BloombergGPT Just Launched: Is Your Job Still Secure? 🤯🤯
Bloomberg just launched BloombergGPT, an AI model that uses financial data to aid NLP tasks in the finance industry.
We all know ChatGPT but what makes Bloomberg’s tool so important is it is focused primarily on finance. It can quickly analyse financial info and possibly automate accounting plus auditing tasks. Bloomberg GPT will get its info from Bloomberg Terminal and the effectiveness of this tool can be attributed to Bloomberg feeding it a vast amount of financial data it has collected over 4 decades. It will aid Bloomberg in handling current NLP work like:
🎯 Sentiment analysis
🎯 Named entity recognition
🎯 News classification
🎯 Analysing massive amounts of data available on the Bloomberg Terminal
Who’ll benefit from this?
It’s said that the new GPT will further innovation in capital markets, meaning new possibilities for clients, not just those working in the industry. Also, BloombergGPT will encourage other institutions that have large datasets too, to create a similar tool of their own. Accounting and auditing teams also stand to benefit due to the potential for automating tasks, to sales and trading desks because of its ability to bring news to the market faster and help users make better-informed decisions.
But will BloombergGPT mean the end of finance internship, grad jobs or junior positions? The answer simply is no! There will definitely still be internships and grad jobs available.
That’s why it is SO IMPORTANT that you learn HOW to use such tools in the workplace. Many writers now use ChatGPT as a writing assistant. It helps with some tasks, whilst the writer is still very much in charge. That is the approach you need to take too. Learning HOW to use tools like BloombergGPT will make you more EFFICIENT in your role, thus more interesting to banks that are hiring. The finance industry is very fast-paced, thus being able to do tasks more quickly will make you a more valuable asset. With tools like BloombergGPT, you’ll be able to:
✅ Curate market news faster
✅ Automate smaller tasks
✅ Assist with market reports
✅ Conduct research and analysis more quickly, and so on
Thus, you must learn HOW to use AI tools because the people who don’t use AI tools to assist them will not be able to work as quickly as those who DO, and they’ll be less competitive.
That's why learning programming is so important too. As more companies will look to create and/or improve their own GPT tools, the demand for people with strong programming skills will go up. So when it comes to hiring at banks, they’ll find you more appealing as a candidate if you have the skills to use AI tools, as well as if you have the programming skills to help them with similar innovations.
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