ChatGPT
Has anyone found good use for ChatGPT or other GenAI solutions? I’m not getting as much out of it as I’d like (also with data protection constraints…). I’ve used it for writing first versions of exec sums or simplifying some emails, but beyond this not so much. Curious to hear if I’m missing a trick. Thanks
Based on the most helpful WSO content, many users have found innovative ways to leverage ChatGPT and other generative AI tools in finance and related fields. Here are some practical applications that might help you get more out of it:
Automating Repetitive Tasks:
Data Analysis and Presentation:
Drafting and Editing:
Idea Generation:
Learning and Training:
Workflow Enhancement:
However, data protection constraints are a valid concern. Many firms are cautious about using AI tools due to regulatory and security issues. To mitigate this, consider using AI solutions that operate within secure, enterprise-grade environments or explore in-house AI tools tailored to your firm's needs.
If you're still not seeing the value, it might be worth exploring specific use cases within your workflow where AI could save time or enhance productivity.
Sources: GPT-4 & Microsoft Co-Pilot, ChatGPT: The AI Analyst Who Ate Wall Street, What job to take if you best want to ride the generative AI wave over the next couple of decades. Serious question., Walking away from buyside after associate years, https://www.wallstreetoasis.com/forum/hedge-fund/machine-learning-taking-over-hf-research-analyst-roles-in-near-future?customgpt=1
Yes, shortly:
I've found it most useful for idea generation (content on slides, diving one level deeper for diligence questions for banker calls, brainstorming types of people to reach out to for a BRG call or risks around a potential new investment, etc.)
I've found it struggles with recalling information in long documents (for example, have asked it to find all non-compete language in a purchase agreement and it hallucinated / referred to a section in the doc that didn't exist). Randomly, it also struggles with math word problems.
Helpful for bolstering diligence lists. I’ll often ask to augment / add anything I missed before finalizing management meeting agendas, etc. pretty good for high level industry research too (identifying key trends, unit economics, players, etc.)
Oh 100%, random sourcing or industry theme stuff. Writing outreach emails, summarizing long presentations etc. I also use it to be more proactive, for instance reviewing some partnership agreement with my portco I plug in the language for it to tell me key risks etc. definitely need the paid version though and even if your firm is pro chatgpt never tell them you use it (why give away your secrets)
Reality is if you know how to do something and can do it quickly it won’t be helpful. However, if you have something like complex excel function that you don’t want to put much brain power in, then it can be useful. I find most days I’m not touching AI. But the use cases you’ve mentioned have been good examples of ways to use it. AI reviewing my emails before sending has made my life much easier. Clear communication will be much easier.
Be sure to get familiar with Chain of Thought prompting - particularly with any research/analysis. This helps dramatically with getting accurate results out of it. If you’re having it do any analysis be sure to check its work - eg checking a few of the ratio calcs for financial statement analysis.
I’d have your IT department figure out the data protection issues ASAP - could be worth hiring consultants on this. You want your shop to be using this technology. Frankly, Ive found it to be an augmenter of my skills. My productivity is up massively.
A lot of people still don't know to select different models for GPT. A lot of people still use the base model (4o) which is just a generic consumer model. I promise you'll get a lot more out of it if you start messing around with some of the more advanced reasoning models (o3, o4 mini, o4 mini high). They're not as fast but the output is so superior. And those are better at tackling hallucinations.
Also do some basic prompt training. Your output will immediately become much more useful for maybe 2-3x more time writing prompts (which is usually still 20x less time than doing the work yourself)
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