"The automation of jobs is the industrial revolution of our time." Said Elon Musk, the CEO of Tesla and SpaceX. Artificial intelligence (AI) has already begun to replace or significantly alter various job roles, particularly those involving repetitive and routine tasks. AI-powered robots have taken over assembly line operations, reducing the need for human labor.AI has also taken over

administrative positions, such as data entry clerks, are being supplanted by AI systems capable of processing and managing data more efficiently. Customer service roles are increasingly handled by AI-driven chatbots and virtual assistants, providing 24/7 support without human intervention. Many argue that AI will also replace non-repetitive jobs, including various accounting, finance and consulting positions. Here are some popular, currently in-demand jobs business graduates seek and how AI will impact it.

FINANCE POSITIONS

Artificial intelligence (AI) is transforming investment banking and quantitative finance roles. AI algorithms analyze vast datasets to identify patterns, enabling automated and algorithmic trading strategies. AI models can forecast financial risks and assess them more effectively, aiding in risk management. When it comes to analysing and assessing risk, AI is significantly less likely to make errors, and is far more efficient than humans. In quantitative finance, AI enhances predictive modeling and portfolio optimization, leading to more informed investment decisions. Although AI is an extremely useful tool to investment bankers and finance experts, it lacks human intuition. High stake decisions such as M&A require human intuition and human interaction.  Although AI is transforming the roles of investment bankers and quantitative finance professionals, human intuition and connections are still a core part of the industry and this job will not be taken over completely by AI anytime soon.

ACCOUNTING POSITIONS

"Accounting is the language of business." Warren Buffett, the chairman and CEO of Berkshire Hathaway said. Many business students go on to pursue a CPA (Certified Public Accountant) designation which enables them to work in Audit and Tax jobs. AI is already automating repetitive tasks such as data entry, transaction processing, and reconciliation. Tools like Robotic Process Automation (RPA) can quickly handle these tasks with higher accuracy, freeing accountants from manual labor and allowing them to focus on more value-added activities. According to a report by PwC, this automation will improve efficiency and reduce human error in daily accounting operations.In the realm of tax preparation, AI will ensure compliance by automating calculations and staying updated with the latest regulations. AI tools can predict tax liabilities and offer deductions, streamlining the tax filing process. In financial forecasting, AI’s ability to process vast amounts of data will provide more accurate predictions for budgeting and investment decisions, allowing businesses to respond swiftly to changing market conditions. Although AI can handle data-heavy tasks, human accountants will remain crucial for more complex, strategic functions. AI lacks intuition, creativity, and judgment, which are vital when it comes to high-level decision-making, financial advisory, and navigating ethical challenges. Human expertise is also necessary for client relationships, where trust and empathy play a significant role. As accountants shift toward advisory roles, they will be expected to leverage AI-generated insights to offer personalized recommendations for clients. 

CONSULTING POSITIONS

Consulting roles are often regarded as the creative sector of the company. What many fail to realize is that the industry is data driven and often repetitive. Consultants often spend a large portion of their time gathering, analyzing, and synthesizing data to make recommendations. AI can now handle these tasks much faster and more accurately. Advanced algorithms can quickly analyze vast amounts of data, identify trends, and generate insights that would take human consultants much longer to uncover. Tools like IBM Watson Analytics and Tableau help consultants automate data-driven tasks, allowing them to focus on higher-level strategic work. Although AI can help accelerate and enhance the work of a consultant, they still create unique solutions that often require creativity and a human understanding of the company. The core job of consultants it to create innovative solutions. Consultants bring fresh perspectives and innovative solutions that AI tools, which rely on existing data, may not be able to provide. Moreover, AI lacks the emotional intelligence and cultural awareness necessary to navigate complex human dynamics and ethical considerations in consulting projects.