this post was submitted on 23 Nov 2023
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Accountants are about to be out of a job.
In all seriousness though, it just means the tools we have will become more precise, so you can dig though a company's financials within seconds and know where irregularities lie.
Which is great news for the IRS. If they could get their hands on that setup.
Which is also bad news if you are a stock trader and an AI just took your job.
Which is a crazy idea to think about....
Who had capitalist AI overloads on their apocalypse bingo card?
Right? It isn't a big leap to think that hedge funds and brokerages are gonna invest in adding this tech to their trading tools
To me, A.I. is mostly a threat to mid-level management and white collar, client-facing careers. Pretty soon, AI tools will be able to take in data and generate reports, summaries, and recommendations better and faster than people reading dashboards. Those careers will probably go before the ones people are predicting (like creative professions). A lot of financial sector jobs are what I just described.
I don’t think people in those careers now should be panicking, though. Travel agents were supposedly made obsolete by online booking but experienced travel agents used their expertise in itineraries to basically become boutique trip planners. It just isn’t a career path you’d recommend to the next generation.
The thing just managed arithmetic, it hasn't mastered Black-Scholes... yet. That's when the AI wars truly start. Wallstreet would throw dump trucks of money at something that could beat a Quant. Or even do it as good as a Quant, but slightly faster.
In theory BS should be right up its alley because GPT is essentially a stochastic probability machine at heart anyway.