As anxiety grows that artificial intelligence will replace human labour, young finance professionals are confronting a harsher reality: entry-level work is disappearing fast. Yet with the right skills, mindset and a recovering market, opportunities remain, according to senior bankers and recruiters in Hong Kong.
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Three-quarters of Hong Kong banks had already integrated AI into their operations, up from 59 per cent in 2022, the city’s de facto central bank said on Friday.
The shift mirrors a global trend, with financial institutions outpacing other sectors in AI investment – forecast to reach US$97 billion by 2027 – as they race to boost efficiency and automate routine tasks, according to a World Economic Forum and Accenture report earlier this year.
Rather than eliminating entry-level roles, AI could act as a catalyst for faster career progression, said Jacky Leung, Goldman Sachs’ head of Hong Kong coverage and co-chief operating officer of its technology, media and telecoms group for Asia excluding Japan.
“In the past, one would spend more time on groundwork at the start of their banking career,” Leung said. “Now, individuals need to have a head start and prepare for the next level. This shift makes the job more interesting and fulfilling at an earlier stage.”
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Technology means graduates could spend less time on basic tasks and more time engaging clients, he added.