OpenAI’s ChatGPT 3 is being seen as a threat to many jobs – including many that were traditionally held by MBA grads. It can draft legal documents and write software code with the precision of high-calibre professionals. Analysts, managers, and consultants are seeing it as a threat. But is this fear unfounded?

A study by a Professor at Wharton suggests that ChatGPT could probably pass the MBA course but human intelligence still trumps artificial intelligence in some areas.

Highlights of the Study

Christian Terwiesch from the Mack Institute for Innovation Management at the Wharton School, University of Pennsylvania, 2023 did an interesting study on “Would Chat GPT3 Get a Wharton MBA? A Prediction Based on Its Performance in the Operations Management Course?” Here are its highlights:

1. Performance and Capability:

• ChatGPT excels in automating the skills of knowledge workers, notably those held by MBA graduates including analysts, managers, and consultants.
  • It can perform professional tasks such as writing software code and preparing legal documents.

2. Academic Evaluation:

• In a Wharton MBA course exam, ChatGPT showcased proficiency in basic operations management and process analysis, delivering correct answers and brilliant explanations.
  • Despite its excellence, it made glaring errors in simple calculations and faced challenges with advanced questions.

3. Adjustment and Responsiveness:

• It can modify its answers remarkably well in response to human hints, showing an ability to correct its initial failures.

4. Implications for MBA Education:

• Its performance implies a need for a curriculum focusing on AI-human collaboration and creative problem-solving.
  • It highlights opportunities to simulate real-world decision-making processes and improve teaching productivity.

How much did ChatGPT score in different types of questions?

When it came to being the Master of Business Administration, ChatGPT had its hits and misses. Its performance can be summarized as:

• Stellar in Basics: ChatGPT showed amazing prowess in basic operations management and process analysis questions, securing A+ grades with precise answers and clear, concise explanations, even for case study-based questions.
• Struggles and Surprises: However, it wasn’t all straight A’s. ChatGPT did stumble on simpler calculations – equivalent to 6th-grade maths! It also found it tricky to navigate more advanced process analysis questions, particularly those with multiple products and stochastic effects like demand variability.
• Responsive and Adaptable: Even when it didn’t initially hit the mark, ChatGPT was remarkably good at adapting its answers after receiving human hints, correcting its approaches and improving its responses. This shows its flexibility and adaptability in learning and problem-solving – traits vital for MBA students. And also manifesting its potential with correct human guidance.
• Creative Question Generation: ChatGPT was not only a good MBA student but also a good teaching assistant. The study proved that ChatGPT can be creative and generate innovative, well-worded, and even humorous MBA exam questions with some guidance. We can use this aspect of AI to make the learning process engaging and stimulating.

Grades and Achievements:

Overall, ChatGPT received a grade of B to B- on Wharton’s MBA exam. So, yes, it could have probably graduated from the program successfully and even excelled in some of the courses. However, there are certain areas where humans still trump AI – and these are the areas you should probably focus on as an MBA student.

How AI is Going to Impact the Future MBA Curriculums?

The realm of MBA (Master of Business Administration) is on the cusp of revolutionary advancements with the advent of artificial intelligence tools like ChatGPT by OpenAI. Here’s a peek into the fascinating changes on the horizon and what they mean for future MBA students:

• Real-World Decision-Making Simulations: In the educational journey of an MBA student, simulating real-world decision-making scenarios is crucial. ChatGPT stands out as a remarkable tool for this, enabling students to refine critical evaluation skills and assess proposed plans and strategies more effectively.

It can be used to create a dynamic learning environment, helping students engage with the material in a more personalised and impactful way.

• Enhanced Teaching Productivity: ChatGPT can significantly enhance teaching productivity. It can help with crafting exam questions to improving grading processes and offering tutoring. Hence, educators can focus more on personalised student interactions.

Educators are finding this tool invaluable, leveraging its capabilities to foster a more enriched learning environment for MBA students.

• Encouraging Innovative Thinking: While ChatGPT is adept at optimising based on existing knowledge, it doesn’t generate fundamentally new concepts. Herein lies a crucial role for educators: to inspire students to conceive novel solutions and think beyond the existing paradigms.

This balance between leveraging advanced technology and nurturing innovative thinking will shape the MBA programs of the future.

• Maintaining Academic Integrity: With the integration of advanced AI in MBA programs, maintaining academic integrity is paramount. Stricter regulations during MBA exams are imperative to ensure the credibility and value of the qualification.

The use of ChatGPT must be approached with caution and responsibility to uphold the sanctity of educational processes.

• Empowering the Future of MBA Education: Blending traditional learning with advanced technologies can make future MBA programs more engaging, interactive, and effective. It can offer more personalised, diverse, and enriched learning experiences for aspiring business leaders.

Remember, the future of MBA education is not about choosing between traditional methods and advanced technology, but about blending them harmoniously to foster an environment where learning is limitless, engaging, and profoundly impactful.

In What Areas Did ChatGPT Flounder?

The study was based on an MBA specialisation – Operations Management. Here, ChatGPT did not perform well on:

• 6th Grade-level Math questions. Such errors could be substantial in real life.
• Advanced process analysis questions, particularly those involving process flows with multiple products and those with stochastic elements such as demand variability.

As an MBA student, you are advised to focus on complex decision-making processes and innovation – as these are the areas where AI will always need the help of a human! Future managers should learn to befriend technology and not be afraid of it. AI is not an option anymore. It is here to stay. Let’s learn to use it as a weapon and be a better manager!