- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
Long term outlook for Corporate Finance / FP&A as a career choice
Posted on 8/28/18 at 12:32 pm
Posted on 8/28/18 at 12:32 pm
I currently work in a FP&A finance role at a FAANG company in Silicon Valley. I interact with engineers and product managers on a daily basis and I am seeing first hand how everything is getting automated and how every product or process now has a AI / ML component to it. Anything that can be automated is being automated. Period.
The latest example is that every expense report in our company is now being run through an AI program that can detect outliers and can flag expense reports that need further analysis, where as in my previous companies someone would go through each expense report manually line-by-line or if the volume was to high, they would pick random samples for further analysis. That's just one example among many where a piece of software can do what multiple humans can in a fraction of the time. Software is really eating the world.
Now I'm afraid that the career path I chose (corporate finance) will become obsolete within the next 10-15 years, with more mechanical roles like accounting, revenue recognition, quarterly reporting, SOX compliance etc. getting eliminated even sooner. I'm too old to go back and get a software engineering degree, but don't want to find myself in my mid-40s or early 50s without a job and dwindling career prospects.
Would love to hear thoughts on whether you think my concerns are unfounded and that I'm thinking to far ahead (it's hard not to when you are surrounded by the kind of technologies and smart engineers like I am in the Bay Area). Anyone here have had to change job functions late in their career? What are some ways in which you can prevent your skills from getting outdated as you get older?
The latest example is that every expense report in our company is now being run through an AI program that can detect outliers and can flag expense reports that need further analysis, where as in my previous companies someone would go through each expense report manually line-by-line or if the volume was to high, they would pick random samples for further analysis. That's just one example among many where a piece of software can do what multiple humans can in a fraction of the time. Software is really eating the world.
Now I'm afraid that the career path I chose (corporate finance) will become obsolete within the next 10-15 years, with more mechanical roles like accounting, revenue recognition, quarterly reporting, SOX compliance etc. getting eliminated even sooner. I'm too old to go back and get a software engineering degree, but don't want to find myself in my mid-40s or early 50s without a job and dwindling career prospects.
Would love to hear thoughts on whether you think my concerns are unfounded and that I'm thinking to far ahead (it's hard not to when you are surrounded by the kind of technologies and smart engineers like I am in the Bay Area). Anyone here have had to change job functions late in their career? What are some ways in which you can prevent your skills from getting outdated as you get older?
This post was edited on 8/29/18 at 10:54 am
Posted on 8/28/18 at 12:56 pm to MailKimp
You have a legitimate concern but it is somewhat overblown.
AI can produce all the data points in the world but engineers and non finance business owners will still need someone to help the understand and interpret the numbers.
If you are strictly a number cruncher, you have problems and need to develop a new skill set. If you are providing strategic guidance, you will be fine.
AI can produce all the data points in the world but engineers and non finance business owners will still need someone to help the understand and interpret the numbers.
If you are strictly a number cruncher, you have problems and need to develop a new skill set. If you are providing strategic guidance, you will be fine.
Posted on 8/28/18 at 2:25 pm to MailKimp
dude FP&A especially at a FAGMAN company is a great spot to be in.
Can jump into strat,pe/vc, startups, mba etc.
Can jump into strat,pe/vc, startups, mba etc.
Posted on 8/28/18 at 2:35 pm to MailKimp
quote:
don't want to finf myself in my mid-40s or early 50s without a job and dwindling career prospects.
You can always hedge your bets by investing in the AI/ML that are about to take your job
I work in finance and the reassuring thing to me about job security is
1) Non finance people have a difficult time interpreting financial output correctly. If you don't understand the question, you aren't going to understand the answer
2) I have made it my business to know/understand the software/technical advances in my field. If 1 person can use software to automate the work of 5 employees, I want to be the 1
Example of #2
quote:
The latest example is that every expense report in our company is now being run through an AI program that can detect outliers and can flag expense reports that need further analysis,
Be that further analysis
This post was edited on 8/28/18 at 2:40 pm
Posted on 8/28/18 at 10:55 pm to MailKimp
I work for EY, EY much further along with RPA than my previous big 4. Companies are presently adopting Automation at various levels. Right now companies trying to figure out how to make it economical. Until Big 4 has stockpiles of reusable code (across the major 3 automation platforms) covering lots of permutations across all system and interfaces there will continue to be a great deal of new code necessary and if your systems or processes are changing then it could require significant reconfiguration.
Agree with other poster, be the guy that can identify opportunities for automation and you are able to communicate that to your automation COE once it exists. Be agile and you’ll continue to be employed.
Agree with other poster, be the guy that can identify opportunities for automation and you are able to communicate that to your automation COE once it exists. Be agile and you’ll continue to be employed.
Popular
Back to top
Follow TigerDroppings for LSU Football News