT Berlin’s investment in AI reflects its commitment to nurturing innovation despite its smaller size. They’ve created a custom generative pre-trained transformer with distinct interfaces aimed at student and faculty support. Their goal is to ensure responsible access to AI technologies across their community, ultimately enhancing teaching, research, and operational capabilities. Jörg Rocholl, their president, emphasizes that this approach positions them at the forefront of business education.
**Interviewer:** It’s clear that AI is reshaping the educational landscape. How do you see the future of business education evolving with these changes?
**Joy Jones:** The future of business education will increasingly revolve around technology and adaptability. As we continue to witness advances in AI, schools will need to remain agile, revising curricula to incorporate emerging tools and ensuring students graduate well-equipped for the challenges ahead. Our commitment at GMAC is to facilitate this evolution, reinforcing the connection between academic institutions and the rapidly changing demands of the marketplace.
**Interviewer:** Thank you for sharing your insights, Joy. This is evidently an exciting period for both education and the business sector.
**Joy Jones:** Thank you! I look forward to seeing how these changes will empower students and shape the future of business education.
