DCUM Forum

Anonymous

05/24/2024 12:18 Subject: Wall Street Placement 2024 update

Yep, I know a recent hire. Could have done UMD honors, but went a small private at great expense instead, got an NVIDIA internship while there, risk paid off.

However, it's not just pedigree, the mentorship at these schools grooms a student for these positions.

Anonymous

05/24/2024 12:17 Subject: Wall Street Placement 2024 update

Some of Wall Street’s major banks are asking the same question, as they test A.I. tools that can largely replace their armies of analysts by performing in seconds the work that now takes hours, or a whole weekend. The software, being deployed inside banks under code names such as “Socrates,” is likely not only to change the arc of a Wall Street career, but also to essentially nullify the need to hire thousands of new college graduates.

Top executives at Goldman Sachs, Morgan Stanley and other banks are debating how deep they can cut their incoming analyst classes, according to several people involved in the ongoing discussions. Some inside those banks and others have suggested they could cut back on their hiring of junior investment banking analysts by as much as two-thirds, and slash the pay of those they do hire, on the grounds that the jobs won’t be as taxing as before.

Anonymous

05/24/2024 12:16 Subject: Wall Street Placement 2024 update

+1. Seems like a good list of schools to avoid.

Anonymous

05/24/2024 12:16 Subject: Wall Street Placement 2024 update

WTF are you talking about? Right now, radiologists are using AI to scan for cancers and to interpret other XRays. AI will absolutely reduce the need to have so many radiologists on staff because it actually is more accurate and you will always have some senior radiologist signing-off on the diagnostics.

Any diagnostic doctor will be impacted by AI.

AI makes senior people more productive in so many fields. As a result, you need fewer entry-level people.

Anonymous

05/24/2024 12:13 Subject: Wall Street Placement 2024 update

You clearly don't understand the work of an investment banking analyst.

Think of all the time you make pitchbooks for an MD that is going to spend a week talking to SV companies trying to convince Intel to acquire Nvidia (actual pitchbook I worked on back in the late 1990s...think of how things may be so much different for Intel right now) or think of a dozen other similar pitchbooks.

AI can assemble all these mindless pitchbooks in 1/1000th the time. Nobody is losing money on these pitchbooks. This isn't trading.

Speaking of trading, AI is used all the time in creating trading algorithms. You need a human to make sure it is correct, but Wall Street is routinely making billions of dollars of daily trades based on computer programs.

Anonymous

05/24/2024 12:08 Subject: Re:Wall Street Placement 2024 update

I would love to see them exclude Tisch, the School of Social Work, Steinhardt, and the College of Nursing. NYU would leapfrog up the list. I am certain that *Stern* grads get better jobs than Emory grads.

(Not a big NYU booster here - my son didn't even apply - but well familiar with Stern!)

Anonymous

05/24/2024 12:01 Subject: Wall Street Placement 2024 update

That's you, most people do not want AI doctors. And the liability insurance would be insane.

Anonymous

05/24/2024 11:58 Subject: Wall Street Placement 2024 update

Think again. Many first tier doctors like family doctors, allergy doctors, etc. might lose job.

With little bit more of advancement, I would trust AI more than human primary care doctors.

Anonymous

05/24/2024 11:54 Subject: Wall Street Placement 2024 update

In finance, you just lose money.
In tech with AI, people can die, for example in self-driving.

Anonymous

05/24/2024 11:53 Subject: Wall Street Placement 2024 update

Healthcare

Anonymous

05/24/2024 11:52 Subject: Wall Street Placement 2024 update

Coding is first to go

Anonymous

05/24/2024 11:51 Subject: Wall Street Placement 2024 update

Finance is regulated if mistakes happen and it's because of AI the bank will lose millions. They won't take that risk, like they will in tech.

Anonymous

05/24/2024 11:44 Subject: Wall Street Placement 2024 update

What jobs will be alive? Finance?

Anonymous

05/24/2024 11:43 Subject: Wall Street Placement 2024 update

Except for the tech jobs in AI, right?

If you believe that, then this entire thread is moot because AI is going to kill the Wall Street analyst job. See an excerpt from an article below from the New York Times from April:

The Worst Part of a Wall Street Career May Be Coming to an End
Artificial intelligence tools can replace much of Wall Street’s entry-level white-collar work, raising tough questions about the future of finance.

Until now. Generative artificial intelligence — the technology upending many industries with its ability to produce and crunch new data — has landed on Wall Street. And investment banks, long inured to cultural change, are rapidly turning into Exhibit A on how the new technology could not only supplement but supplant entire ranks of workers.

The jobs most immediately at risk are those performed by analysts at the bottom rung of the investment banking business, who put in endless hours to learn the building blocks of corporate finance, including the intricacies of mergers, public offerings and bond deals. Now, A.I. can do much of that work speedily and with considerably less whining.

“The structure of these jobs has remained largely unchanged at least for a decade,” said Julia Dhar, head of BCG’s Behavioral Science Lab and a consultant to major banks experimenting with A.I. The inevitable question, as she put it, is “do you need fewer analysts?”

Anonymous

05/24/2024 11:38 Subject: Wall Street Placement 2024 update

That's very good. A UCLA grad would need to be at least accounting to get the same type of job. Back office at a big bank is better than Big4.