The Significance of AI Skills in the Job Market

Published Date: 26/06/2024

Despite the rising importance of AI in business, a new survey reveals that employers are not prioritizing AI skills in business school graduates. However, this is expected to change in the next five years.

Artificial intelligence (AI) is revolutionizing the business world, but how much value do employers place on AI skills? According to a recent survey by the Graduate Management Admission Council (GMAC), AI skills are currently low on the list of important skills for recruiters. This is despite the emergence of large language models like ChatGPT, which have brought AI to the forefront of business discussions.

The survey, which included responses from over 900 recruiters across 38 countries, revealed that AI skills were ranked 21st out of 22 possible skills identified. Only 26% of global employers view AI skills as crucial in today's workforce. However, there was consensus among employers that the ability to leverage AI will become significantly more important over the next five years.

The value of AI skills differs across industries, with the tech sector placing the most value on AI skills. However, even in the tech sector, only 36% of employers consider AI skills important for graduates entering the field. Interest in AI skills was lowest in consulting, with just 17% of employers viewing them as important.

In contrast, core business skills such as communication, problem-solving, and strategic thinking were of most value to up to 59% of employers globally. When it comes to how employers believe AI should be leveraged, two-thirds of employers across various industries and regions said they believed AI was best utilized for acquiring new skills and developing business strategies.

Attitudes towards AI skills vary across regions, with Western Europe and Central and South Asia placing more value on AI skills than the US. However, even in regions where AI skills are not highly valued, employers recognize that AI skills will become increasingly important in the next five years.

  information  The Graduate Management Admission Council (GMAC) is a global non-profit organization that provides products and services to the graduate management education industry. GMAC is the owner and administrator of the Graduate Management Admission Test (GMAT) exam.

   ChatGPT is a large language model developed by OpenAI, a non-profit artificial intelligence research organization. ChatGPT has been at the forefront of business discussions, showcasing the potential of AI in various industries.

FAQs:

Q: How important are AI skills to employers today?

A: According to the GMAC survey, AI skills are currently low on the list of important skills for recruiters, with only 26% of global employers viewing them as crucial in today's workforce.

Q: Which industry values AI skills the most?

A: The tech sector values AI skills the most, with 36% of tech employers considering them important for graduates entering the field.

Q: What skills are recruiters looking for in business school graduates?

A: Recruiters seek well-rounded candidates with a blend of technical and soft skills, including core business skills such as communication, problem-solving, and strategic thinking.

Q: How will the importance of AI skills change in the next five years?

A: Employers expect a major shift in their priorities, with AI skills becoming significantly more important in the next five years.

Q: What is the best way to leverage AI in business, according to employers?

A: Two-thirds of employers across various industries and regions believe AI is best utilized for acquiring new skills and developing business strategies.

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