NEW YORK–Many in credit unions have a growing concern shared by workers in numerous other industries that their jobs will be lost to artificial intelligence (AI), but new study by software development company Vention that despite those widespread concerns, many tech and financial professions will see substantial growth over the next decade.
The same analysis did find, however, that some financial services jobs are at risk.
According to the company, the analysis examined Bureau of Labor Statistics employment projections to identify which occupations will thrive and which may struggle as AI continues to transform the workplace.
The total employment across all occupations is projected to grow by 4.0% between 2023 and 2033, adding approximately 6.7 million jobs to the economy.
‘Counter to Common Fears’
“The statistics show that software developers will experience a 17.9% increase in employment between 2023 and 2033, adding over 300,000 new jobs,” Vention said in releasing its findings. “Personal financial advisors will grow at a similar rate of 17.1%, adding 55,000 positions in the same period. These numbers run counter to common fears that AI will dramatically reduce employment in these fields.”
Financial and investment analysts show projected growth of 9.5%, adding 33,100 new positions over the decade.
The research did identify some occupations projected to decline as AI automation advances. Insurance appraisers for auto damage face the steepest drop at 9.2%, shrinking from 10,500 workers in 2023 to 9,500 by 2033. Claims adjusters will decline by 4.4%, losing 15,200 positions.
Credit analysts will decrease by 3.9%, shedding 2,800 jobs, the analysis suggests.
‘Nuanced Picture’
“These employment projections paint a more nuanced picture than the often-simplified narrative about AI eliminating jobs,” Gennady Andreyev, engineering delivery director at Vention said in a statement. “What we’re seeing is a transformation where some roles will change substantially while new opportunities emerge. This growth occurs despite some occupations experiencing contraction, highlighting the transformative rather than purely destructive nature of AI adoption.”
The full projections can be seen in the charts with this story.
