Unless you’ve been hiding under a rock, you probably noticed the excitement, hype, and borderline panic when ChatGPT from OpenAI was released in November 2022.

If you haven’t yet created an account or tried it, you should – because it is quite impressive.

You can ask the tool almost any question, and it will generate text or computer code in response (with some restrictions).

The technology behind it is too complex to explain fully here, but it uses supervised/reinforcement learning and all the data on the Internet (as of 2021) to generate text based on statistical probabilities (Wikipedia has a good summary).

Some people have predicted that ChatGPT and similar artificial intelligence technologies will destroy all white-collar jobs, others have predicted massive changes but no job destruction, and others are still unconvinced by the technology.

This leads us to the possible impact on investment banking and other finance-related roles.

I’ve used ChatGPT over the past few weeks as I’ve been working on a macro package for a new version of our PowerPoint course (now available!).

I’ve also tested it for industry research and financial model outlines.

In some ways, it has been very impressive; but it has also wasted time and led me down rabbit holes.

So, I’ll take a “centrist” approach here and explain my findings and predict how it might affect recruiting, the job itself, and even education at all levels:

My Take on ChatGPT and Other AI Tools: The Short Version