ChatGPT has created a buzz in recent years, particularly around its potential to displace human labor in industries such as finance and tech. But when it comes to long-term career prospects, health care could be king. According to the latest MLIV Pulse survey, which included 678 respondents, nearly 40% said that children currently in elementary school will be best off if they focus on medical career paths. This is due to the fact that health care jobs involve copious amounts of human-to-human interaction and are therefore unlikely to be replaced by AI-driven ChatGPT programs.
Demographic trends are also driving the need for more health care professionals: Economists predict a massive increase in demand for medical professionals as the world’s population continues to age. Thus, parents should strongly consider prodding their grade school-aged children towards a career in the medical field.
Conversely, high school graduating students have been tended to have better luck in tech sector, even in the face of lay-offs at prominent companies such as Meta Platforms Inc., Amazon.com Inc. and Alphabet Inc. Despite worries about AI’s potential for replacing some entry-level tech roles, tech is expected to remain one of the most lucrative industries for the next couple of decades. This is due to the fact that the world is becoming increasingly digitized, so tech-savvy applicants are in high demand in all sorts of industries.
Supported by both professional and retail investors, tech was endorsed by some 52% of professional and 48% of retail investors as the ideal field for high school students to pursue in the future. Similarly, hiring trends appear to be on the side of the technology sector, with numerous traditional companies looking to recruit those with tech savvy.
Finance, on the other hand, doesn’t seem to be as attractive a choice as it has been in the past. The current economic downturn has hit traditional financial giants, and only 12% of the survey’s respondents opined that finance would be the best career option for younger generations. This sentiment has been supported by the significant layoffs of major banks such as UBS Group AG and Credit Suisse Group AG, in addition to job-cut announcements from Citigroup Inc., Morgan Stanley and Goldman Sachs.
Despite these challenges, many people still maintain that an undergraduate degree is worth pursuing and investing in. However, alternative career paths such as going to trade school to become a carpenter, electrician or plumber are becoming increasingly appealing, as these job roles are much less likely to be outsourced or automated.
Finally, it’s worth mentioning JP Morgan Chase & Co., Citigroup Inc. and Wells Fargo & Co., who reported sizable earnings from higher interest rates in the first quarter of 2021. However, these big marks expressed their caution in hiring and expressed love for keeping headcount flat for the rest of the year. This shows that despite the current positive outlook of tech, there is still some hesitance amongst leaders in the traditional sectors.
Ultimately, it seems that the go-to career options for today’s youth should be closely monitored by parents. With a combination of demographic trends, investor sentiment and future-proof occupations, it can be argued that a career in the medical field is more promising than finance, tech and other industries.
