Will AI Replace Financial Analysts?
Last year marked a pivotal moment as AI revolutionized our approach to work. Activities that previously required years of expertise and hours to complete could suddenly be executed in mere seconds by AI. This rapid evolution has led to a universal question: What implications does this hold for the future of business, and what could it mean for individual roles? Could the advent of robots taking over jobs become a reality?
In her session, Emma Chieppor explored of AI and its capabilities for data analysis in Excel, while also addressing the potential future landscape for analysts. Emma is renowned for her Excel Dictionary brand, which has gained massive popularity on social media. Through her concise and informative Excel tutorials, she assists people with their everyday tasks, garnering an impressive following of 4.1M on Instagram and 2.6M on TikTok.
Here are the highlights:
- AI can help analysts with grunt work like cleaning data but lacks understanding of decision making processes
- Analysts will need better soft skills and interpersonal abilities to work effectively with AI
- AI tools in Excel like ChatGPT are very capable for data analysis and visualization
- Copilot is still in early stages compared to ChatGPT but Microsoft is working on improving it
- Playing with AI tools now can help learn skills and stay on the curve for when capabilities improve more
- AI may not significantly reduce analyst roles in the near future but make existing analysts more productive
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