Vintage illustration of a group of rich people wearing top hats on Wall Street, 1927. (Illustration: … [+] GraphicaArtis/Getty Images)
Getty Images
A recent study revealed that applications to MBA programs have increased by 12% so far this year, with finance applications remaining the most popular. To those pursuing an MBA, especially those looking to get rich on Wall Street from Harvard or other great schools, I say this: Buyer beware. An MBA may not help you land that high-paying job. why? Because AI is already killing potential customers.
Wall Street has its charm. From Gordon Gekko and Jordan Belfort to Logan Roy and Bobby Axelrod, Hollywood and the media have glorified the wealthy who have conquered the investment banking world. The brightest and brightest MBA students from Harvard, Stanford, and other elite universities flock to the school for the chance to get rich. Starting salaries at these top companies are $150,000. But it’s also expensive. In the past, if you were willing to give your life, blood, and soul to your company, you would have had a chance to share in the wealth.
But things have changed. AI is becoming pervasive. The very same companies are now using AI to kill the majority of their employees, including promising Harvard MBAs.
Goldman Sachs, for example, has poured millions of dollars into a new large-scale language model that is now being used as a “co-pilot assistant” for investment bankers. AI-powered applications search a wide range of public and proprietary documents to provide answers, extract analysis, translate multiple languages, and summarize data from millions of files.
According to the Wall Street Journal, the internal platform allowed Goldman to “fine-tune its models using its own internal data in a secure and compliant manner.” Goldman employees will have “direct access to the platform to work with a variety of models, answer questions, and extract analysis.”
Investment banking giant Morgan Stanley recently introduced “AI@Morgan Stanley Assistant,” the familiar name for this job-killing app that “provides rapid access to Morgan Stanley’s intellectual capital.” . Using OpenAI’s large-scale language model architecture, the company’s assistants can quickly navigate through hundreds of thousands of research reports, take notes during client meetings, summarize key points, and include clients. You can also send automatic updates and tasks to attendees.
JPMorgan Chase leverages AI for wealth management, consumer banking, fraud prevention, and customer service. The company’s ChatCFO product is a tool customers use to access the data they need to run their companies, and the IndexGPT application is a thematic investment tool that uses natural language processing to generate investment baskets. A tool that utilizes AI for The company uses AI to help advisors make recommendations and organize meetings, and to help banking groups use GPS and demographic data to determine the “best locations” for new branches and ATMs. I am.
UBS scans hundreds of thousands of target companies in seconds to generate buy-side ideas, identify potential buyers, and highlight companies that are potential targets for activist campaigns that may represent opportunities. I created an AI model to write for my M&A group. . Or a minefield to avoid.
These are just some examples. Almost every big-name investment bank and venture capital firm, from Citigroup, HSBC, and Barclays to Sequoia Capital, Andreessen Horowitz, and Tiger Global Management, has built AI applications, infrastructure, and is quietly building AI applications. (or buy) investing in startups. You can sift through vast amounts of data to discover the next big startup, assess the financial health of your investments, determine market potential, and perform predictive analytics and decision support. These applications also have algorithms to predict success rates and make faster decisions.
We are already looking into the future. AI could make it harder to enter the investment banking field and change the skills needed to do so, with some banks cutting some tasks for junior bankers from days to seconds, according to a report We are testing possible tools. Even Citigroup admits that AI has the potential to replace more than 50% of banking operations.
It’s paused because these applications just started. Some of them are less than a year old. Let’s project ourselves just a few years from now. How long will it take for the bot to do most of the work? Not that long. The research, calculations, analysis, and problem-solving that dozens or even hundreds of highly paid Harvard MBAs have been doing for years on Google and Sheets will soon be easy to do with a single AI application. Sho.
Companies like Goldman Sachs and UBS can use AI to not only save thousands of hours but also make better, more profitable decisions. Why hire a Harvard MBA when you can have a robot do the job for you and do it more efficiently, 24/7, without having to cut your holiday bonus check?
This is what these companies are all about. They are driven by math and data and profit, and if technology can put more money into the bank accounts of their partners, that will be leveraged. Can’t blame them. Capitalism and profiteering begin in lower Manhattan. God bless America.
Of course, some people will stay there. These are a very wise and selected number of MBAs who use these applications to promote and benefit. They will recognize the power of technology, jump on new ideas and become masters. Good for them.
But come on, who’s kidding who? These companies stress that AI tools will not replace people or eliminate jobs. Baloney. It’s clear what’s happening. I hope that’s clear to Harvard MBA students. Because the AI is already killing them.
