Probably the minority. But, quite naturally people want to be comfortable, don’t want to take risks, don’t want to work after hours, like the routine of their current life, or a million other excuses. We live in an interesting time as opposed to 100, 1000 years ago when you were pretty much locked in for life in your trade/class. But, is that an excuse to fall behind when things change in the industry? Absolutely not. It is opportunity knocking at the door.
I can imagine live running BSs, ISs, SOCFs, down to the level where when I buy a big mac the numbers for MCD adjust on the fly.
i read somewhere that peter thiel thinks that our current technology is not as advanced as was predicted 30,40,50 years ago
found it: http://bigthink.com/collective-intelligence/peter-thiel-what-happened-to-innovation
it doesnt matter how fast you analyze something, if the analysis is wrong, ur gonna lose money. the ability to process info fast is a short term play.
errr…my point was not speed but the less amount of man hours needed…400 research analysts at Blackrock were replaced by automation not for speed but to decrease man hours ie lower costs…instead of having 4-5 full time analysts looking at data and modeling, you can have 1 analyst who can review and go in detail by manually looking deeper at the reports generated by the machine. After all this is what today’s PMs do…they don’t model…ever…rarely rarely look at 10Ks…These are done by analysts (his or her minions)
actually. i think there’s a guy in seeking alpha that does exactly what you’re talking about. i’ve read some of his shit. i actually like how its broken down. he was talking about a robo 10-k analyzer. lol
Yeah, it is crazy to say that 100% of finance work is intellectual in nature. 80% of the hours are probably repetitive tasks that can and should be done by a robot.
yup these “robo 10K analyzer” do exist at Blackrock (remember 400 people who got replaced by automation? These 400 were not ops but research analysts and PMs with fancy MBAs and years of exp), Goldman, Two Sigma, Citadel etc…Again, speed is not the goal here but to cut 4-5 analysts making 300k and reduce the headcount down to 1 analyst who also know how to code and make tweaks here and there with the programs. Nothing new really as I have said above…You have hedge funds in NYC that have coding programmed to extract data from 10K or bbg term or factset into their excel template and take key words from these filings in seconds instead of hours by an analyst.
I think a lot of firms are also outsourcing the data entry to India. I’ve talked to some research places where there are just a few analysts in the US, and the mundane model set up is done abroad.
The layoffs due to automation are an industry-wide shift. By 2025, financial institutions will reduce their human workforce by 10%—resulting in roughly 230,000 fewer heads—as computers take their place, the financial services consultancy Opimas estimates in a recent report. Of those displaced jobs, 40% are expected to come from the money management space.
http://fortune.com/2017/03/30/blackrock-robots-layoffs-artificial-intelligence-ai-hedge-fund/
I don’t know if she makes that much but one time she gave us a free tour of golden gate park where she lives, super fancy bohemian area 
i am curious what the fellow who invented science would think about this. I can’t imaging he figured his new invention would lead to skyscrapers full of robots 
Starting salaries here
Check out @jtc_au’s Tweet: https://twitter.com/jtc_au/status/804696875815288836?s=09
man i need a tech degree asap
If they sort out the branding i dont see a scenario where machines are not judging us. Like a simple c5 algo is already predicting the outcome based on judges history before it happens at like 95% accuracy. Imagine some of the proprietary stuff google must be working on. Judges get appointed and voila a machine does all the heavy lifting like sorting out property and civil law disputes, no more ridiculius backlog of cases
the sad part is that these analysts in India often times are technically very good (may even be CFA) but are paid less than an undergrad summer intern at the US shop
lol
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