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In recent years, students interested in finance have been bombarded with warnings about artificial intelligence—“AI is coming for analyst jobs,” “AI will eliminate entry-level jobs,” “AI will reduce hiring,” and so on. It can be easy to assume that investment banking analyst programs might disappear altogether sometime in the (very) near future, but a recent letter from Jefferies CEO Rich Handler and President Brian Friedman suggests otherwise.
In a surprisingly candid message to the firm’s summer interns, the executives addressed AI directly and made an observation that runs counter to much of the current narrative. That’s right, Jefferies just hired its largest intern class ever. The firm received more than 40,000 applications and ultimately selected 406 interns representing 144 schools, indicating that Jefferies is betting heavily on the next generation of talent. This reinforces the idea that while AI may change entry-level jobs, it won’t necessarily eliminate them.
Eliminating Work vs. Eliminating Workers
One of the biggest concerns surrounding AI is that if technology automates a task, it automatically eliminates the person performing it. In reality, history suggests things are rarely that simple—Excel didn’t eliminate accountants, email didn’t eliminate administrative professionals, and so on. Instead, those technologies changed how work was performed and raised expectations for productivity.
AI is very likely to have a similar effect. Many of the tasks traditionally assigned to junior bankers such as research, data gathering, document review, and presentation drafting can be assisted with AI tools; however, those tasks represent only part of what analysts do.
The broader purpose of entry-level finance roles has always been professional development. Junior employees learn how transactions work, how clients communicate, how teams collaborate, and how decisions get made under pressure.
Finance Is a “Relationship Business”
One of the most interesting themes throughout the Jefferies letter is that it barely treats AI as the main story. Instead, the authors repeatedly emphasize relationships, integrity, curiosity, teamwork, and judgment. This might seem a little old-fashioned in the age of AI and other fancy technologies, but it’s a nice reminder of what drives successful careers in finance.
Remember, deals are negotiated by people, clients hire people they trust, and investors allocate capital based on confidence in people and organizations—that’s a whole lot of “people!”
Even the most sophisticated AI system cannot replace the human relationships that sit at the center of most financial transactions. This is particularly important for students who worry that they need to become AI experts before entering the industry. The reality is that firms are still looking for many of the same qualities they’ve always valued: strong communication skills, intellectual curiosity, professionalism, and of course, the ability to work effectively under pressure.
Critical Skills in the Age of AI
The financial professionals who thrive over the next decade will almost certainly be those who learn how to use AI effectively, and the key here is understanding what “using AI effectively” actually means.
In most cases, banks are looking for professionals who can use technology to work more efficiently, analyze information more quickly, and focus more time on higher-value activities. This might mean automating certain tasks, using AI to speed up research and summarize reports, or putting together drafts. At any rate, the professionals who combine these capabilities with excellent soft skills will likely have a significant advantage.
The Importance of Human Judgment
Once reason finance may prove more resilient than some people might expect is that the industry relies heavily on judgment. Imagine a merger transaction—here, technical analysis, valuation work, and financial models are important, but so are questions like “Should this deal happen?” or “What could go wrong?” Indeed, these are judgment questions.
By now, we all know how great AI is at gathering information, but humans are still the ones who make the final decisions. In other words, technology can support analysis, but professionals are ultimately responsible for making recommendations and accepting accountability for outcomes.
What Students Should Do
If you’re pursuing a finance career in the AI era, preparation is key. The best thing you can do for yourself right now is experiment with the technology and learn as much as you can about it, particularly in the context of your desired role. This means knowing how AI tools work, and where they fall short.
In addition to this, soft skills are becoming valuable differentiators. Solid communication skills, critical thinking, professional judgment, and leadership qualities will set you apart from candidates who rely too heavily upon technologies like AI. Moving forward, the candidates who understand how to combine technological capabilities with uniquely human strengths will position themselves as valuable assets to potential employers.
At a time when many headlines suggest (often sensationally so) that AI will dramatically reduce opportunities for young professionals, one major investment bank just hired its largest intern class ever—this is very encouraging, and while the future of finance may look different from the past, there is still plenty of room for ambitious young professionals who are willing to learn, adapt, and grow alongside emerging technologies.
Rob Porter is an editor at Vault.
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