Curious to see how AI is going to impact finance roles in general. Do upper-level employees have insight into how AI will affect analysts in IBD, Asset Management, PE, etc? I want to position myself to be successful and not have my position replaced by AI as soon as I leave college.
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Take comfort in the fact that huge banks are EXTREMELY slow in updating their own internal systems, let alone replacing entire roles with AI. I mean some of the systems I use haven’t been updated since the 70’s. And I’m not being facetious. One system I use at my bank (5th largest in the world) is from 1977.
Even the “newer” systems are dog shit and changing anything is a multi year effort
If by 5th largest in the world you mean in terms of total assets, then we work at the same bank lol. And yes the system is absolutely dog shit
AI has enabled people from all over the world to spam my inbox with robot-generated drivel marketed as “daily news updates” that I never signed up for.
Honestly AI as it is right now can do a few things:
1. It can take notes
2. It can find news articles
3. Can write emails (though I’d never trust it to send without a human viewing them)
4. It can write out financials and do some basic data analytics
5. It could probably do a financial model, although it would have a hard time explaining what it did and why
6. Can make PowerPoints
It’ll get better in the future, but honestly there’s so much work in banking that analysts are still needed and will still be needed in the longrun. Responsibilities however will change.
I completely agree with the points made above. AI represents a significant technological breakthrough, but creating the right product is crucial and requires extensive engineering work. I believe that AI could begin to take over tasks that people dislike, such as taking and summarizing meeting notes, cleaning data, formatting it, and consolidating information. How much time do you spend on these tasks?
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