Facts for future prediction? No facts…But back in 70s when the news of so called machines may come from Japan that may replace majority of auto factory workers, ship hull builders, airplane fuselage builders, and coal miners etc, people said NO WAY. They have no facts they are just writing wild things or people said nah not me, I have specialized skills…Then fast forward couple decades to 90s…work gone. fast forward to 2017 - shutdown as we are moving to alt energy.
Wait! your reasoning behind automation is flawed because you are thinking straight like a finance guy. I was a software programmer and I’ve worked on automation projects before. Every industry is not similar and so the automation for them. If we go with your reasoning of automation then doctors/engineers should’ve been replaced by machines as well but they do exist.
It’s not about whether your work can be automated or not, I believe every task you do can be automated. The question how long would it take? I don’t believe in this 10 years thing. Now some people got excited here by romancing the idea of going back to school and learning some cool technology so that they can earn loads of money but here is the sad part of it. If machine learning really cracks up everything then systems don’t need humans to program. Lots of IT companies are developing systems which can learn new programming languages and can write algorithms without any human inputs.
I guess in that era, I would go back to India and live on a farm. Happy ending!
i may be biased but i think at the end of the day, some senior citizen would prefer to have their finances looked after by a human rather than AllocatorBot 4.0. roboadvisors will have to become insanely complex and achieve true intelligence before higher end wealth managers are displaced. the same goes for other higher end jobs throughout high finance.
and remember, AllocatorBot 4.0 will require many finance professionals to verify that AllocatorBot 4.0 is doing what it is designed to do. plus, there will be 50 versions of AllocatorBot 4.0, all with a long list of staff to support it. technological advances in very complex fields will eradicate some employment but overall, average pay of those still involved in the process will probably go up and the job losses are unlikely to as severe as prophesied.
AllocatorBot should do a good job at removing financial planning functions from bank branches. as the people who work in these environments are generally morons and add absolutely no value, this is a good thing for society.
Yeah right. Also, how is fine art even at 10%? Someone is going to automate fine art - that doesn’t make sense. Law is at 30% — what are we going to have computers in front of a jury and judge? 40% - Business and management studies? So now computers are going to manage people and interpersonal relationships?
100% agree. The only reason an ambitious person should worry about any of this is if they plan on achieving some position in life and then mailing it in for 30 years. If you are committed to learning new skills, there is no reason to become a dinosaur. It’s just economic lift-and-shift of resources, pure and simple.
it’s easy…fine art brokers such as Sotheby’s and Christie’s and even small art galleries have back office dept that processes shipping, invoicing, inventory checks, money wires, balance checks, bank statements recs, etc all of which can and will be automated. Same with law firms…instead of reading hundreds of pages for red flag in investment agreeements, operating agreements, proxies, etc…algo can program to get rid of countless hours wasted on swifting through these docs…big law firms already have algos do some of these tasks so not a big news…
I think the important to note is that even 30 years ago, a cell phone that is 50 times more powerful than that of supercomputers in during that era was unimaginable and that self driving cars as seen in cartoons were just cartoonish…
So much of auto manufacturing, coal mining, airplane manufacturing has been automated beyond anyone’s imagination from the 70s. The next 20 and 30 years…good chance it would surpass our imaginations and change the job landscape once more. This time it will be higher up - not just manual repetitive labor but jobs that require little more finesse and “skills” such as deciphering documents and learning to sort data depending on the previous findings, etc
Benzo – you nailed it. As did Destroyer. In my opinion the smartest thing that you can do is to be committed to keeping your skills current – for the rest of your career. If your biggest skills right now are SQL, Excel and some Finance domain knowledge / experience then I think at some point you’ll be at risk of getting left behind.
but how many people actually continue to learn?? very few…most people just get comfortable and get behind the tech and the times…usually say “nahhh that is impossible won’t happen to me or my sector” lmao…only to get the pink slip and complain how new tech by foreigners are over taking his jobs blah blah…
ONe of the reasons I am learning python because there is a chance that equity research as we know it might be scarce or non existence in 20 years…algo that crap and do fundamental analysis on 20 companies with full proforma and summary of 10k, 10q, proxy in 1 min with coding…this day might come…
