As AI continues to advance, the threats its poses will become just as prominent as the potential benefits with all things having been considered and taken into account. It turns out that the risks associated with AI are about to reach the London financial sector, with these industry seeming to be particularly exposed to the threats it poses. The main issue here is that a lot of clerical and administrative roles might end up becoming obsolete.
With all of that having been said and now out of the way, it is important to note that this data is coming from a report released by the Unit for Future Skills at the Department of Education within the British government. According to the findings presented within this report, the finance sector is at a higher risk than practically any other sector out there, and the ripple effect might reach Wall Street sooner than might have been the case otherwise.
Management consultants and business analysts are in the greatest peril from AI because of the fact that this is the sort of thing that could potentially end up automating a lot of the jobs that they are responsible for. Following this we have financial managers and directors, since AI might be able to provide consumers with a way to distribute their investments based on the appropriate principles without them having to consult with an actual professional.
It bears mentioning that the results of their investments might not automatically be as good as what they could’ve gotten had they hired a trained consultant, so the trend might reverse over the next few years. However, in the short term, these professions are looking like they’re going to take a severe hit, and the same goes for jobs that require rigorous certification such as chartered accountants and the like.
The same goes for actuaries and economists, which seems to suggest that high level corporate decisions as well as those made by nation states will increasingly come from AI. It remains to be seen what type of impact this will have on Wall Street, but with these professions facing serious jeopardy, the effects will likely lead to a wider paradigm shift in the industry. On the other hand, these fields may adapt to become more AI focused which would be similar to what happened when mechanization eradicated factory jobs.
Read next: ChatGPT Is Fighting Its Own Internal Battles That Most People Know Nothing About
With all of that having been said and now out of the way, it is important to note that this data is coming from a report released by the Unit for Future Skills at the Department of Education within the British government. According to the findings presented within this report, the finance sector is at a higher risk than practically any other sector out there, and the ripple effect might reach Wall Street sooner than might have been the case otherwise.
Management consultants and business analysts are in the greatest peril from AI because of the fact that this is the sort of thing that could potentially end up automating a lot of the jobs that they are responsible for. Following this we have financial managers and directors, since AI might be able to provide consumers with a way to distribute their investments based on the appropriate principles without them having to consult with an actual professional.
It bears mentioning that the results of their investments might not automatically be as good as what they could’ve gotten had they hired a trained consultant, so the trend might reverse over the next few years. However, in the short term, these professions are looking like they’re going to take a severe hit, and the same goes for jobs that require rigorous certification such as chartered accountants and the like.
The same goes for actuaries and economists, which seems to suggest that high level corporate decisions as well as those made by nation states will increasingly come from AI. It remains to be seen what type of impact this will have on Wall Street, but with these professions facing serious jeopardy, the effects will likely lead to a wider paradigm shift in the industry. On the other hand, these fields may adapt to become more AI focused which would be similar to what happened when mechanization eradicated factory jobs.
Read next: ChatGPT Is Fighting Its Own Internal Battles That Most People Know Nothing About
