New CFA Institute Survey Reveals Industry-Wide Need for Standards and Education on AI/GenAI in Investing

CFA Institute, the global association of investment professionals, today released new survey data on the views of investment industry employers concerning the responsible and ethical use of artificial intelligence in the investment sector. The survey canvassed the views of investment industry professionals including investment managers and human resources professionals.
 
The survey found widespread agreement on the need for standards for the use of artificial intelligence and that the absence of standards is preventing faster industry adoption of the technologies. The survey results also identify a need for workforce upskilling in the responsible use of AI and Generative AI tools. Respondents cited notable levels of organizational unpreparedness and workforce anxiety about the technologies.
 
Margaret Franklin, CFA, President and CEO, CFA Institute comments:
 
“Increasing accessibility to large language models is rapidly adding to the pace of the AI-led revolution of the investment industry. Many leading organizations have expertise with these tools, but industry-wide we see an unsettled picture. Employers tell us they need best practices, guardrails, and standardized policies to help their teams move safely into the new AI plus human intelligence (HI) era. Further, the absence of standards and concerns around data privacy may be slowing down AI adoption.”
 
“We’re continually researching how AI and Gen AI are being incorporated into investment roles and the implications for individuals, workflows, and firms. Our view is that the equation of AI + HI works best. As a result, we see similar needs around upskilling organizations to ensure their AI-leveraged work for investors is performed both responsibly and ethically.”
 
Key findings:

• Need for Artificial Intelligence standards 
  • 85 percent of employers see a need for industry-wide standards and ethical guidelines for AI/GenAI, with 82 percent stating the lack of such standards hinders faster adoption.
  • Data privacy and security are ranked as the biggest roadblock to faster AI/Gen AI deployment by 16 percent of employers; 13 percent rank a lack of knowledge and tools as the biggest roadblock.
• Workforce upskilling and preparedness
  • 70 percent of employers say they have a preferred or essential need for workforce training and upskilling on regulatory compliance and risk-related skills related to AI/GenAI.
  • 47 percent believe their organizations are not well prepared for potential regulatory changes regarding AI/GenAI.
• Workforce attitudes towards AI/GenAI
  • The survey reveals mixed feelings among the workforce about AI/GenAI, with 68 percent saying their firm’s workforce seems curious about artificial intelligence; 60 percent say the workforce seems anxious, and 48 percent note resistance.

The survey was conducted in February 2024 and incorporates the views of 200 investment industry representatives from investment firms ranging in size from less than $5 billion in assets under management to more than $100 billion in assets under management
 
Learn more about the survey findings in detail