AMBA & BGA RESEARCH
Awareness & potential impact Basic awareness of the metaverse was strong among AMBA & BGA’s sample of 1,120 members, albeit with some intriguing differences between the student, graduate and employer segments of respondents. When asked if they understood what the metaverse is, 84 per cent of current students said they did, compared to 78 per cent of employers and 77 per cent of graduates, respectively. However, there was less certainty when respondents were asked if they could confidently describe the metaverse to someone else. While 58 per cent of students and 57 per cent of employers said they could, graduates were more cautious. Almost half (48 per cent) of graduates said they didn’t feel confident in their ability to describe the metaverse to others, while the remaining 52 per cent said that they could. Graduates were also the least likely segment to have already used the metaverse in their personal lives. Only 15 per cent of graduates cited current use, compared to 21 per cent of students and 23 per cent of employers. The three groups disagreed slightly on whether the metaverse would play a role in their professional lives over the next 10 years. Around half of both employers and students strongly agreed or agreed that it would, compared to just 40 per cent of graduates. Among students, 34 per cent agreed that the technology will play a role in their careers in the next decade, while 14 per cent strongly agreed. Similarly, 37 per cent of employers agreed with this statement, while a further 13 per cent strongly agreed. By way of comparison, just eight per cent of graduates strongly agreed that the metaverse will impact on their careers over the next 10 years and 32 per cent agreed. It should be noted that most graduates were not ruling out the metaverse’s potential significance – they were just the most unsure segment of our survey sample. A sizeable 40 per cent of graduates stayed on the fence by neither agreeing nor disagreeing with the survey statement, compared to 33 per cent of students and just 29 per cent of employers. Yet, the metaverse also has its detractors and those who might argue that its time of expansion is now over in the wake of AI’s rise. This minority is reflected in the survey sample, with around one in five students, graduates and employers either disagreeing or strongly disagreeing that the metaverse will play some role in their careers over the next decade. Employer perspectives Employers perceive entertainment to be the sector where the metaverse will have the biggest impact over the next five years. A total of 43 per cent of employer respondents selected this aspect from six different options. The finding aligns with the most common current use of metaverse technology and its prominent position in video games and the arts. However, the metaverse’s ability to connect people from across the world in a realistic and personable manner is already 15% 19%
FINDINGS SNAPSHOT
The future of the metaverse • 21 per cent of employers believe that the metaverse’s biggest impact in the next five years will be in the realm of education, while 43 per cent think that its influence on the entertainment world will be the most significant. • The metaverse is less understood by graduates than by current students and employers, highlighting an area for potential alumni upskilling. Only 77 per cent said they understood what the metaverse was and even fewer ( 52 per cent ) said they could describe it to another person.
Employer uses of the metaverse • Virtual showrooms • Product research and development, using augmented reality (AR) • Virtual recruitment • Learning and development experiences • Client communication • Team meetings and webinars • Online networking • Virtual offices
FIGURE 6: IS YOUR SCHOOL’S USE OF THE METAVERSE OR LACK OF USE SOMETHING YOU TOOK INTO CONSIDERATION WHEN CHOOSING YOUR BUSINESS SCHOOL?
Is your school’s use of the metaverse, or lack of use, something you took into consideration when choosing your business school? FIGURE 6: IS YOUR SCHOOL’S USE OF THE METAVERSE OR LACK OF USE SOMETHING YOU TOOK INTO CONSIDERATION WHEN CHOOSING YOUR BUSINESS SCHOOL? Part 3: Students and graduates’ experience of the metaverse Yes No Don’t know Yes No Don’t know
12%
73%
15%
Students
12% If there were relatively low levels of use of the metaverse by employers in their actual jobs – are business schools using it for their teaching and learning activities? Are students aware of the technology and is it a contributing factor when they are applying to schools? 73% Students
7%
74%
19%
Graduates
7%
74%
FIGURE 6: IS YOUR SCHOOL’S USE OF THE METAVERSE OR LACK OF USE SOMETHING YOU TOOK INTO CONSIDERATION WHEN CHOOSING YOUR BUSINESS SCHOOL? Graduates
FIGURE 5: DEFINING THE METAVERSE AS USING VIRTUAL REALITY, MIXED REALITY OR AUGMENTED REALITY – HAVE YOU EVER USED THE METAVERSE AT YOUR BUSINESS SCHOOL? Have you ever used the metaverse (ie virtual reality, mixed reality or augmented reality) at your business school?
No Don’t know metaverse into account when they were choosing their business schools. This is a significant proportion of the applicants and suggests that business schools should be investing in this technology if they really want to stand out to potential students. We also wanted to know if use of the metaverse was something that students and graduates considered when they applied to different business schools. Over a tenth (12 per cent) of students did in fact take the Yes No Don’t know
Graduates were slightly less likely to have taken a business school’s metaverse provision into account when they were applying. Only seven per cent of business graduates had taken the metaverse into consideration when they were applying to their chosen course.
12% metaverse into account when they were choosing their business schools. This is a significant proportion of the applicants and suggests that business schools should be investing in this technology if they really want to stand out to potential students. 7% Students Graduates Yes We also wanted to know if use of the metaverse was something that students and graduates considered when they applied to different business schools. Over a tenth (12 per cent) of students did in fact take the 18% 10% 78% 84% Students Graduates
73% Graduates were slightly less likely to have taken a business school’s metaverse provision into account when they were applying. Only seven per cent of business graduates had taken the metaverse into consideration when they were applying to their chosen course. 15% 4%
6%
74%
19%
Ambition | OCTOBER 2024 | 19
As expected, students were most likely to have used the metaverse as part of their business school experience, with 18 per cent stating they had done so. In comparison, only 10 per cent of graduates reported using the metaverse during their time at a business school. Considering the novelty of this technology, business schools may
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