Generative artificial intelligence (Gen AI) has emerged as a transformative tool in higher education, widely adopted by both students and faculty for tasks ranging from writing to coding. Despite its growing usage, concerns over academic integrity and its long-term impact on learning persist. While educational institutions are developing policies to guide responsible Gen AI use, these measures often fail to prepare students for the realities of workplace applications. This qualitative study explores the gap between academic and professional usage of Gen AI through structured interviews with two groups: 20 faculty members and 20 industry professionals. Descriptive analysis of the data revealed a significant disconnect between pedagogical and industry practices, potentially leaving students underprepared for workplace demands. Faculty noted Gen AI's ability to assist in course-specific assignments but expressed concerns about over-reliance and ethical implications. Industry professionals emphasized its role in increasing efficiency through technical documentation, data processing, and decision-making, while identifying challenges like data security and ethical use. To address these issues, the study recommends a systemic approach that integrates hands-on Gen AI training, ethical instruction, and industry-aligned curricula into higher education. This approach includes embedding AI education into general education requirements and faculty development programs to ensure comprehensive preparedness. Additionally, collaborative projects, internships, and strategic partnerships with industry and accrediting bodies are essential to aligning curricula with workforce demands. Together, these efforts can equip students with the technical skills and ethical awareness needed to navigate and contribute effectively to AI-driven workplaces.