Will anyone here have to worry about A.I taking over their job in their lifetimes?
Do any other professions have to worry about A.I like lawyers or engineers or is mostly just low-level jobs that are in danger?
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AI will replace a lot of workers in finance, but high-level finance is still a human-to-human affair.
I mean, sure, it would probably be awesome for clients if someone came up with software that did all the work involved, but we're still decades from that. (In the practical sense)
Also kinda wondering the same thing.
All the reports i read always say low level white collar work is in danger and engineering/tech jobs are safer but never anything about finance or business roles.
I don't think anything apart from repetitive jobs like transportation or cashiers will be replaced in our lifetime.
You seen a trading floor lately?
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Most trading in equities is already done by computers. With the proliferation of alternative data computers will replace the traditional fundamental researcher. This only applies to where granular data is available. As time goes on, more and more data about the inner workings of the economy will become available, we will see more areas of finance replaced by computers.
But there are still many remaining roles in finance that won't be changed in our lifetime if ever.
Take IB for example. You can definitely automate the lower levels of the job such as what an analyst does but as a whole, the industry is not about making powerpoint presentations. AI will never be able to replace an MD who has created relationships and landed deals because like it or not, humans will always be more trustworthy of other humans than of a robot. (Unless we're talking hundreds of years in the future but by that point, we'll most likely all be dead or have merged with AI to become superhuman cyborgs.)
I don't think the following will get too impacted with AI:
Quant roles (even though algos can do well short term, the need for constant algo creation won't change even with AI)
Private markets (PE and RE won't be outsourced or replaced with AI, Supperior returns come from good connections with the deal sourcing approach and negotiating) So many times you could run AI or some super computer to analyse financials but that is only a small part of the puzzle. You need a gut feel and an human element.
Special situations and distressed debt funds won't get impacted either (Don't know enough about these) because of the nature of the asset class.
However audit, PWM and a few other parts of finance will experience some AI disruption!
The data isnt there for real estate yet. Once it becomes more obvious what is driving price swings via data collected. I.e. are credit transactions collected from the area increasing with higher volume (high economic activity), is a large corporation near by experiencing high growth, is the population growing, how much money is coming into this area from China, etc. A model can take all of this into account, but the model cant be built right now. There's no reliable way to measure all of those things, but there will be 15 to 20 years from now. Thats where the real change in finance will come from. Transparency to prices that was opaque before. The financial incentive for this is absolutely massive.
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