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EDUNEWS & VIEWS

AI and Simulation Technologies Are Redefining Finance Classrooms Worldwide

Explore how AI and simulation-based learning are transforming finance and accounting education, bridging theory with real-world practice

Dr. Babli Dhiman

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Image for representative purpose: Credit: Mikhail Nilov/Pexels

The rapid expansion of digital technologies has profoundly transformed modern society. These advances have reshaped how individuals and institutions use technology to meet diverse needs and aspirations. Among the most impactful innovations is artificial intelligence (AI), which has catalysed social and educational transformations by simplifying complex challenges, enabling predictive simulations, and enhancing problem identification through modelling and scenario planning before decisions are made.

The COVID-19 pandemic further accelerated this digital transformation, compelling educational institutions to adopt online and hybrid learning models virtually overnight. This abrupt shift underscored the importance of digital competencies in accounting education while simultaneously revealing gaps in existing curricula and pedagogical methods.

AI now plays a pivotal role in teaching and learning across disciplines. Traditional classroom lectures and textbook exercises are increasingly being supplemented—or, in some cases, replaced—by AI-driven tools and interactive simulations. Collectively, these innovations are fostering a more immersive, adaptive, and forward-looking approach to financial education. In academic settings, AI facilitates rapid access to learning materials, delivers instant feedback, and supports autonomous learning, empowering students to achieve their academic goals more efficiently.

Artificial Intelligence–Driven Customisation in Financial Education

Despite growing recognition of the need for digitalisation in accounting education, a significant gap remains between the skills developed in academia and those demanded by industry. Finance and accounting disciplines are rooted in rigorous theoretical frameworks, quantitative analysis, and strict adherence to standards such as GAAP or IFRS. While textbooks and lectures provide foundational knowledge, they rarely reflect the complex and unpredictable decision-making environments that professionals face.

Students often experience limited exposure to market volatility, regulatory changes, and real-world uncertainty. Consequently, passive learning models that focus primarily on memorisation and theoretical understanding of topics such as risk management, portfolio optimisation, and forensic accounting are becoming less effective.

AI and simulation technologies are addressing this challenge by transforming classrooms into dynamic laboratories that mirror actual market and organisational contexts. The growing importance of sustainability reporting and integrated thinking further demands a technologically literate, systems-oriented approach to accounting education. Given the rapid evolution of the profession, it has become imperative to reassess and redesign finance and accounting curricula to prepare students for a digital-first future. However, a comprehensive understanding of how digitalisation reshapes learning outcomes and curricular design remains underdeveloped.

As early as the 1960s, educator Bert Y. Kersh developed a classroom simulator using films and stills to replicate classroom decision-making for pre-service teachers

AI-driven tools—such as ChatGPT, educational chatbots, Grammarly, Google Translate, and Microsoft Word’s intelligent features—are now ubiquitous in higher education. Their use must be critically evaluated, particularly in terms of data accuracy, transparency, and ethical implications.

Simulations: Bringing Theory into Practice

Simulation-based learning (SBL) serves as a bridge between academic theory and professional practice by recreating real-world environments and decision-making scenarios. In fields such as medicine and aviation, simulations have long been used to help students practise essential skills and solve complex problems safely. As early as the 1960s, educator Bert Y. Kersh developed a classroom simulator using films and stills to replicate classroom decision-making for pre-service teachers. A subsequent randomised control trial revealed that students trained through simulation reported higher self-efficacy and demonstrated “classroom readiness” three weeks ahead of their peers.

According to a 2023 report by the World Economic Forum, artificial intelligence is increasingly integral in accounting education, enhancing adaptive learning and student engagement.

In finance and accounting, simulation-based learning allows students to engage directly with financial instruments and business challenges, improving their proficiency in trading, budgeting, auditing, and decision-making. Virtual stock market trading, for example, enables students to manage portfolios using real-time or historical market data to understand risk, diversification, and market dynamics. Similarly, forensic accounting simulators expose learners to fraud examination and auditing techniques within controlled environments.

Comprehensive business simulations integrate finance, marketing, and operations, replicating complex decision-making processes and teamwork dynamics. These immersive exercises mimic the uncertainty and pressure of real-world financial contexts, helping students balance analytical precision with professional judgement. Moreover, because mistakes in simulations carry no real-world consequences, students can learn through trial and error—an invaluable process in developing professional competence and confidence.

Universities and professional training institutions worldwide are increasingly incorporating AI and simulation technologies into their curricula. Business schools, CPA training programs, and online finance courses now feature trading labs, AI-enabled auditing case studies, and gamified simulation platforms where students earn credit by solving complex, real-world problems.

Such experiential learning models align academic theory with professional practice, ensuring that graduates enter the workforce ready to thrive in a technology-driven economy. As digital disruption continues to reshape industries, these innovations hold the potential to produce not only skilled accountants and finance professionals but also visionary leaders equipped to navigate the complexities of the 21st-century financial landscape.

EDUNEWS & VIEWS

Sarnath Becomes India’s 45th UNESCO World Heritage Site. Here’s Why the Recognition Matters

Sarnath has become India’s 45th UNESCO World Heritage Site, recognising its pivotal role in the history of Buddhism. The inscription places the ancient pilgrimage centre alongside newly listed heritage sites from Japan, China, Lebanon and Kazakhstan, while renewing focus on the challenges of conserving culturally significant landscapes amid growing global attention.

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Visitors walk towards the Mulagandha Kuti Vihara Temple in Sarnath, Uttar Pradesh, recently inscribed as India's 45th UNESCO World Heritage Site.
Visitors approach the Mulagandha Kuti Vihara Temple in Sarnath, Uttar Pradesh, a historic Buddhist pilgrimage site that has become India's 45th UNESCO World Heritage Site. Image credit: Arto Suraj/Pexels

For more than two millennia, Sarnath has been a place where history, faith and archaeology converge. Located about 10 km from Varanasi, the site is believed to be where Gautama Buddha delivered his first sermon after attaining enlightenment, laying the foundation for the spread of Buddhism across Asia.

UNESCO inscribed Sarnath on the World Heritage List during the 48th session of the World Heritage Committee in Busan, South Korea. The decision makes it India’s 45th World Heritage Site, recognising its “Outstanding Universal Value”—a designation reserved for places considered important to the shared heritage of humanity.

The inscription comes at a time when countries are increasingly seeking global recognition not only for iconic monuments but also for cultural landscapes that have shaped civilizations and continue to influence communities today.

The Cradle of Buddhist Teachings

Long before it became an archaeological site, Sarnath was a centre of learning and pilgrimage. According to Buddhist tradition, it was here that Buddha delivered the Dhammacakkappavattana Sutta, or the First Sermon, introducing the Four Noble Truths and the Eightfold Path.

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Intricately carved Buddha figures on an ancient stone relief at Sarnath, reflecting the site’s rich Buddhist artistic and archaeological heritage. Image credit: Pooliwattano P/Pexels

The site later flourished under the patronage of Emperor Ashoka, who erected monuments that continue to define Sarnath’s landscape. Among them are the Dhamek Stupa, the remains of monasteries and temples, and the Ashokan Pillar, whose Lion Capital was adopted as India’s National Emblem after Independence.

Archaeologists consider Sarnath an important record of how Buddhist art, architecture and monastic traditions evolved and travelled beyond the Indian subcontinent.

What Makes a Site Worthy of UNESCO Recognition?

UNESCO’s World Heritage List is not simply a catalogue of famous monuments. To qualify, a site must demonstrate Outstanding Universal Value, meaning its significance extends beyond national borders and holds importance for present and future generations.

For cultural sites, UNESCO evaluates whether they represent exceptional achievements in architecture, urban planning, art or history, or whether they bear unique testimony to a civilisation or cultural tradition. Equally important are the site’s authenticity, its physical integrity and the existence of a long-term conservation and management plan.

The nomination process itself often takes several years. Countries first place potential sites on a Tentative List before preparing detailed documentation that is reviewed by independent experts. The World Heritage Committee then makes the final decision.

Among This Year’s New World Heritage Sites

Sarnath’s inscription was one among several decisions taken during the ongoing World Heritage Committee meeting. The committee also recognised the Ancient Capitals of Asuka and Fujiwara in Japan for their role in the emergence of the Japanese imperial state, the Jingdezhen Handicraft Porcelain Industry Sites in China for documenting centuries of porcelain production, the Mount Amel Castles in Lebanon for their medieval military architecture, and the Rock Mosques and Associated Sacred Sites of Mangystau in Kazakhstan for their religious and cultural significance.

Together, these inscriptions reflect UNESCO’s effort to recognise diverse histories—from centres of religion and political power to industrial heritage and sacred landscapes—that have shaped societies across different parts of the world.

Recognition Demands Responsibility

World Heritage status often brings greater international visibility. It can attract researchers, pilgrims and tourists while encouraging governments to strengthen conservation measures and site management.

Yet the designation also raises important questions. Many World Heritage Sites around the world face increasing pressure from tourism, urban expansion and climate-related threats. For heritage managers, the challenge lies in balancing public access with the preservation of fragile monuments and archaeological remains.

In Sarnath’s case, the UNESCO inscription is likely to draw renewed global attention to one of Buddhism’s most sacred places. Whether that attention translates into stronger conservation, better visitor management and sustained investment in preserving the site’s archaeological wealth will determine the long-term impact of the recognition.

UNESCO’s recognition may formalise Sarnath’s place on the world map of heritage, but the greater distinction lies in ensuring that a site which shaped the course of human thought does not become merely a relic of it.

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What India’s Four Best Student Cities Reveal About the Future of Higher Education

Mumbai, Delhi, Bengaluru and Chennai have entered the world’s best student cities rankings. Their strengths in affordability and employability are clear, but the rankings also reveal what India must improve to become a global education destination.

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Student cities in India
While India's top student cities offer strong affordability and career prospects, attracting a diverse international student base remains a key challenge for global recognition. Representational image. Image credits: Cero cero/ Pexels

Choosing a university today is about much more than academics. Students now evaluate affordability, career opportunities, safety, research facilities, campus life and overall quality of living before deciding where to study. This shift has made student cities an important factor in higher education choices, as learners increasingly select not just a university, but a city where they can build their careers and shape their future.

For India, these choices carry national importance. According to the Ministry of External Affairs, more than 1.3 million Indian students were studying abroad in 2024, making India one of the world’s largest sources of international students. At the same time, the government wants to turn India into a global education hub through the National Education Policy (NEP) 2020, the Study in India programme and by allowing foreign universities to open campuses in the country.

The QS Best Student Cities 2027 rankings offer a useful reality check on how close India is to achieving that goal. Unlike university rankings, which judge institutions, this index measures what it is actually like to study and live in a city. This year, Mumbai, Delhi, Bengaluru and Chennai made it to the world’s top 150 student cities. The rankings highlight India’s biggest strengths—affordability and strong job prospects—but they also reveal where the country still has work to do.

Four Cities, One Picture of India’s Higher Education

India has one of the world’s largest higher education systems. According to the All India Survey on Higher Education (AISHE) 2021–22, the country has 1,168 universities, more than 45,000 colleges and over 4.3 crore students enrolled. Yet, despite this scale, only four Indian cities feature in the global rankings.

Mumbai is India’s highest-ranked student city at 91st, followed by Delhi (99th), Bengaluru (114th) and Chennai (123rd). Mumbai, Delhi and Chennai all climbed higher this year, while Bengaluru dropped six places.

The rankings also reflect India’s growing academic reputation. In the QS World University Rankings 2027, India had 52 universities listed—up from just 14 in 2017. That makes India the fifth most represented higher education system in the world. But stronger universities have not automatically made Indian student cities more attractive to students from across the globe.

Delhi Tops the World in Affordability

If there is one area where India clearly stands out, it is affordability. Delhi was ranked the world’s most affordable student city, with average international tuition fees of about US$2,700 a year. Mumbai ranked 12th, while Bengaluru and Chennai also featured among the world’s 30 most affordable student cities. The ranking takes into account both tuition fees and everyday living costs, including accommodation, transport and other daily expenses.

This comes at an important time. Tuition fees are rising in many popular study destinations, while tighter visa rules and changing immigration policies in countries such as Canada and Australia have made overseas education more expensive and uncertain.

Indian student cities also scored well in Employer Activity, an indicator that measures how attractive graduates are to employers using recruiter surveys and labour market data. Delhi ranked 29th globally and Mumbai 34th, showing that students graduating from these cities have strong employment prospects. Together, affordability and employability make a compelling combination. But in today’s competitive education market, they are only part of the story.

The Missing Piece: International Students

While more than 1.3 million Indians study abroad, India hosts only around 50,000 international students. Nearly one-third of them come from Nepal, showing that the country’s international student community is still concentrated in neighbouring countries rather than drawing students from across the world.

Indian students are migrating to foreign countries in search of student cities.
With over 1.3 million Indian students pursuing higher education abroad, international universities continue to attract global talent with world-class facilities and vibrant campus life. Representational image. Image credit: Lobiya/Pexels

This gap is clearly visible in the Student Mix indicator, which measures the proportion of international students, the diversity of their nationalities, the size of the student population and how inclusive a city is. Mumbai ranked last globally at 150th, Delhi stood at 146th, while Bengaluru and Chennai were also among the bottom six student cities worldwide.

The message is clear: low costs alone cannot build a global education destination. Students today compare much more than tuition fees. They look for cutting-edge research, international collaborations, multicultural campuses, efficient public transport, safe neighbourhoods, affordable housing, student support services and a vibrant city life. These are the qualities that make education hubs such as Seoul, Tokyo and London stand out year after year.

Different Cities, Different Strengths

Each of India’s four ranked student cities has its own identity and strengths. Mumbai benefits from a rich mix of higher education institutions, including IIT Bombay, the University of Mumbai and the Institute of Chemical Technology. Combined with its position as India’s financial capital, the city ranked 34th globally for Employer Activity.

Delhi stands out for offering a rare combination of quality education, affordability and good career opportunities, making it especially attractive for students looking for value without compromising on outcomes.

Bengaluru remains the country’s technology and innovation capital. Its startup ecosystem, research institutions and presence of multinational technology companies continue to attract engineering and technology students. Although it has the highest average international tuition fee among the four cities—around US$5,400 a year—it still ranks among the world’s 30 most affordable student cities.

Chennai has steadily strengthened its position through institutions such as IIT Madras, Anna University and SRM Institute of Science and Technology. The city continues to build on its reputation as one of India’s leading destinations for engineering and technical education.

Together, these four cities show that India’s higher education strengths are spread across finance, technology, research and engineering rather than being concentrated in a single city.

The Next Test for India’s Education Ambitions

Global competition in higher education is increasing between student cities. Students compare entire urban ecosystems. They want excellent universities, but they also expect good public transport, safe streets, research opportunities, multicultural campuses and a lively academic environment. Cities such as Seoul, Tokyo and London consistently rank among the world’s best because they bring all these elements together.

India’s four ranked student cities show that the country has built a strong foundation. The challenge now is to make these cities as attractive to international students as they already are to Indian students. Only then can India move from being one of the world’s largest higher education systems to becoming one of the world’s leading education destinations.

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Mumbai Leads India in Global Student City Rankings, Delhi Named World’s Most Affordable

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Students study together with books and a laptop on a university campus. Representational image. Image Credit: Kiran Pokury Photography

India’s higher education landscape is undergoing significant change. With the National Education Policy (NEP) 2020 aiming to make the country a global education hub, universities are expanding international partnerships and implementing academic reforms. Even as discussions around governance, funding and academic quality continue, the latest Student City Ranking by QS offers a timely assessment of how India’s leading student cities compare on the global stage.

Among the world’s 150 ranked student cities, Mumbai emerged as India’s highest-ranked city, climbing seven places to 91st globally. Delhi followed at 99th, but distinguished itself by being named the world’s most affordable city for students, reflecting India’s longstanding advantage of relatively low tuition fees and living costs.

The rankings assess cities across six indicators—university performance, employer activity, affordability, student mix, desirability and student views. To qualify, cities must have a population of more than 250,000 and at least two universities featured in the QS World University Rankings.

Student City Ranking: Affordability Remains India’s Strongest Asset

Delhi emerged as the world’s most affordable student city, with average annual international tuition fees of around US$2,700. Mumbai ranked 12th on affordability, while Bangalore and Chennai also featured among the world’s 30 most affordable student cities.

Indian cities also performed well on graduate employability. Delhi ranked 29th and Mumbai 34th globally for Employer Activity, suggesting that employers increasingly value graduates from institutions in these cities.

These findings complement broader improvements in India’s higher education system, which has seen a growing number of universities gain international recognition in recent years. They also align with the country’s efforts to strengthen its global academic presence through institutional reforms and international collaborations.

Global Competitiveness Remains the Main Challenge

While affordability remains a clear advantage, the rankings indicate that cost alone has not translated into greater international appeal. All four Indian cities ranked near the bottom globally on Student Mix, an indicator measuring the size and diversity of international student populations. Mumbai ranked 150th and Delhi 146th, highlighting the limited presence of overseas students on Indian campuses.

The student city rankings suggest that India has established a strong foundation through affordability and improving graduate employability. However, achieving its ambition of becoming a global education destination will likely depend on a broader set of factors, including research excellence, international partnerships, campus diversity, student support and a globally competitive academic environment.

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