Welcome back guys!

2024 is here, and along with it is going to be some of the biggest changes with AI yet!

Let’s take a look at this week’s recap of the Dynamic Frontier.

And if you want to know how to potentially save hours on reading assignments, make sure to read to the end!

On Today’s Menu We Have…

• Possible CS Degree Depreciation

• AI-Boosted IRS Tax Audits

• AI’s Coming for Finance Jobs

Tech

Why You No Longer Need a CS Degree For Tech Jobs!

You need to know that:

• IBM's AI chief said that CS degrees are no longer required for tech jobs.

• Soft skills like innovation, creativity, and critical thinking are more important now than a degree.

• This change is made possible by big tech companies embracing AI automation.

• Goldman Sachs estimates over 300 million jobs could be disrupted by AI.

IBM's AI chief, Matthew Candy, suggests that thanks to AI, a computer science degree may no longer be essential for securing a job in the tech industry. According to Candy, soft skills such as critical thinking will become more valuable as AI accelerates the process of idea generation and product development. He emphasizes the importance of questioning, creativity, and innovation, stating that AI will free up more capacity for creative thought processes. Candy also predicts that AI advancements, particularly in image generation, could impact jobs in the arts.

This perspective aligns with a broader trend noted by LinkedIn's vice president, Aneesh Raman, who sees a growing emphasis on soft skills over technical ones due to the rise of AI. However, the potential disruption of jobs by AI has also been acknowledged, with Goldman Sachs estimating that over 300 million jobs could be affected. IBM, in response, announced a hiring pause in roles susceptible to AI automation.

Read more about how big tech companies are using AI here, or find out how…

Finance

The IRS Got Thier Hands on AI!

What you need to know:

• IRS will use AI to catch unpaid taxes from the wealthy and big businesses.

• There will be no AI-boosted audits for those earning less than $400,000.

The IRS plans to use advanced technology and artificial intelligence (AI) to target unpaid taxes from higher-income individuals, partnerships, and large corporations. The focus is on improving tax enforcement for wealthier taxpayers, including the use of AI to scrutinize large partnerships like hedge funds, real estate investors, and law firms. The IRS emphasizes that audits will not be increased for Americans earning less than $400,000 annually and provides safeguards for low to moderate earners claiming the earned income tax credit.

Experts believe that AI implementation will lead to increased scrutiny on higher-end tax issues, with audits expected to rise noticeably in the next three to five years. Taxpayers are advised to maintain organized tax records for at least seven years. While the technology aids compliance efforts, it also poses risks for the IRS, including potential challenges in staffing and the need to demonstrate results amidst scrutiny and funding concerns.

Read more about an AI-boosted IRS here, or see why…

Finance

Should We Be Worried About AI Being Used in Finance?

What you need to know:

• AI is being used to swiftly analyze data and offer real time reporting.

• Repetitive number-crunching tasks are being automated by AI.

• Despite AI's effectiveness, it lacks human intuition, especially for complex, non-numerical decisions.

• Potential risks include data security issues and job displacement.

In the ever-changing field of business finance, the incorporation of artificial intelligence offers significant transformative potential. While AI is expected to boost efficiency, the importance of human intuition in handling intricate financial decisions is recognized. Instead of viewing AI as a substitute, the perspective is that of a collaborative future where AI complements tasks, enabling human accountants to concentrate on strategic decision-making. Nonetheless, the integration of AI in business finance comes with its challenges, such as worries about data security, privacy, and the potential displacement of jobs.

Read more about AI’s application in finance here, or find out how to be more efficient with…

💡Tip of the Day!

Have a large PDF you need to read through but don’t have the time? Open Copilot in edge browser and ask it to summarize the page. You can even ask it to answer specific questions based off the pdf!

This is much more effective than pasting bits and pieced into ChatGPT!