We’ve become accustomed to thinking that technological advances are eliminating jobs and tasks that require low-level professional qualifications. From automated toll booths to supermarket tills, we’re used to the erosion of low paid jobs.
Yet new forms of technology and automation are also making more highly qualified professionals obsolete, like financial analysts, lawyers and tax experts. In 2000, Goldman Sachs employed more than 600 traders. In 2017 only two equity traders were left because algorithms handled by computer engineers could perform the same work. The same thing is happening in all the traditional investment banks on Wall Street. At the same time, everything from self-completing online tax returns to machine learning approaches to accountancy are disrupting jobs in financial services.
So what are the “megatrends” in this evolving job market?