Ten jobs that will disappear in the next ten years
Make predictions, and you can have an egg in your face. Take this example. In 2007, Steve Ballmer, CEO of Microsoft, said, “There is no way the iPhone will gain significant market share. Phew! Faced with this and other similar examples in history, do I really have a chance of succeeding? Well, I plan to hedge my bets. Here’s a look at those jobs that are going to disappear as time goes on.
Analysts, fund managers and wealth advisers, beware
If you’re an analyst on Wall Street or one of those fancy mutual funds in India, your job might be at stake. Robots are programmed to perform complex calculations and study trends. AI will play a leading role in ensuring speed, accuracy, breadth and depth, as well as unbiased opinions. Exit the analysts.
Asset managers can fall off the cliff. Machines can do quants much better than humans. Algorithm-based trading has already started. Once it becomes an art, the role of a fund manager could be drastically reduced, or at least the number of such managers will decrease. Already, AI is starting to score points on asset managers.
Banks have financial advisers who pursue and help wealthy people. This sphere of domination will disappear as AI will help bots to better assess risk appetite, return estimates and the design of a risk-return framework with corresponding portfolio choices. Yet a few HNIs may still wish for personalized wealth management and wish to deal with men rather than robots.
Will you need translators?
If you can translate from English to Chinese and vice versa or from English to Japanese and vice versa, today you could win a bomb. The translation of written and spoken words will be withdrawn from humans. The machines already do an excellent first cut translation. Once they pick the finesse and move on to the non-literal translation and start grasping the nuances of the language, accents, dialects and context, etc., you and I can say goodbye to those roles.
Cashiers and legal cashier admin!
The cashier in a supermarket is going to be a thing of the past. As you walk through the door, secret aerial equipment scans your purchases, sends an invoice via text message, and debits your bank account. Yes, a cashier will no longer be needed.
Administrative and legal jobs are under threat scanners. Routine tasks such as preparing documents, modifying clauses on multiple contracts following a change in the regulatory framework, analyzing contracts, etc. will be carried out by the AI. A year ago, JP Morgan rose slipped many lawyers specializing in this area.
Telemarketer, CRM, insurance reviewers can go
The telemarketers who tortured you with their spam calls are about to go. I don’t know, however, if the alternative will be welcome! You will receive calls from robots able to read your emotions and modify their questions and answers. It will be hard work convincing them that you are not interested in the product.
With the growth of bots, customer service reps will take a back seat. Over the next few years, this automation will improve customer satisfaction and speed up conflict resolution. Today, we barely enter a bank to withdraw or deposit money and we use the smartphone instead. The decrease in attendance will, over time, lead to a reduction in staff.
Many jobs like appraisers and surveyors will lose importance as AI takes over the calculation and decision making. Insurance companies already want to move towards same-day settlement over time.
Pilots nailed to the ground
Even today, much of the flight, with the exception of takeoff and landing, is in automatic mode. The pilot takes advantage of a 13 hour break on a 14 hour journey! Once automation learns these two activities and performs them effortlessly, you will see unmanned planes carrying passengers from place to place.
And here is a laundry list
Here is a list of other laundry jobs that will go up in smoke. Drivers (thank you self-driving cars), couriers (enter drones) and traffic officers (only India has cops under traffic lights) will disappear. The same goes for journalists (AI can write reports faster), parking assistants (cars park themselves), restaurant waiters (robot-based service), and librarians (again once, robot-based service). In short, no job is safe.
Some estimates suggest that automation could disrupt between 800 and 2,000 million jobs over the next ten years. The way to stay relevant is to retrain yourself. Let’s connect in ten years and revisit these professions!