New research from AMBA & BGA concludes that 12% of students considered a business school’s use of the metaverse when choosing where to study

Understanding and confidence of the metaverse:

•         Students generally had the highest level of understanding of the metaverse, with 84% agreeing they understood it. Graduates had the lowest level of understanding, with only 77 per cent claiming to know what the metaverse was.

•         Students and employers were more confident in describing the metaverse compared to graduates. 58 per cent of students and 57 per cent of employers agreed they could confidently describe the metaverse, while only 52 per cent of graduates felt the same way.

Usage in personal and professional life:

•         Employers were more likely to use the metaverse in their personal lives (23 per cent) compared to graduates (15 per cent). However, usage in current job roles was low across all groups, with only nine per cent of employers reporting usage.

Expected impact of the metaverse:

•         Around half of employers and students agreed that the metaverse would play a role in their career over the next 10 years. Graduates were less certain, with only 40 per cent agreeing or strongly agreeing.

•         Employers predicted the metaverse would primarily impact entertainment (43 per cent) and social interactions (35 per cent) in the next five years.

•         Only nine per cent of employers reported using the metaverse in their current roles, primarily for virtual showrooms, AR for training, and virtual recruitment.

The metaverse’s usage in business schools:

•         A higher percentage of students (18 per cent) reported using the metaverse in their business school experience compared to graduates (10 per cent).

•         A significant proportion of students (12 per cent) considered a business school’s use of the metaverse when choosing where to study, indicating potential value for schools investing in such technology.

Ellen Buchan, Insight, Content and PR Manager, AMBA & BGA, said, “The survey reveals a significant and growing awareness of the metaverse, with students showing a high level of understanding. However, there is a noticeable gap in knowledge among graduates. This knowledge gap highlights an opportunity for business schools to consider incorporating courses on the metaverse into their lifelong learning provision, addressing a potential gap in the market.

“Despite differing opinions between students and graduates on the potential influence of the metaverse on their careers , in a rapidly evolving technology driven world there is consensus on the importance of staying up to date with the latest technologies. While actual usage of the metaverse in employers’ professional lives was found by the survey to be relatively low, employers are utilising it in diverse and significant ways, from virtual showrooms to recruitment efforts, indicating a growing acceptance of its value in enhancing business practices. Business schools should recognise the potential opportunities this technology offers in terms of global connectivity and preparing students for a technology-driven future.”

Methodology

Between April and June 2023, AMBA & BGA conducted its most extensive online survey to date, reaching out to its diverse membership of 76,600 AMBA (Association of MBAs) and BGA (Business Graduates Association) student and graduate members across more than 150 countries.

The survey received responses from a total of 1,120 students and graduates affiliated with AMBA & BGA institutions, with 576 identifying as graduates; 545 identifying as students and within these groups 354 identified also as employers of business graduates.

The students and graduates who participated in the survey represented an impressive 94 different countries. The United Kingdom constituted the largest proportion at 22 per cent, followed by South Africa with six per cent, the United States at four per cent and Germany at three per cent.

In terms of the graduates, fewer than one per cent graduated in the 1970s, one per cent graduated in the 1980s, five per cent graduated in the 1990s, 14 per cent graduated between 2000 and 2009, 46 per cent graduated between 2010 and 2019 and 34 per cent graduated between 2020 and 2023. Of the more recent graduates, 13 per cent graduated in 2022, eight per cent graduated in 2021, eight per cent graduated in 2019 and seven per cent graduated in 2020.

Among the 544 participating students, 88 per cent are master’s-level students. The remaining 12 per cent are split equally between undergraduate and PhD students.