⏳This is a 7 minute read📚
Hey Fast Trackers!
In this edition…
- 🧠 Wisdom from Nicolas Boucher: 🎙️ A.I. for finance expert Nicolas Boucher brings 15 years experience to his training tailored to FP&A professionals.
- 📚 Book Bites from “A Brief History of Artificial Intelligence" by Michael Wooldridge. A concise history of A.I. and some things everyone should know about it, in less than 13 minutes! ⏱️
- 💬 Weekly Roundup: A summary of some of the key developments in FP&A this week, inlcuding a somewhat heated debate 💥 over how important 3-statement models are.
- 🧠 A Great Offer on Nicolas Boucher's A.I. for Finance Course. Practical A.I. skills you can use in your day-to-day FP&A work.
🎙️ Expert Insights from the FP&A Fast Track Podcast with A.I. for Finance Expert Nicolas Boucher.
Read below for key takeways, or watch the full episode here.
5 Key Takeaways
1️⃣ Importance of Humility and Listening in the Workplace: Nicolas shared a valuable lesson from his early career experience. He emphasized the importance of humility in the workplace, highlighting a situation where he didn’t ask the right questions during an interview. This oversight led him to go back and gather more information, underscoring the significance of listening and respecting others. He stressed that gaining more information enables professionals to make better decisions, showcasing humility as a key trait for success in any industry. This takeaway serves as a reminder to always be open to learning and seeking input from others to enhance professional growth.
2️⃣ Leveraging A.I. in Finance: Nicolas delved into the applications of A.I. in the finance sector. He highlighted three key areas where A.I. can make a significant impact:
- automating mundane tasks,
- solving unknown problems through research, and
- enhancing work tools such as Excel, coding, and ERPs.
By leveraging A.I. technology, finance professionals can streamline processes, gain valuable insights, and improve overall efficiency in their work. This takeaway underscores the importance of embracing innovative technologies like A.I. to drive progress and competitiveness in the finance industry.
3️⃣ Communication and Networking Skills The importance of effective communication and networking skills was a key theme discussed by John and Nicolas in this episode. Drawing from their experiences in controlling and auditing, both experts emphasized the necessity of delivering difficult messages with clarity and building strong professional relationships. John highlighted the value of articulating one’s skills and creating a personal brand to stand out in the job market. Nicolas encouraged professionals to focus on networking and leveraging online platforms like LinkedIn for career advancement. This takeaway underscores the vital role of communication and networking in the success of financial professionals.
4️⃣ Continuous Learning and Adaptation Nicolas emphasized the significance of continuous learning and adaptation in the field of finance. He shared his journey from auditing to FP&A, highlighting the importance of embracing new challenges and opportunities for growth. John Sanchez echoed the sentiment, discussing how unexpected transitions can lead to fulfilling career paths. This takeaway emphasizes the value of remaining open to new experiences, continuously improving skills, and adapting to the evolving landscape of finance to drive personal and professional success.
5️⃣ Cultural Adaptability and Personal Growth John and Nicolas explored the themes of cultural adaptability and personal growth. Nicolas shared his multicultural background and experiences living in different countries, underscoring the importance of language and cultural understanding in professional interactions. Both experts discussed the challenges and rewards of adapting to new environments, highlighting the role of personal growth in career development. This takeaway emphasizes the significance of embracing diversity, fostering cultural awareness, and cultivating a mindset of continuous personal growth in the finance industry and beyond.
🔍 Episode Selected Chapter Index
14:54 Discovering knowledge blind spots opens up possibilities
25:27 Essential understanding of accounting for business success
45:43 Iterate prompts for better AI understanding. Pay attention.
50:00 Team members bring diverse expertise for success
55:23 Impacting others positively through coaching and sharing
01:03:19 Finance course highlights Python's automation potential
A more complete index is available in the full episode.
📚 Leveraged Learning: Learn in minutes, Use for a Lifetime.
This week's book bites are from "A Brief History of Artificial Intelligence" by Michael Wooldridge:
If you usually just read the book bites provided here, and skip listening to the full summary, I encourage you to make an exception this week, and here's why.
The summary and audio track was 100% created by A.I. You read that right. Do you know how I know that? I know that because I know Steve Cunningham, the founder and CEO of Readitfor.me, the company that produces the summaries. Until recently, Steve read the book summaries himself, but now he does it all with A.I. It's not his voice anymore, and while the A.I. voice does a pretty good job, I think it's ironic that one of the things it has a tough time enunciating correctly is "A.I.".
Listen to the summary and you can't miss it giving its own secret away. Go right to the full audio summary (and full transcript) here, or just consume the book bite below.
A Brief History of Artificial Intelligence
Artificial Intelligence (A.I.) has a long and interesting history, full of ups and downs. Let’s break it down in simple terms!
Turing’s Electronic Brains
- Alan Turing came up with a test (now called the Turing test) to see if a machine could convince a human that it’s also human.
- The goal was either to make a machine that truly understands conversations or one that can fake understanding convincingly.
The Golden Age
- In the late 1950s, A.I. research took off. Early A.I. systems like SHRDLU and SHAKEY made people excited about the future.
- Progress slowed down by the mid-1970s due to limited computer power and high expectations.
Knowledge Is Power
- A.I. struggled for a while but came back strong in the late 1970s and early 1980s.
- The focus shifted to knowledge-based systems or “expert systems” that could perform specific tasks very well.
- These systems proved that A.I. could be commercially valuable and led to another A.I. boom.
Robots and Rationality
- In the late 1980s, A.I. research faced criticism for overpromising and underdelivering.
- Researchers like Rodney Brooks started focusing on practical robotics instead of just theoretical A.I.
Deep Breakthroughs
- Google’s 2014 acquisition of DeepMind signaled a major shift. A.I. began to attract massive investments and media attention.
- Advances in machine learning, especially deep learning, led to impressive applications like realistic image generation and predicting protein shapes.
A.I. Today
- A.I. is now everywhere, helping in fields like education, healthcare, and entertainment.
- In 2019, A.I. helped capture the first image of a black hole, showing its incredible capabilities.
Potential Problems
- There’s a lot of fear about A.I. going rogue, fueled by dramatic news stories. But the real issues are more subtle.
- Like other technologies, A.I. can have unintended consequences and be used improperly.
Conscious Machines?
- Despite recent advances, we’re still far from having A.I. that understands or thinks like a human.
- The journey to creating truly intelligent machines continues, with many mysteries still unsolved.
Conclusion
A.I. has come a long way and has had its share of highs and lows. It’s transforming our world, but we need to stay mindful of its potential risks and limitations. While we’re making impressive strides in narrow areas, general A.I.—machines that think like humans—is still a goal for the future.
For the complete summary of this book, in less than 13 minutes, go listen to, or read, it here.
💡 Weekly Roundup
This week was full of interesting events and discussions in the FP&A space. One that I particularly enjoyed is this LinkedIn post by Soufyan Hamid about the importance of the three statement model. At the time I write this, over 144 people have chimed in with their opinion...and it was just posted yesterday.
He started the discussion by noting his disagreement with fellow FP&A expert Carolina Lago. If you have been a newsletter or FP&A Fast Track podcast subscriber for long, you probably recognize both of those names because they both have been guests on the podcast and highlighted in the newsletter.
Soufyan thinks mastering the 3-statements is not necessary, but Carolina thinks it should be in everyone's skillset. My take on it? Check out the link and join the discussion on LinkedIn.
🚨📢 Spoiler alert! I think there is massive value in knowing how to create and use a 3-statement model. But, only if you want to be on the career fast track. 😉
🌟 Bonus: Discount on ChatGPT for Finance Video Course: Nicolas Boucher, this week's FP&A Fast Track podcast guest created this course specifically for finance professionals who want to learn how to use ChatGPT in their work. It's a focused course that will teach you practical ways to use A.I. in your finance work to save time and be more effective and efficient.
Nicolas is offering a discount on his course using this link.
This course is for you if:
- You want to master the use of technology to secure your future
- You want to learn how to use ChatGPT to boost your productivity
- You heard about ChatGPT and AI but you don't know where to start
In this course you will learn:
- How to start using ChatGPT with a step-by-step instruction
- How to use ChatGPT to guide you in your financial analysis
- How to use ChatGPT to create Excel Formulas
- How to use ChatGPT to write Procedures
- How to use ChatGPT to write emails
- How to ask the right questions to ChatGPT (and get high valuable output you can use for your work)
- And much more!
The course includes:
- 2.5h of self-paced video course
- PDF Guide of 92 pages
- 450 Prompts
If you want to learn how to use A.I. in your work, quickly and painlessly, jump on this offer using this link.
If you haven't already, please be sure to add our email address to your contacts list to ensure our emails reach your inbox.
See you in the next edition.
John Sanchez
Managing Director of FPA Group
FP&A Fast Track Podcast Host
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