Hanane Djoua
Doha
Artificial Intelligence (AI) is rapidly evolving from an abstract technological concept to a dominant force in industries worldwide. It promises to reshape sectors ranging from healthcare to finance, and has profound implications for the job market, economic inequality, and education systems. At Carnegie Mellon University in Qatar (CMU-Q), a group of professors specializing in economics, business administration, and finance are closely analyzing how AI will impact not only the global economy but also the next generation of leaders. Professors Veli Safak, Fuad Farooqi, and Serkan Akguc offer a glimpse into the changing landscape of education and business as AI continues to integrate into our daily lives.
AI and the job market:
The double-edged sword
The rise of AI presents a paradox for the labour market: it promises significant gains in productivity and efficiency, while simultaneously threatening jobs that rely on routine, repetitive tasks. Veli Safak, assistant teaching professor of economics at CMU-Q, explains that AI will likely affect the job market in three major ways: displacement, productivity enhancement, and the creation of entirely new roles.
The first, productivity enhancement, is already taking place with tools like Google Translate and Grammarly, which automate translation and writing processes. Platforms such as ChatGPT, which can engage in natural conversations and handle more complex tasks, further demonstrate AI’s potential to streamline work that would traditionally require human intervention. However, as some tasks become automated, Safak notes, new opportunities will emerge—though many may be in fields that are difficult to predict today.
“The key is in understanding the delicate balance between what AI can do and what it cannot,” Safak says.“AI will enhance productivity but will also displace certain roles.”
Jobs in fields like administration, sales, and data entry, which primarily involve routine cognitive tasks, are the most vulnerable. On the other hand, jobs that require complex decision-making, emotional intelligence, and high-level judgment, such as those in management, law, and healthcare, will likely remain less susceptible to automation.
AI’s impact on blue-collar and white-collar jobs highlights a major concern. As robots and automation technologies take over manual labour, routine tasks within office environments—such as scheduling, customer service, and data analysis—will increasingly be handled by AI. But Safak believes this transition won’t just lead to job losses. “AI will also foster new forms of innovation and entrepreneurship, particularly in industries that we haven’t even thought of yet,” he notes. For younger generations, especially Gen Z and Gen Alpha, the lowering of entry barriers to digital markets through AI could provide unique opportunities, especially in areas like e-commerce and software development.
Economic inequality: Financial literacy in an AI-driven economy
As AI continues to automate entire sectors, there are growing concerns about its impact on economic inequality. Safak emphasizes that the wealth generated by AI advancements is likely to be concentrated among a few dominant tech companies. However, this concentration of wealth might not necessarily mean that everyone is left behind. Publicly traded companies, which dominate the AI landscape, offer opportunities for individuals to invest and profit from their success.
“Financial literacy will be more important than ever in a world shaped by AI,” Safak asserts.He argues that understanding the dynamics of financial markets will allow individuals to take advantage of the economic shifts driven by AI. However, he cautions that financial literacy alone will not be sufficient to bridge the growing gap between the wealthy and the disadvantaged. As automation eliminates jobs, Safak predicts that debates surrounding Universal Basic Income (UBI) will intensify, particularly as AI-induced unemployment rises.
Preparing for the future: AI literacy and human skills
Fuad Farooqi, area head for the business administration program at CMU-Q and a teaching professor of finance, believes that the key to succeeding in an AI-driven world is a combination of technical skills and human-centric abilities. While AI is adept at automating routine tasks and analyzing data, Farooqi insists that there are certain uniquely human qualities—such as critical thinking, creativity, and emotional intelligence—that remain irreplaceable.
“AI is a powerful tool for analyzing large data sets and automating repetitive tasks,” Farooqi explains. “However, the skills that make us human—problem-solving, empathy, leadership—will always be needed in business.”
In response to the increasing importance of AI, CMU-Q’s business program emphasizes the cultivation of these irreplaceable human skills, offering courses that teach strategic thinking, leadership, and ethical decision-making. The goal, Farooqi notes, is not to fear AI but to embrace it as a tool that can augment human capabilities, not replace them.
Farooqi points to two sectors—healthcare and finance—as prime examples of how AI can improve outcomes.
In healthcare, AI is already playing a pivotal role in diagnostics, where it helps identify patterns in medical imaging that might be missed by human doctors. This allows physicians to focus more on personalized care. In finance, AI is helping to remove human biases in decision-making processes, providing more accurate and objective analyses of market trends, investments, and financial risks. “AI is already making the financial markets more efficient,” Farooqi notes, “and it will only become more integrated into decision-making in the future.”
At CMU-Q, AI literacy is a core component of the curriculum.The school offers innovative programs such as the AI+Finance certification, which teaches students how to work alongside AI systems in complex financial environments.
AI and finance: Disrupting
traditional models
Serkan Akguc, associate teaching professor of finance at CMU-Q, is at the forefront of the AI+Finance certification program. He underscores the transformative potential of AI within the financial sector, where AI tools are already being used to automate tasks like fraud detection, market analysis, and risk management.
“AI allows financial institutions to analyse vast amounts of data in real time, which makes the process of identifying irregularities and predicting trends faster and more reliable,” Akguc says. By automating tasks such as sentiment analysis of financial news or detecting patterns in stock prices, AI is reshaping the financial landscape, making financial services more efficient and accurate.
Looking ahead, Akguc envisions AI playing a central role in predicting market trends, managing investment portfolios, and optimizing financial advisory services. With such advancements, the role of financial analysts will be reshaped as AI continues to take over more routine tasks. As a result, professionals will be required to adapt, finding new ways to leverage AI to make strategic decisions.
The AI+Finance certification program at CMU-Q prepares students for this rapidly evolving field by offering advanced technical training alongside a deep understanding of traditional financial principles.
Navigating the ethical
challenges of AI
While the potential of AI is vast, it also comes with a host of ethical considerations. Safak warns that the economic shifts brought about by AI could mirror the upheavals of the first industrial revolution. These include concerns about deflationary pressures, job displacement, and the ethical implications of AI in decision-making. As AI systems become more autonomous, the need for ethical frameworks to govern their use is more critical than ever.
Farooqi and Akguc both stress the importance of developing clear ethical guidelines to govern the use of AI in industries such as healthcare, finance, and education. Ensuring transparency, fairness, and privacy in AI systems will be essential for maintaining trust and equity as AI becomes increasingly integrated into our lives. The professors agree that adaptability will be the key to success in an AI-driven world.
As Safak advises aspiring entrepreneurs, “Ask yourself, ‘What is the trade?’ This mindset will help you adapt to the ever-changing business landscape.”
At CMU-Q, students are being prepared not only to navigate the complexities of AI but to lead in a world where technology and human ingenuity go hand in hand. The university is fostering an environment where future leaders are not only proficient in AI but are also equipped with the leadership, problem-solving, and ethical decision-making skills that will help them shape the future of work, industry, and society.
