Welcome back to the Knockout Newsletter, brought to you by The Final Round. Every other Tuesday, we send you insight to help you knock out the competition, advance past the final round interview, and grow in your career.
Thank you for joining us in the ring. Let’s go.
What’s New?
Welcome, Isabella!
To begin this edition, we’re very excited to announce the addition of our newest team member, Isabella Richards!
Isabella serves as an intern for The Final Round, focusing on the development of a new online course (coming soon 👀). Before joining TFR, Isabella gained experience as a Diversity, Equity, and Inclusion Associate at PGIM, Nonprofit Consulting Extern at PwC, and a Human Resources Rotational Program Intern at Capital One, where she will be working full-time after graduation.
Isabella is in her fourth year at UCLA, studying Psychology, Entrepreneurship, and Community Engagement and Social Change. Her favorite TFR Podcast is Episode 16 with recruiter Nicole Fernandez-Valle at Royal Caribbean.
Artificial Intelligence and the Job Search Process
A new era of technology is upon us. And without a doubt, you’ve heard of interfaces & chat bots like ChatGPT and Bard that allow users to ask a seemingly endless array of questions. From basic questions like “What is investment banking?” to “How can I start a business with $1,000”, there’s certainly no limit to what these services can help you with… and this includes when it comes to the job search space.
So we decided to put A.I. to the test, asking it two career-related questions.
The first question we asked ChatGPT was “How to break into private equity?”, which if you aren’t familiar, is the investment of equity capital in private firms. Here’s a summary of what it came up with:
Gain work experience. Private equity firms typically hire those with experience in investment banking, management consulting, or corporate finance.
Network extensively (sounds familiar!): Reaching out to alumni, attending corporate events, and joining relevant organizations are all important ways you can get ahead of the competition and stand out in the recruiting process.
Build strong financial skills: Private equity firms value those with strong financial analysis skills, particularly those who can build financial models and conduct due diligence.
MBA might help: A Masters Degree in Business Administration might be a nice asset to help you get recruited to a P.E. Firm by expanding your skillset and network.
Persistence: Private Equity is a tough industry to break into, so hard work and improvement over time are keys to eventually landing that role.
We also asked ChatGPT for some best resolutions to deal with the ensuing tech layoffs. Here’s what it had to say:
Consider your financial situation: Set up a plan if you have been recently laid off. Whether that means cutting the spending of non-essentials or creating a new budget, understanding your financial path moving forward is important.
Evaluate your skillets: What skills do you currently have that you developed in your previous role? Do potential employers know about these skills through your LinkedIn and Resume? What skills can you take the time now to improve upon?
Update your Resume and LinkedIn to fit these skills: Also, always be sure to include your interests, as recruiters/professionals might be able to steer you in the right direction.
Network: It’s almost like a broken record at this point. Rely on your network, and let them be aware that you are looking for a new role.
Stay positive: layoffs are rough. But you’re not alone. Be sure to reach out to those you love, and talk through the struggles you are dealing with.
Clearly, ChatGPT is an amazing tool to help direct you in your career search. Regardless of where you stand, give A.I. a try, and don’t forget to use it to your advantage no matter your current situation or career path preferences.
Remember that these tools output based on your input, so be sure to add detailed questions, provide examples when applicable, and don’t be afraid to respond to the initial response asking for a revision!
Will A.I. Create or Destroy Jobs?
One of the biggest concerns of people in an era of expanding technology is job insecurity. Many are fearful that technology will be able to assume the responsibilities people formerly were needed for, at a much lower price. However, various evidence suggests the opposite is likely true.
According to Steve Chase, a Consulting Leader at KPMG, if history tells any sort of story of what will happen with artificial intelligence, it’s likely that job creation will outpace job losses. If this is any indication of what the future holds, it’s likely the growth of this new sector of technology will bring an overall positive impact in the career space.
Furthermore, according to Demitri Papanikloaou, a Professor of Finance at the Kellogg School of Management at Northwestern University, we haven’t reached a point of “true A. I. just yet.” Currently, he notes, artificial intelligence is gathering information that currently exists, as opposed to adding new knowledge. Therefore, it’s easier and more likely that jobs will call for the integration of A. I. alongside employees as a means to maximize value creation.
Reads the full article here
Business Buzz 🐝
Here are some examples of how a few firms/industries are dealing with and preparing for the rise in artificial intelligence technologies:
Medicine 💊
In 2018, an AI system was approved by the FDA to screen for a blindness-causing conditions. Here’s how offices and hospitals across the world are dealing with even newer A. I. integrations
Walmart 🛒
Here’s how the superstore giant is using artificial intelligence to improve customer and employee experiences. From machine learning to inventory intelligence, these processes are sure to help drive revenue and improve efficiency.
Industrial 🏭
According to McKinsey & Company, there’s tremendous value to be created within the industrial sector through the use of artificial intelligence. Here’s how artificial intelligence could shape its future.
Hiring 🏢
99% of Fortune 500 Companies are looking to artificial intelligence to help screen potential employees. Here’s how this process may actually induce bias, and what it could mean for potential workers.
Layoffs 💼
That’s right. Some companies are resorting to artificial intelligence to determine layoffs. Though many major companies executing these layoffs claim otherwise, here’s how new technology may actually have a major role in who stays and who goes.
The Final Question
How have you used artificial intelligence in your day-to-day? What do you think the future of A. I. looks like? Let us know by leaving a comment below!
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Written by Bryan Hanley; Edited by AJ Eckstein