AI is changing the way higher education teaches business classes

Business school graduates need to know much more than finance and marketing these days. Employers are looking for workers who have expertise in artificial intelligence, way beyond asking ChatGPT to write a case study. Also, new hires need to show resilience, communicate clearly, and solve problems. Colleges and universities are helping prepare business students for the workforce by adding courses and incorporating more real-world skills training into curricula.

That includes bringing AI into the classroom. Higher education’s approach to the tech has changed since ChatGPT launched in November 2022.

“The conversation was around how do we make students not use it,” said Jeff York, professor and associate dean for strategic initiatives at University of Colorado‘s Leeds School of Business. “It was like when we wanted them not to use calculators. We couldn’t do that.”

Leeds includes AI in several classes to prepare students to use AI effectively and not as an awkwardly worded shortcut.

“Employers want students to understand how to use AI as a complementary tool, not as a substitute for work you used to do,” York said.

For example, a class might be assigned to use AI to analyze a scenario or solve a problem and the discussion would focus on which prompts bring better results in their AI searches, how to analyze the data and how to use AI as a productivity tool.

Genuine intelligence

Higher education leaders say AI has evolved from a cheating tool to workplace skill.

“Most organizations are realizing that the way they worked in the past is not going to work in the future because of AI,” said Madhu Rao, dean of Regis University’s Anderson College of Business and Computing. “More employers are open to hiring people with less experience and some AI background. That reflects the changing nature of business.”

The school integrates AI throughout the curriculum, and students learn how to apply AI in multiple scenarios in health care, arts and other fields. AI can help students fine tune ideas, and can also help professors in their teaching.

“The biggest challenge right now for business schools is integrating AI into the way we look at our curriculum, making sure our students are ready for graduation,” Rao said.

Although AI has been getting media attention lately, the tech has been around for years. People have used AI while shopping online, asking chatbots questions, using autocorrect and other tasks. At CU Denver, the focus is on teaching students how to use AI in a variety of subjects, such as international business, supply chain management, marketing communications and legal issues. Students complete assignments that entail using AI to perform specific tasks and learn how to use AI in a thoughtful way.

“We are educating students on how AI can be used not as a replacement for ideas that students can generate, but for collecting additional data, generating some new approaches,” said Andrey Mikhailitchenko, associate dean of programs for the CU Denver Business School. “This is usually well taken, and the students are returning back to AI with more responsibility.”

Communicate and persevere

While today’s students are well-versed in AI and other technologies, many lack certain interpersonal skills.

“Nearly every employer I talked to said there is a real lack of incoming employees that have effective communication skills,” York said. “We interviewed 50-plus managers, and they were telling us the same thing over and over.”

York said managers want to hire people who show leadership ability and perform tasks beyond those in the job description. Workers also need resilience, or the ability to persevere in the face of adversity. One way Leeds helps students gain communication and other skills is to have second-year students work with companies, an earlier experience than is typical.

The old terminology might not apply.

“People call these soft skills, but I think they are harder skills in today’s world,” said Naomi Boyd, dean of the Daniels College of Business at University of Denver. “Young adults in general are coming out of COVID and they lost some of those skills or the skills were not quite as enhanced.”

Daniels College of Business partners with companies to offer immersive experiences so students can engage with alums and mentors. For example, students travel to New York to visit Wall Street to meet private equity executives.

“It’s all about getting students out of lecture halls and into corporate America so they have a firsthand view of what it’s like to work at the firms,” Boyd said.

Others argue that the need for soft skills is nothing new.

“A lot of times when we talk to industry and ask what our grads are missing, it’s the same things as in the 1990s,” said Thomas Aicher, dean of the College of Business at University of Colorado Colorado Springs. “Critical thinking, problem solving, communication, all of those soft skills are still very important to the business community.”

UCCS helps business students gain these skills through courses such as Principles of Negotiation and Conflict Management. The school also brings business classes to a broader audience and offers certificates and non-credit courses for people who want to gain business knowledge but are focused on other careers. For example, a musician who wants to open a music school would learn how to file business taxes.

“We traditionally focus on business students,” Aicher said. “Now we’re trying to reach more people who would benefit from a business education.” New at UCCS is a four-year degree in Property Management and Real Estate.

Metropolitan State University of Denver uses the term “essential skills,” and these are based on what the National Association of Colleges and Employers (NACE) calls the eight Career Readiness competencies: career and self-development, communication, critical thinking, equity and inclusion, leadership, professionalism, teamwork and technology.

“We are making sure our curriculum includes those aspects at a multilevel, multi-experiential approach to help our graduates be prepared,” said Ethan Whaples, MSU Denver College of Business associate dean and MBA director.

Experiential learning can help. MSU Denver brings CEOs into classrooms for students to ask questions in a panel discussion, and also engages students in real-life activities such as helping a local restaurant update its brand.

“Employers are coming back to basics,” Whaples said. “They want people that can process, think, categorize information, see what’s useful and what’s not useful.”

New at MSU Denver is the Affordable Housing Management certificate, which features courses in business and social work to prepare students for careers related to the affordable housing industry.

“We take a holistic view,” said Andy Proctor, MSU Denver finance lecturer and director of the new Affordable Housing Institute. “It’s both the technical aspect and human aspect as you’re dealing with people.”

Other trends

There are other trends that are driving curriculum changes at Colorado-based business schools. York, from Leeds, said other digital innovations such as quantum computing, advanced robotics and cybersecurity are also creating opportunities for students. Sustainability is still a component of business studies, not just the environmental focus but also how concepts ranging from income inequality to natural disasters, such as wildfires, affect business and economics.

Mikhailitchenko said specialized Master of Science degree programs are increasingly popular. Among CU Denver’s most popular programs are Masters in Information Systems, Masters in Accounting, Masters in Fintech and the new Masters in Sustainability.

At Colorado State University, Sustainable Business is the latest concentration in the undergraduate program.

“Where once it was a ‘nice to have’ sustainability is now a business imperative,” said Beth Walker, dean of CSU’s College of Business. “Companies are seeking graduates who understand how to incorporate responsible business principles into corporate strategy, drive innovation with sustainable solutions and communicate those efforts to stakeholders.”

CSU also offers graduate certificates in cybersecurity, global supply chain, sustainable business and leadership. Continuing the AI theme, CSU has artificial intelligence across many courses in the undergraduate and graduate curriculum. Students participate in signature experiences such as consulting on projects for the Better Business Bureau Serving Northern Colorado and Wyoming across wellness, food, nonprofit and transportation industries.

“Ultimately, it’s a combination of technical skills, grit, creativity and strategic perspective that will prepare graduates to enter the workforce with impact,” Walker said.

Liberal arts colleges are also preparing students for the workplace, and working to help businesses adapt to changes. At Colorado College, the emphasis is more on critical thinking than on technical skills. The school offers a Business, Economics and Society major that explores human economic behavior and examines the impact of business on society.

“In every class we are making these issues of social and environmental concern central to the discussion,” said Celeste Diaz Ferraro, assistant professor of business and society. “We are really focused on making sure students are coming out of here not only with skills for these topics but thinking about them from a critical perspective so they can go out and be engaged citizens.”