A topic of interest in many fields revolves around the presence of artificial intelligence (AI). While many people wonder about the possibility of AI automating tasks, the list of unknowns continues to grow as this new technology evolves. Dan GreeneBill Short Professor of Finance to the Wilbur O. and Ann Powers College of Businessnoticed growing concern among students that AI could limit the number of jobs available when they enter the workforce. In response to this concern, Greene combined his research with teaching strategies to create an innovative class assignment.
What does ChatGPT know about finance?
His idea for his finance course came from his co-authored study, “How Much Does ChatGPT Know About Finance?” In this study, to be published in Financial Analysts JournalGreene and Douglas (DJ) Fairhurst of Washington State University explored large language models (LLMs), such as ChatGPT, and their effectiveness in potentially replacing finance jobs.
“There’s a lot of talk in the industry about ChatGPT replacing jobs, but because the technology is so new, it’s difficult to measure that. During our exploration (ChatGPT), we found that these tools are not as advanced as some claim. In finance, there is still a real need to gain first-hand knowledge. Tools like this can support our work but, as they currently are, cannot replace knowledge from professional experience.
Experiential learning in the classroom
With what he learned from his research, Greene decided to implement a similar assignment in one of his finance classes. The aim was to see if students considered Large Language Models (LLM) to be a suitable replacement for a human in the role of financial advisor.
He organized the unit into three sections. The first part was a skills test. For the skills test, students asked ChatGPT basic financial questions to rate their effectiveness on a three-point scale compared to that of a professional financial advisor. The second section asked students to test whether ChatGPT could completely replace a human by having them take on the role of a customer and having ChatGPT provide personalized financial advice based on a customer’s profile. The third and final section asked students to act as financial advisors and use ChatGPT as a supplement rather than relying solely on it.
By the end of the unit, most students came to the conclusion that LLMS, like ChatGPT, are currently not enough to replace an experienced financial advisor. Nonetheless, the assignment allowed students to be exposed to an AI tool that many had not explored before.
“At the start of the unit, about half of my students had never used ChatGPT before. LLMs are going to exist in the future and are something that students will encounter in their professional careers. Becoming familiar with it now and seeing how it can be used as a tool will help them enter the workforce,” says Greene.
Teaching Innovation Award 2024
For his finance lesson, Greene recently received the Financial Management Association’s (FMA) 2024 Teaching Innovation Award, sponsored by the CFA Institute. The Innovation in Teaching Award recognizes educators who use innovative classroom practices to engage students and teach them relevant industry skills in a unique way.
“As business professors, our role is to prepare students for a rapidly changing world of work, even as we ourselves are discovering how to best use AI in our own areas of expertise” , declares Jennifer Siemensvice-dean for academic excellence. “Dr. Greene’s research contributes to the understanding of the impact of AI on finance, while his innovative teaching gives business graduates confidence and preparation for success.
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