The rise of generative artificial intelligence (AI) will likely lead to a surge in economic growth and productivity, automating activities across millions of jobs. However, few industries are likely to feel the brunt of this impact more than the financial sector. CEO of JP Morgan Chase Jamie Dimon stated that his firm already has over 300 use cases for AI, ranging from risk management to marketing automation. In JP Morgan’s 2022 annual update, Dimon described continued investment in AI as a “necessity” — a sentiment that most banks likely share.
With this in mind, emerging financial professionals would benefit from adding AI credentials to their resume prior to entering the workforce. Advanced programs like the online Master of Science (M.S.) Finance from the University of Illinois Springfield (UIS) help graduates understand how fields like behavioral finance, financial analytics and investments may be set to change thanks to generative AI.
How Is the Finance Industry Incorporating Generative AI?
The full benefits of generative artificial intelligence have yet to come, but this technology is evolving rapidly. Rising professionals can expect AI to reshape the financial industry over the coming decade(s). However, Google has outlined three ways that AI is already changing how financial professionals work:
- Capital markets research: Extensive research is a significant part of the finance and investment landscape. Generative AI can help analysts quickly interpret company filings, transcripts, reports and complex data in order to make informed decisions or create detailed reports.
- Regulatory code change consultant: The financial industry is much more regulated than other industries. Generative AI can help companies interpret new requirements and update old systems to ensure compliance, saving a vast amount of repetitive or manual work.
- Personalized financial recommendations: Offering advice to others is another major aspect of the financial industry. In this regard, generative AI can help digest datasets to create personalized advice.
This change can be intimidating for those just entering the workforce. After all, the writing on the wall shows that generative AI can handle much of the work that entry-level analysts do. So, does this mean that AI will replace these roles completely?
What Does Generative AI Mean for Careers in Finance?
The good news for emerging graduates is that artificial intelligence still requires human talent, according to Deloitte. If anything, AI is emerging as a tool that can help empower analysts to be more productive and eliminate repetitive tasks. For open-minded financial professionals, AI actually represents a massive opportunity.
A report by McKinsey & Company states that one of the biggest challenges banks face when scaling AI is educating their employees. After all, many banks have tens or even hundreds of thousands of employees. Not all employees will engage this new technology and leverage it to their advantage. Finance professionals who add generative AI skills to their resume — such as prompt engineering and database curation — will quickly make themselves more valuable in the eyes of their employers.
Finally, banks will be in an arms race to utilize artificial intelligence across their organizations. This means investing in employees who know how to use artificial intelligence — another benefit for emerging finance professionals.
Pursuing a Career in Finance
Budding finance professionals interested in pursuing an advanced career in finance should not let this opportunity pass them. Those with a bachelor’s degree can easily separate themselves from the pack by obtaining an advanced degree in finance that helps showcase your capability to incorporate generative artificial intelligence.
For example, UIS’s online M.S. Finance program prepares graduates to navigate and leverage the potential of generative AI to improve predictive and prescriptive analysis and forecasting. Graduates of this program have a comprehensive understanding of financial theories and practices in institutional and individual financial management.
With this in mind, this program is a good fit for graduates who wish to pursue a career as a financial analyst, financial planner, financial investor, commercial or investment banker, accountant, private wealth manager or actuary.
Learn more about the University of Illinois Springfield’s online Master of Science Finance program.
