In an ever-changing world, the integration of artificial intelligence (AI) into business education is revolutionizing the higher education landscape. The year 2022 marks a turning point with the arrival of ChatGPT, an AI-powered language model developed by the American research organization OpenAI. In just a few months, ChatGPT gained over 100 million users, becoming the fastest growing consumer software application of the time.
Following this resounding success, Christian Terwiesch, Co-Director of the Mack Institute, piqued the interest of colleges and business schools with a white paper titled “Would ChatGPT Get an MBA at Wharton ?” The answer is not long in coming: a resounding yes!
Despite its early nature as ChatGPT3, offering less extensive capabilities than it offers today, this software quickly demonstrated its ability to automate tasks typically assigned to highly paid knowledge workers, such as analysts, managers and consultants. He was able to handle professional tasks such as writing computer code and drafting legal documents.
Terwiesch evaluated ChatGPT’s performance on an MBA operations management final exam. He found that while ChatGPT excelled at basic concepts, case study explanations, it sometimes made surprising errors in simple calculations. The software struggled on advanced multi-product process analysis questions involving stochastic effects such as demand variability. However, he found that ChatGPT could effectively correct itself after receiving guidance from human experts.
Overall, he judged ChatGPT’s performance on the exam to be worthy of a grade of B to B-, highlighting major implications for business school education, including the need for exam policies, curriculum design focused on collaboration between humans and AI, opportunities to simulate real-world decision-making processes, the need to teach creative problem solving, improving educational productivity, and much more.
The future is already here; according to investment bank Goldman Sachs, AI systems like ChatGPT could automate up to 300 million jobs worldwide. The impact of AI on the labor market is expected to be significant, but most jobs and industries are only partially exposed to automation, and are therefore more likely to be supplemented than replaced by AI.
It is in this complementarity that the true value of AI lies. Although AI should not pass students’ exams or write their assignments, ChatGPT suggests that MBA students can use AI tools for data analysis, research, immersive simulations and to improve their skills relational.
Antromorphic’s Claude.ai claimed that it could act as a virtual tutor or high-level thinking partner for MBA students, adding that: “By adopting AI-powered platforms, students can gain a competitive advantage, develop essential analytical and decision-making skills, and better prepare for the AI-powered business world of tomorrow.”
Business schools are also responding to this educational revolution. A 2023 report from the GBC Roundtable found that most business school faculty and professionals recognize the importance of integrating generative AI into the curriculum, despite some concerns and challenges. It was found that 74% of business schools taught generative AI as a subject on the curriculum, although only 15% said it was taught significantly or comprehensively.
One in five business schools offered courses dedicated to generative AI, with common topics including introduction to AI, ethical/legal implications, and industrial innovation. Despite this, only 30% reported having a university or faculty policy on the use of generative AI, while only 20% had a formal group working on such a policy.
The report foresees a gradual and cautious integration of generative AI into business school curricula, as higher education institutions recognize its importance, despite challenges related to integrity, misinformation and training needs .
In an ever-changing educational landscape, the integration of AI into business education promises to bring significant changes, transform the way future professionals acquire knowledge and hone their skills, and prepare them to a business world increasingly focused on technology and innovation.