New study estimates exposure across key Canadian industries
Is it time to quit financial services and work in construction? It could be if an estimate of how AI will impact Canadian industries proves accurate.
Statistics Canada has published a report looking at how the rise of artificial intelligence will affect multiple industries, and financial services is highlighted as one most at risk.
Both ‘professional occupations in business and finance’ and ‘administrative occupations in finance, insurance and business’ are deemed to potentially have high AI occupational exposure, compared to jobs such as ‘trades helpers, construction labourers and related occupations’ that are seen to have low exposure.
The report, Experimental Estimates of Potential Artificial Intelligence Occupational Exposure in Canada, highlights that AI differs from previous waves of technological transformation that mostly impacted less educated workers performing routine and manual tasks.
For example, the study estimates that, in May 2021, 50% of workers with a bachelor's degree or higher held jobs highly exposed to and highly complementary with AI.
It puts Canadian workers into three categories:
- those whose jobs are highly exposed to AI and who might benefit from it because of a high degree of complementarity between their tasks and AI capabilities
- those whose jobs are highly exposed to AI and whose tasks might be replaced by AI
- those whose jobs are not highly exposed to AI
For the finance workers at high exposure, there is also low complementarity. Others in this category include salespersons in retail and wholesale trade, computer and IT professionals, and office support and co-ordination occupations.
However, Statistics Canada urges caution in interpreting the real world outcome of AI exposure, which could change as technology evolves.
To end on a relatively positive note, the study points out that there are several reasons that AI may not replace humans in the near term. “These reasons include financial, legal and institutional factors. Consequently, relatively higher occupational exposure to AI does not necessarily imply a higher risk of job loss,” it says.
