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As concerns increase that artificial intelligence (AI) may take over human jobs, young finance professionals are facing a more difficult situation: entry-level positions are vanishing quickly. However, with the appropriate skills, attitude, and a recovering market, chances still exist, as noted by senior bankers and hiring managers in Hong Kong.

Four out of every five banks in Hong Kong have already incorporated artificial intelligence into their processes, an increase from 59% in 2022, according to the city’s unofficial central bank, which announced this on Friday.

The change reflects a worldwide pattern, where financial organizations are investing more in AI than other industries, expected to hit US$97 billion by 2027, as they strive to enhance productivity and automate standard operations, as stated in a report from the World Economic Forum and Accenture released earlier this year.

Instead of removing entry-level positions, AI might serve as a driver for quicker career advancement, according to Jacky Leung, the head of Hong Kong coverage at Goldman Sachs and co-chief operating officer of its technology, media, and telecommunications group in Asia, excluding Japan.

Previously, people used to invest more time in foundational work at the beginning of their banking careers,” Leung mentioned. “Today, individuals must get a head start and get ready for the next phase. This change makes the job more engaging and rewarding from an earlier point.

Technology allows graduates to invest less time in routine tasks and more time interacting with clients, he added.

For success, new professionals should concentrate on examining data and generating insights, “setting their work apart through precision, identifying issues, and delivering valuable conclusions”.

Soft skills – “the ability to present themselves, interact with others, and establish connections” – would become increasingly important, as young professionals are expected to engage with clients sooner than in the past, he mentioned.

As per John Mullally, the managing director based in Hong Kong at the recruitment firm Robert Walters, new graduates ought to adopt a long-term perspective regarding their professional paths.

“The era of earning fast money in the financial sector and achieving early financial freedom has largely disappeared,” he stated.

He encouraged those looking for work to adopt AI, pointing out that automation has eliminated a lot of the tedious tasks, allowing employees to concentrate on client interactions and “the human aspect of banking.”

Hiring has increased as capital markets recovered, with junior to mid-level positions being sought after, Mullally noted.

“There is a stronger desire to recruit at the entry to mid-level positions [because] they are more cost-effective and the junior levels have become less populated in recent years,” he stated. As per JPMorgan, Hong Kong’s proceeds from equity and debt financing increased 2.6 times compared to the previous year – indicating that deal activity, and consequently the need for junior employees, is rebounding after a period of low activity.

“Banking expertise is changing, yet there are still plenty of opportunities,” remarked Leung.

This viewpoint corresponds with the Financial Services Skills Commission based in London, which this year highlighted 13 “future skills” including digital proficiency, data analysis, creative problem-solving, and mentoring.

Young professionals are advised to “go with the market” by acquiring new abilities and being attentive to emerging opportunities, according to Elaine Lam, managing director at Robert Half Hong Kong.

“The route to achievement is no longer conventional,” she stated, emphasizing that adaptability, receptiveness to change, and a readiness to connect with others would create opportunities.

Every generation faces distinct changes and difficulties,” noted Leung from Goldman. “However, as markets recover and funding comes back, I expect greater optimism and expansion, fueled by skill and artificial intelligence.

Provided by SyndiGate Media Inc. (Syndigate.info).