Remember me, the quant you said was schizoposting about AI on here. Hope you all are enjoying ChatGPT. Give it 3 more years and 4 more iterations and none of you will have jobs. Anyone except for MDs will be dumped for AI. But yea, I guess you guys were right, I don’t know what I’m talking about.
| +46 | Interviews Are So Fake | 28 | 9h | |
| +33 | 2024 UK Election - Tories finished? | 21 | 13h | |
| +29 | Being Christian in investment banking | 14 | 1d | |
| +26 | Non-Competes Banned | 26 | 3h | |
| How do I become Sigma | 15 | 5h | ||
| +19 | Moelis has the cutest Analysts? | 4 | 1d | |
| +19 | ADHD ! | 4 | 10h | |
| +18 | Best NYC neighborhood for single 30M | 12 | 3d | |
| +16 | Underage intern, drinking? | 7 | 1d | |
| +13 | Secretive vs Universal Prestige? | 7 | 1d |
Career Resources
Get instant access to lessons taught by experienced private equity pros and bulge bracket investment bankers including financial statement modeling, DCF, M&A, LBO, Comps and Excel Modeling.
You are a quant you probably look like a donut, so go back to coding like a dweeb
.
He definitely looks and sounds like SBF
Probably smells like him too
What a tool lmao
What makes you think your job is safe?
Literally.
The coolest part about ChatGPT is that it can write code.. enabling even bankers to program
No profession is immune from this ChatGPT devil
Do you know that ChatGPT can build statistical arbitrage and machine learning models using Python upon simple prompts ? And it can continuously improve and tune its own ML models ?
ChatGPT can even write advanced algorithm such as dynamic programming and dijkstra. And it can even design reinforcement learning model when itself is a RL model !!!
No-one is immune from this ChatGPT thing, INCLUDING the researchers and engineers who gave birth to it !!!
Get ready, ChatGPT is coming for us all.
I agree. I’ve played around with its ability to write algorithmic trading scripts. It’s not great. But it understands how to. I think everybody might be fucked. There’s no telling how fast it will be capable of improving and building upon previous knowledge. Musks talks about making the X app, the app for all social media. There’s a chance this is just X. Capable of doing everything anywhere all at once.
Quants who build strategies off of publicly available markets data would be the first to go. OP sounds like he’s projecting. He’s afraid for his own job which is going to be on the chopping block first. Any client-based industry will be safe for a long time due to all the client interaction and nuances in the task that need to be addressed.
Maybe it is for that reason he has paid closer attention, looked into it. And his/hers is an informed opinion.
Hey FlyingBoat, can it do a simple stock pitch? and do you know how? I seen some people were giving it simple inputs for basic financial models and getting an output online. I seen one smug PM in another team show an example of a simple prompt and output and saying that it wouldn't replace him anytime soon, I'd love to show him otherwise.
Ahhhh peak WSO when an undergrad is here to tell us we all no longer have jobs. Remind me again, aren't you the guy saying Bitcoin is going to be world currency in the near future a couple months ago?
If AI is so smart, why can’t they tell a motorcycle and bicycle apart? Yes, you hear me right. AI can have a hard time figuring it out. Another thing, creativity come from randomness and AI can only mock the randomness but not be true randomness. Machine learning is simply processing information that is available and combining one piece with another. Machines don’t “know” what they are doing. They only do it bc of a “random” code commanding them to do so. Yes I work in IB. But I studied CSE and I know what I am talking about
I have the same background as you (did both BS and MS in CS), and all my professors would agree with you. Currently, all the "AI" coming out is using supervised learning. Nothing is even close to being intelligent
.
Sorry just wanted to pop in the guy posted again so I was reading thru his history. I’m also currently an undergrad in CS. Do you feel differently now. I thought it was far fetched back in December but not anymore.
And once those MDs retire, banks will take the AI to win pitches for them. I’m sure people will love it!
What a lazy and short sighted take
Chat GPT can’t even write a good WSO paradise post. I think we’re fine….
Deleted.
Even more ignorant to assume sell-side won't recruit down and lower pay. IB, and PE, is not rocket science, there is no reason why people from tier 10 schools won't do it for half the salary, whilst remaining perfectly capable of the alleged soft skills. Moores law and all that.
Deleted.
The comment highlights that fact you think doing grunt work at William Blair counts as investment banking.
"IB Is overkill" - I said they would hire down, and that a tier ten university student could do the work you describe (but have never carried out yourself). my comment still stands. Why would top tier candidates want to continue doing grunt work in excel and ppt when every other profession will use AI to do that? It REDUCES the value proposition for candidates, therefore lesser candidates will step up. Hello? any one home?
"Restaurants will have no waiters" - I didn't say that in any way, shape or form, straw-man. But, your logic is still flawed, you think that because in 20-30 years 90% of restaurants will use robots and 10% human waiters, that means AI will not take ANY jobs? ahahaha wtf is your point with this example
"Self driving cars" - a Decade or two decades from now, it doesn't matter, you will will still be working and self driving cars will be mainstream. therefore by your logic AI will be advanced enough to do anyones jobs.
Of course you know better than Sequoia, McKinsey and Deloitte working at a cringe growth equity shop.
https://www.sequoiacap.com/article/generative-ai-a-creative-new-world/
While I agree that the OP's is a very poor take, we should remember that up-skilling yourself can only be helpful. Yes, IB is fundamentally a sales job at the higher level, but using technology will become even more important, especially to drive business faster and execute even faster at all levels.
My MD once told me back in the day (~15+ years ago), it could take them a day to do an indexed EV/ NTM EBITDA evolution chart, which now you can do in a few minutes. You won't lose your job to AI, but could lose it to the colleague who knows how to use AI better.
Why is it every time some moron makes this uneducated take, you can just tell that they are some high school or college student that can’t even land an internship in tech let alone a job?? How much do you want to bet OP here is just some college sophomore that can barely pass their intro classes??
If you actually worked with technology, you would realize how minuscule of a chance there is that any of us will get replaced. I always say one of the least important parts of the job of a software engineer is coding.
Hell, just ask ChatGPT if it’ll fully replace us and see what it says, genius.
AI cannot suck dicks better than real humans
This is the real answer
Waiting for the nazi WSO mods to take this comment down
Sophomore in CS and Finance, so take everything I say with a grain of salt as I have no real world experience. That being said I think people are blissfully ignorant to how dangerous this technology is. OP is definitely trying to get a rise out of people on this forum by saying they won’t have jobs. But realistically, it won’t just be IBankers, it could very well be everybody. This ChatGPT and other AIs, will improve at exponential rates and eventually reach a point where they are capable of improving themselves. We are playing with fire.
We aren’t playing with fire, the only things technology will allow junior bankers to do is make things faster for them, that is all, so at best it going forward if tech evolves junior bankers Would have to work less…it took a week or so do to a dcf back than now it takes a day or so ish so you get the point
Completely understand where your coming from. I’m not referencing IB specifically. As with most technologies, starting from point 0 and going to point 1 takes a very long time. But going from point 1 to point 2 takes significantly less time. And so on and so forth. AI may develop so quickly that by the time it is viable to be put into use by Investment Banks, it may be capable of engineering an entirely new, more efficient financial system as a whole. I don’t think anybody will be first to lose their jobs. It’ll probably just be everyone at once.
Haha - you greatly underestimate senior bankers’ creativity in creating work. Jr hours were suppose to go down after all of the various tech innovations over the years - virtual data rooms, excel, internet / big data tech platforms. But all that has changed is that the workload has gotten larger and more complicated, the hours and headcount has stayed the same
A lot of people are going to lose their jobs to AI. Y'all are gonna have to have less kids or start voting for universal basic income or else the gap between the rich and the poor is only gonna get worse and worse.
Not a bad idea actually. I am totally down with smaller families and more free time. Especially if my basic needs are taken care of. Reminds me of Singapore 🇸🇬
Ironically, top tier business and finance jobs will be the last to go. At the moment, AI requires far too much computational power to build relationships or manage people, therefore anything client or management focussed will be the longest lasting.
others manage relationships for a lot less compensation. once the data acquisition is homogenous, there is no reason to pay-up. Prithteej
So you're telling me I never have to work again and I just play golf, cook, and go fishing....tight
I know right! That was my first thought. Bring on the AI grunts.
So this tool will be able to generate a valuation model of a private non public company? This I got to see!
thx, finally something on what we can agree
I for one welcome our new digital overlords and look forward to serving the collective.
"ChatGPT can write stat arb strategies"
lol. lmao even
Try GPT4. You’ll be shocked.
Can it write good code when given instruction? Absolutely. But can it actually design a strategy or predict the future? No.
When is apparent to most in the space is that all these LLMs are fundamentally ill suited towards any real forecasting problem. Anytime youre modeling a distribution and subsequently looking to estimate a point on it, you are either interpolating (the value lies within the bounds of the set of points used to train the model) or extrapolating ( the point lies outside the bounds of said set).
Any sort of forecast is inherently extrapolation, which is a MUCH harder task, and most very large NN models have shown to be pretty ill suited for this. Keep in mind, all machine learning is a compression problem: how do I take a ton of data, and express as accurately as possible within a models parameters. When the target value (ie a response to a question / conversation / etc) is within (or roughly within) the set of data being compressed, you can do an incredibly good job of getting a good output. When it isn't, things break down.
I fucking hate when tech people insist that the world of finance will collapse over AI and banks would simply be black boxes of AI systems talking to each other.
Its such a stupid take I am astonished it comes up so often, the only finance adjacent industry where this may happen is LS Prop investing.
A lot of bankers jobs centers around relationships and relationship building, we are still humans at the end of it all and no one wants to go golfing with ChatGPT to discuss the possible pricing of merger, yes ChatGPT will probably have the most accurate scenario's but banking is actually centered around a lot of human elements, RenTech posted astounding returns for years and years yet its business model bankrupt GS/MS/JPM and even regional boutiques.
Finance isn't all about stock market and investment returns believe it or not and a lot of the people making these AI posts seem to fail to realize that, hell most of us hate talking to an automated Voice program when calling to make a complaint or whatever and I am certain for centuries to come humans will feel more comfortable moving around money in institutions with Analysts up to MD than just throwing it into whatever blackbox computer program that is out then.
These are the same people that insisted that Crypto will destroy fiat currency failing to take into account that humans trust governments more than instagram bros especially when most people can see a majority of crypto is a big ponzi scheme where the early investors incentivize new capital by bragging about crazy returns.
Ut eos a quia nulla dolorem. Consequuntur tempore totam autem temporibus eligendi molestias amet. Nesciunt voluptatem autem perspiciatis numquam architecto qui ut.
Quia expedita necessitatibus veniam dolores temporibus. Fuga recusandae quis quis ratione animi est. Est quidem et est id perspiciatis. Aliquid voluptates eos consequatur iure rem. Ut provident quis sit cupiditate.
Officiis sed consectetur vel facilis aut asperiores. Ratione ea voluptatum quia dolores quis et.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...
Laborum numquam nobis possimus velit quis expedita. Placeat enim consectetur distinctio doloremque. Quia nobis ad dolorum illo. Qui beatae quia nihil et omnis.
Maiores ipsa voluptas totam sequi enim excepturi. Consectetur velit maiores ad quis perferendis. Aut minima enim blanditiis ipsam suscipit quo aut. Omnis id et aut nulla. Illo laboriosam sint distinctio veniam est nobis.
Fugiat placeat esse vel omnis quidem ut vitae. Necessitatibus beatae exercitationem doloribus harum ad animi soluta. Nesciunt incidunt minus iusto quia delectus. Pariatur dicta in eum vel eos. Iure expedita suscipit aspernatur exercitationem autem et.
Officia et sunt aliquam laudantium numquam distinctio consectetur. Eligendi nisi accusantium quia aut temporibus. Repellendus rerum atque voluptas natus distinctio qui.
Eos sint quis hic quibusdam repellat laboriosam. Id voluptatem voluptas voluptatum et aut sed. Rerum explicabo sunt doloremque exercitationem aut ut veniam. Nesciunt dicta cumque atque est possimus.
Nulla vel qui voluptatem a velit inventore. Aliquid nam sunt est. Nesciunt officiis aut totam maxime. Error quasi tempora eum blanditiis voluptas debitis commodi. Maiores quisquam quia ut quaerat consequatur et. Eum consequatur modi qui nulla qui impedit. Dolores velit quia vitae itaque aperiam.
Quia ea ducimus laborum cum. Dolores dicta vero sunt nostrum ullam quasi deserunt. Inventore nobis enim nemo vero voluptate maxime laborum. Inventore tempora harum dolores soluta. Eligendi eum molestias a quae.