Can Tech kill Finance?
This is my first post on WSO, I have been a long term troller.
I just finished my first semester of college not yet deciding on a major. I am stuck at a cross roads because my talents and natural interest lead to the financial industry, at the same time having interest in being innovative. I am not quite sure if I should major in engineering or finance.
Although it may seem very far away (or shorter) can technology kill the majority of job prospects in the financial industry. I see how quant algorithmic trading has taken a huge chunk out of the prop trading industry.
What is your opinion on technology killing most of the jobs in finance?
Technology may very well kill most jobs period.
You need to earn a living, but beyond that, just do what you enjoy. If you enjoy finance; if you would enjoy a finance job (often that can mean being a secretary for a balance sheet and doing lots of grunt work), do finance. If you enjoy engineering, do engineering.
Not something that will matter in your time horizon.
FWIW, I think the answer is 'large chunks of it'. Tech can kill most things that are about speed of execution/ smoothness of transaction (flow trading), but will have a much harder time with things that depend on human consensus/ judgment (banking, and even fundamental investing).
As far as your major, do what you enjoy and what will teach you the most. The good thing about finance is you can break in with a variety of educational background (as long as you somehow learn the finance you need as well). Don't let future employment be the key driver here.
Technology destroys markets and creates new ones.
finance will always be the first to adapt to technological changes and those in the field, particularly in the most elite echelons of finance HF traders, PE investors, etc), will have powerful positions as they are the ones who own many of these technology companies anyway. and finance is a great field to be innovative, those that are develop an edge and get highly rewarded for it.
buddy i can relate to your dilemma as i changed majors from electrical engineering to econ/finance despite having a near 4.0 GPA, and i'm happy i did. most of my engineer and tech friends have been stuck in pitifully boring middle management positions or are serial failed "entrepreneurs" and will be for the rest of their lives
"Long-term troller"
That's for sure. Technology isn't going to "kill" most of the jobs in finance. The fact that you equate finance with trading is the first problem.
Major in Computer Science. If you want to go the tech route you can, if you want to go the Fiance and banking route you can. Both sides need CS majors.
No brainer to me: do engineering as a major. It will leave your doors open to both fields and will help your long term credibility in the business world.
sure, tech will destroy and create a ton of jobs. Just make sure you learn "common sense" and learn to not procrastinate during college and you're set. common sense/problem solve/street smarts and presentation skills (ie storytelling) is all you need with a little bit of middle school math. unless you want to be a quant guy...
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