Using Immersive Media 'Metaverse' as a Teaching Tool, Especially in Business Schools in the Accounting and Finance Classes

Abstract

This paper investigates the potential advantages of incorporating immersive media (IM) technologies such as Augmented Reality (AR), Virtual Reality (VR), and Mixed Reality (MR) artificial intelligence (AI) and machine learning (ML) into accounting and finance education. The market for IM is expected to reach $300 billion by 2024, and organizations are using IM to create new goods, services, and experiences and streamline processes. Despite evidence that IM technologies increase learning outcomes by delivering a more participatory and engaging experience, students from minority-serving institutions frequently have limited access to IM technology and IM-focused education. This might exacerbate the digital gap and disfavor disadvantaged groups even further. The Metaverse, a communal virtual shared place generated by the convergence of digital and physical realities, marks a new stage in the growth of the internet and has the potential to revolutionize commerce. This research paper aims to contribute to the expanding body of knowledge in this area and make suggestions for future practice and study. The problem statement stresses the lack of inclusivity and equal access to IM-focused education for marginalized students, notably in accounting and finance. This study aims to evaluate the potential benefits of utilizing IM as a teaching tool in business schools, particularly accounting and finance departments, and to identify gaps in the existing literature. The study used a qualitative research approach, namely a literature review, to collect and analyze existing data on how business schools use IM as a teaching tool. The research design and techniques explore minority-serving school students' challenges in accessing IM technology and education and how IM can enhance classroom engagement and performance. The study aims to promote diversity and inclusiveness in the business sector and to contribute to existing efforts to prepare college graduates for the evolving corporate world.