26% of employers look for AI skills in business graduates: GMAC survey

Hyderabad: According to a survey conducted by the Graduate Management Admission Council (GMAC), AI is becoming a pivotal skill for business school graduates.

Despite concerns about inflation and recession risks, employer confidence in Graduate Management Education (GME) has surged, driven by the increasing relevance of Artificial Intelligence (AI), according to a survey across corporates.

While only 26 per cent of employers currently see AI as crucial, its importance is projected to grow significantly over the next five years, influencing hiring trends across various industries including consulting, finance, accounting, and technology.

What is the survey about?

The Corporate Recruiters Survey, conducted by GMAC along with EFMD and MBA CSEA, collected data from 931 corporate recruiters and hiring managers across 38 countries from January to March 2024.

The survey provides insights into current trends in skill demand, hiring, compensation, and perceptions of MBA and business master’s graduates, aiming to help graduate business schools and employers navigate the evolving job market.

Rising employer confidence in GME

Employer confidence in GME has reached new heights since the pandemic with many global recruiters planning to maintain or increase their hiring in 2024.

One-third of respondents anticipate hiring more MBA graduates than last year, reflecting a broader optimism in the value of GME.

Employers consistently prioritise strategic thinking, leadership and problem-solving skills. As generative AI reshapes the labour market, these core competencies are deemed essential globally.

Joy Jones, CEO of GMAC, emphasised the need for future business leaders to balance technological advancements with human understanding to manage ongoing changes effectively.

Remote working skills Vs remote learning

The survey indicates a significant increase in the perceived value of GME skills in the context of remote and hybrid working environments.

About two-thirds of employers believe these skills are more critical today than at the pandemic’s peak in 2021.

However, the confidence in skills gained from online programs remains lower than those from in-person programs, particularly in technical, leadership and communication abilities.

Despite economic uncertainties, employers maintain an optimistic outlook for hiring business graduates. The consulting, finance, and accounting sectors are expected to increase their hiring of MBA graduates, with data and business analytics showing the most significant projected growth.

Regionally, hiring expansion is most conservative in the United States and the technology sector, while Asia reports the highest intended hiring across GME degree types.

International hiring trends

The survey highlighted a notable increase in international hiring, especially in Asia and Western Europe, compared to pre-pandemic levels.

Martin Boehm of EBS Universitӓt für Wirtschaft und Recht underscored the benefits of international education and employment, emphasising the importance of cross-cultural competencies and global employability.