Preparing Business Professionals for AI-Enabled Future: An Outline for AI for Business Competency Framework

Artificial intelligence (AI) is rapidly transforming industries by automating business processes, enhancing decision-making, and reshaping organizational strategy and business models. This creates a unique opportunity for business schools to develop educational programs that prepare graduates to lead AI-driven transformation. In this paper, we propose a conceptual framework for AI for business (AI4B) competency areas to encourage discussion about the role of AI education in business school curricula and to support the development of AI4B competency models. These models would guide the design of AI academic programs and other educational offerings, enabling graduates to participate effectively in the development, deployment, and use of AI solutions in business. The proposed AI4B competency areas include AI use and AI literacy, AI4B supporting domain of practice competencies, AI governance and risk management, AI technology management, AI systems development, AI4B supporting technical competencies, and AI strategy, organizational innovation, and impact. An initial analysis of AI-related academic and executive programs at leading US business schools provides early validation for the framework and highlights opportunities for AI4B curriculum development. Based on the exploratory study and the framework, future directions for AI4B curriculum development are identified.