Despite the growing focus on artificial intelligence in business, new research reveals that demand for AI skills is currently low among top employers around the world.
The 2024 GMAC Corporate Recruiter Survey revealed that AI skills rank low on the list of skills important to recruiters. This is despite the rise of large-scale language models such as ChatGPT bringing AI to the forefront of business discussions. The recent survey also revealed that MBA applicants are increasingly prioritizing technology and AI skills over core MBA subjects in the curriculum.
However, the survey revealed that recruiters expect their priorities to change significantly within the next five years due to rapid advances in AI technology expected in the near future.
The survey was based on responses from more than 900 recruiters across 38 countries, with more than half of employers (51%) hiring at Global Fortune 100 or 500 companies. To clarify the different meanings of AI, the survey defined AI skills as the ability to leverage AI tools for data analysis, predictive modeling and process automation.
Low demand for artificial intelligence among business school graduates
AI skills currently rank low for employers when recruiting business school graduates: out of 22 skills identified in the survey, AI skills rank 21st. The survey found that only 26% of employers globally believe AI skills are important for 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. For example, AI skills were ranked as the 21st most important skill among Western European employers, but are expected to become the most important skill in the region within five years.
The value of AI skills varies by industry
Although AI skills were rated most highly by survey respondents in the technology sector, only 36% of technology employers believe AI skills are important for graduates entering the sector.
Interest in AI skills was lowest in the consulting industry, with only 17% of employers considering it important, along with similarly low representation in the healthcare/pharmaceutical (18%) and product/services (19%) industries.
These differences may be influenced by company budgets, with Fortune 100 companies in particular more likely to have the resources to invest in the technical and business aspects of AI.
However, this variation mainly reflects the varying reliance on tech skills across industries and occupations: the technology sector, for example, naturally has a greater demand for AI expertise than consulting, which explains why we see greater demand for AI skills in IT and software development than in more business-oriented occupations that tend to employ business school graduates.
What skills are recruiters looking for in business school graduates?
Research shows that in today's job market, recruiters are looking for well-rounded candidates who have a blend of technical and soft skills to thrive in the modern workplace.
Core business skills such as communication, problem-solving and strategic thinking were most valued by up to 59% of employers worldwide. In the US, problem-solving emerged as the most sought-after skill by 79% of employers, followed by communication skills.
In terms of how employers think AI should be used, employers showed little interest in generative AI tools for creating images, videos, or quickly generating written content. Instead, two-thirds of employers across industries and geographies said they believe AI will be most effectively used to build new skills and develop business strategies.
This sentiment was particularly strong in the technology sector, where employers expressed little interest in using AI for research, ethics, or content creation. Instead, 74% of technology employers said they are prioritizing AI to help graduates gain knowledge and develop business skills.
Attitudes towards AI skills vary by region
AI skills are of varying importance depending on geography.
While only 13% of U.S. employers believe AI skills are strategically valuable, a quarter of employers in Western Europe and almost half (49%) of employers in Central and South Asia feel AI skills are currently strategically valuable.
Similar regional differences emerged in employer confidence in graduates' AI capabilities: In every region except the U.S., more than half of employers said they believe candidates have the ability to leverage AI skills in their organizations immediately after graduation.
U.S. employers may be skeptical of graduate preparation because they don't see AI capabilities as important for existing jobs, but they do expect AI skills to become more important over the next five years.
