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The state of the job market has been worrisome for people across the country ever since companies started carrying out large scale layoffs. In 2022, Twitter (now called X) laid off thousands of employees and eventually, companies like Meta, Google, Amazon, Microsoft and so on also began handing the pink slip to employees. Thousands of people took to social media platforms to share their ordeals. While some have successfully moved on to new roles now, many are still searching for opportunities, elevating competition in the job market. However, the situation isn't so grim everywhere. <keyword id="78512" type="General" weightage="100" keywordseo="iim-calcutta" source="Orion">IIM Calcutta</keyword> students bagged offers worth nearly 2 lakh per month for their summer internship programme. Curious? Read on to know more. The 61st batch of IIM Calcutta's flagship MBA programme saw all 475 students secure internships during the recent placement season. The numbers also speak volumes: a staggering median stipend of ₹2 lakh per month, a record-breaking achievement, and an average of ₹1.89 lakh that closely follows. And it doesn’t stop there—the highest domestic offer came in at ₹3.67 lakh, while international placements soared with top offers of ₹6.75 lakh per month. For many, this success story from IIM Calcutta is a reminder that when it comes to premium talent, there’s always a demand, even when the world feels uncertain. Professor Ritu Mehta, Chairperson of Placement Activities at IIM Calcutta, said as per a report in ET, "The outcome of the <keyword id="23806452" type="General" weightage="20" keywordseo="summer-internship-offers" source="keywords">summer internship offers</keyword> has yet again demonstrated the future readiness of our students in a highly competitive landscape. Globally, there is an ongoing recalibration of managerial jobs and pullback of job postings, hence we are very grateful to our recruiters to repose their trust in our students and our academic processes." Meanwhile, IIM Calcutta said, "The cluster-cohort placement process that involved various policies such as ‘dream offer’ enabled recruiters to find a better student-recruiter fit, making the overall process a win-win for both recruiters and students." For the unversed, IIM Calcutta, established in 1961 as the first Indian Institute of Management, is one of the most prestigious business schools in India and is globally renowned for its academic excellence. Known for its rigorous MBA programme, it has built a reputation for producing leaders equipped with strong analytical and strategic thinking skills. The institute has consistently attracted top-tier recruiters across various industries, and people across the industry keep a close eye during its placement season.

₹1.89 lakh per month for summer internship! Freshers at this institute bag bumper monthly stipend

New Delhi, Fair trade watchdog CCI on Monday invited request for proposals from entities to carry out a detailed market study on <keyword id="19904566" type="General" weightage="20" keywordseo="Artificial-Intelligence" source="keywords">artificial intelligence</keyword> and its impact on competition that will cover various aspects, including the ways AI-driven personalised recommendations, services and pricing influence <keyword id="21386825" type="General" weightage="20" keywordseo="Consumer-Choices" source="keywords">consumer choices</keyword>. The proposed market study on 'Artificial Intelligence and Competition' also comes at a time when the growing use of AI across industries has given rise to novel questions around its implications for competitive dynamics in markets. Issuing the Request for Proposal (RFP) document to engage an agency/institution for conducting the study, the CCI said the transformative capabilities of AI have significant pro-competitive potential, both on the supply and the demand side, and at the same time, there may be concerns with regard to potential competition risks stemming from the use of AI. The last date for submitting the bids is June 3 and after technical presentations by the entities, the deadline for the financial bids is June 28. Among the various aspects, the study will look at whether and in what manner can AI facilitate and/or implement <keyword id="21386826" type="General" weightage="20" keywordseo="Anti-competitive-Strategies" source="keywords">anti-competitive strategies</keyword> as well as the novel strategies aided by AI that can lead to anti-competitive outcomes. The new forms of collusion prompted by the use of AI such as self-learning algorithms and whether bias in <keyword id="20153346" type="General" weightage="20" keywordseo="AI-Algorithms" source="keywords">AI algorithms</keyword> can impact competition will also be examined during the study. Other elements that will be covered include "how do AI-driven personalised recommendations, services and pricing influence consumer welfare and choice", "what are the synergies and risks that may stem from M&amp;As involving firms with AI capabilities" and "what are the specific factors/parameters that need to be considered in assessing competitive effects of such M&amp;As". Through the study, the <keyword id="20115755" type="General" weightage="20" keywordseo="Competition-Commission" source="keywords">Competition Commission</keyword> of India (CCI) will also seek to understand the main sources of competitive advantage and disadvantage for AI adopters and non-adopters, and how AI technologies influence the entry and exit barriers, market concentration, innovation incentives, and market power of firms. Further, it will look to "understand trends and patterns of AI and to ascertain enforcement and advocacy priorities of the Commission with respect to AI and its application in markets," as per the document. Among others, the study will look at the existing and evolving regulatory/legal frameworks governing AI systems and applications in India and other major jurisdictions and also reach out to the relevant stakeholders. In a recent interview to PTI, CCI Chairperson Ravneet Kaur said that AI and machine learning can drive efficiency and innovation but also raise concerns related to market concentration and potential anti-competitive behaviour. The CCI has the mandate to promote competition and curb anti-competitive practices in the marketplace. SEE ALSO:<a href="https://www.businessinsider.in/business/telecom/news/telecom-companies-may-hike-tariffs-by-up-to-17-after-the-general-elections-as-per-analysts/articleshow/109240274.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/telecom/news/telecom-companies-may-hike-tariffs-by-up-to-17-after-the-general-elections-as-per-analysts/articleshow/109240274.cms" target="_blank">Telecom companies may hike tariffs by up to 17% after the general elections, predict analysts</a><a href="https://www.businessinsider.in/tech/news/playstation-5-is-now-available-at-a-discount-of-10000-for-a-limited-period/articleshow/109183034.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/news/playstation-5-is-now-available-at-a-discount-of-10000-for-a-limited-period/articleshow/109183034.cms" target="_blank">PlayStation 5 is now available at a discount of ₹10,000 for a limited period</a><a href="https://www.businessinsider.in/business/auto/news/ev-sales-expected-to-grow-by-over-65-in-2024-double-its-overall-market-share/articleshow/109155691.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/news/ev-sales-expected-to-grow-by-over-65-in-2024-double-its-overall-market-share/articleshow/109155691.cms" target="_blank">EV sales expected to grow by over 65% in 2024, double its overall market share</a>

Competition Comm to conduct detailed study on AI; invites proposals from entities

Markets regulator <keyword id="19901201" type="General" weightage="100" keywordseo="Sebi" source="keywords" meta.keywordsubtype="org" meta.entityname="Sebi" meta.hostid="153" meta.entityid="Sebi">SEBI</keyword> has asked the <keyword id="20677983" type="General" weightage="20" keywordseo="mutual-fund-industry" source="keywords">mutual fund industry</keyword> to proactively conduct stress tests, a key component of <keyword id="20383727" type="General" weightage="20" keywordseo="risk-management" source="keywords">risk management</keyword> for the financial sector, which will help strengthen the ecosystem, its whole-time member Ananth Narayan Gopalakrishnan said on Friday. The regulator's stress testing emphasizes the need to assess and manage liquidity risks, especially in small and midcap equity schemes. Speaking at a mutual fund event, Gopalakrishnan highlighted the importance of modelling stress scenarios not just for individual schemes or fund houses, but for the entire mutual fund ecosystem. "It is also important to model stress scenarios for the entire composite mutual fund ecosystem. I would strongly encourage the industry and <keyword id="20090036" type="General" weightage="20" keywordseo="AMFI" source="keywords" meta.keywordsubtype="org" meta.entityname="AMFI" meta.hostid="153" meta.entityid="AMFI">AMFI</keyword> to take the lead and proactively conduct objective and credible industry wide stress tests. themselves," Gopalakrishnan said. He also emphasized the need to find better ways to communicate the risks associated with different mutual fund schemes. The SEBI official mentioned that while the current risk measurement system is straightforward and has had a significant impact, it doesn't fully capture the differences in risks among various investment schemes. According to him, many schemes are just labelled as high risk, even though they have different kinds of risks. The goal is to improve this system to better reflect those differences, while keeping it simple and easy to understand. One possible approach is to consider the portfolio's volatility and liquidity from stress tests to give a clearer picture. "While ensuring simplicity and ease of understanding remains a key objective, perhaps the underlying volatility of the portfolio along with the liquidity of the portfolio from stress tests could be used to provide better colour all around," he added. This comes at a time when the holdings of mutual funds by <keyword id="20234284" type="General" weightage="20" keywordseo="domestic-institutional-investors" source="keywords">Domestic Institutional Investors</keyword> (DIIs) and individuals have risen from about 54.3% of free float of all mid cap and small cap companies, as of March 2020 to 60.6% as of March 2024. Several fund houses have proactively stopped lump sum investments in some small-cap schemes and also capped the amount that can be invested through <keyword id="20675888" type="General" weightage="20" keywordseo="systematic-investment-plan" source="keywords">Systematic Investment Plan</keyword> (SIP) into small-cap schemes. He also highlighted the potential mismatch between the demand for paper and the supply of fresh paper coming into the ecosystem. Gopalakrishnan said the industry can make more progress in streamlining operations and improving efficiency for investors. "At a time when instantaneous fund transfers have become ubiquitous in our country, perhaps we should look to improve our internal processes and the security settlement ecosystem, to ensure that funds are passed on to investors on the day of the settlement itself, rather than a day after or two days after," he added. Over the last few years, the mutual fund industry has made impressive strides, and is now playing a crucial role in channeling financial savings towards risk capital formation. This was driven by stable macros, increased formalization, robust corporate earnings, digitisation and user friendly access. Moreover, the number of mutual fund investors has grown significantly from about 2 crore as of March 2019 to nearly 4.7 crore as of June 2024, an impressive compounded annual growth rate of 18% during that period. Gopalakrishnan mentioned that several exciting initiatives are in the works, developed with input from all stakeholders. These include a proposed low-ticket SIP, further breaking down regular SIPs into smaller, more accessible units (sachetisation and tokenization), and the introduction of "mutual funds lite" regulations. These new regulations will simplify rules for passively managed funds, reducing the compliance burden and encouraging competition and innovation. Additionally, a new class of higher-risk schemes is proposed for investors with a greater capacity to handle risk.

SEBI asks mutual fund industry to proactively conduct stress test

<ul class="summary-list"><li>AI will spark a massive reshuffling of the job market, labor experts say.</li><li>Researchers predict AI will displace as many as 12 million workers through the end of the decade.</li></ul>The days of <a target="_blank" class="" href="https://www.businessinsider.com/quitting-job-big-stay-great-resignation-labor-market-economic-outlook-2024-1">casual job-hopping</a> may be coming to an end.AI is about to make it a lot harder to get a new gig, especially for people working in industries that are highly exposed to AI disruption, career experts told Business Insider.The advent of AI is a big warning for customer service reps, cashiers, office assistants, and production workers. "Medium-skilled" workers are the most likely to be displaced by the technology, according to Georgios Petropoulos, a labor market and digital tech researcher from the Massachusetts Institute of Technology.While high-skilled workers are more likely to <a target="_blank" class="" href="https://www.businessinsider.com/ai-probably-will-not-take-your-job-just-yet-2024-1">implement AI into their existing jobs</a>, and trade workers like plumbers and electricians will see continued demand for services, Petropoulos predicts that medium-skilled workers will be in limbo over the next few decades as AI becomes more mainstream."We see a higher polarization of the job market," Petropoulos told Business Insider in an interview.Though he didn't have an exact estimate, Petropoulos expects higher unemployment among medium-skilled workers as the economy transitions to an AI-run job market. That transition could take as long as 20 years, he added."We'll have more high-skilled jobs, more low-skilled jobs, and the middle that drops."Kweilin Ellingrud, a director at the McKinsey Global Institute, anticipates lower-skilled labor to be in less demand as the effects of AI ripple across the US job market. By 2030, McKinsey estimates 12 million workers will need to find different careers altogether, about the <a target="_blank" class="" href="https://www.businessinsider.com/ai-disruption-job-market-covid-mckinsey-2024-6#:~:text=AI%20could%20disrupt%20the%20job%20market%20by%202030,as%20COVID%20did%20in%202020&amp;text=AI%20will%20force%20about%2012,%2C%20customer%20service%2C%20and%20manufacturing.">same amount of job-switching</a> that took place during the pandemic.By the end of the decade, the economy could lose 630,000 cashiers, 710,000 administrative assistants, and 830,000 salespeople, McKinsey estimates. The number of clerks across all industries could plummet by 1.6 million, the firm said in a <a target="_blank" href="https://www.mckinsey.com/mgi/our-research/generative-ai-and-the-future-of-work-in-america">report</a> last year."The typical job will require a higher level of skills than it did before," Ellingrud said of increased competition in the job market. "The simpler work, the more repetitive work that can easily be done by a machine or now a generative AI model, is going to be done by that model."<h2 id="a969df7e-3ae6-4575-b6a0-ea229de068f9">A split job market</h2>Generative artificial intelligence is largely expected to <a target="_blank" class="" href="https://www.businessinsider.com/ai-productivity-boost-job-performance-inequality-economics-2023-11">boost productivity</a> and add more jobs to the economy, but job gains largely lie in areas like healthcare and STEM fields, the McKinsey report found.Meanwhile, employers outside those areas are already beginning to raise their standards of who they might bring on board. 66% of business leaders say they won't consider someone who doesn't know how to use AI, and 71% report they would prefer a job candidate with less experience and AI knowledge, according to a May <a target="_blank" href="https://affiliate.insider.com?h=1276ca41485b68659b6ade9ae14b644ef6e852268612e9f2de3850b3950d0ef2&amp;postID=669ff3f1c79d31931d826990&amp;postSlug=ai-job-market-replacing-workers-competition-job-losses-artificial-intelligence-2024-7&amp;site=bi&amp;u=https%3A%2F%2Fwww.microsoft.com%2Fen-us%2Fworklab%2Fwork-trend-index%2Fai-at-work-is-here-now-comes-the-hard-part">survey</a> conducted by Microsoft and LinkedIn.That's left employees feeling the pressure to level up and make themselves more competitive in the eyes of prospective employers.Demand for Gen AI courses has soared 1,060% this year on the online learning platform Coursera. It's the equivalent of someone signing up for an AI-related course every 15 seconds, according to Coursera CEO Jeff Maggioncalda."Will it make the labor market more competitive? It absolutely is already," Maggioncalda told BI, noting that workers who don't upskill will have trouble in the job market.Coursera is also putting an emphasis on AI among its employees, Maggioncalda noted. The company now requires some of its workers to take mandatory AI skill classes."I often will tell my employees, it looks like you did not actually work with GPT to create this presentation or to write this piece. Run it through the model and sharpen your thinking. It's just not clear enough. My expectation for speed and clarity of thinking is much higher than it was two years ago," Maggioncalda added. "I don't think that there'll be much of a safety net for someone who is, say, a knowledge worker who didn't really learn AI. They lose their job."It could take years for a worker displaced by AI to retrain and make themselves more competitive in a job market more heavily integrated with AI, Ellingrud speculates. On average, she thinks workers will need three to five years to adjust to the new employment landscape."I think workers of tomorrow will need to be more flexible than 10 years ago, and that's primarily because of all this occupational transition," she said. "So you might not want to learn a particular skill or get excited about that, but being flexible to shift to a different occupation, I think will be required more in the future than it was in the past."

AI could force 12 million workers to switch jobs in coming years, causing unprecedented competition      

<ul class="summary-list"><li><a target="_blank" href="https://www.businessinsider.com/wall-street-internship-guidebook-summer-analyst-how-to-prepare-2024-5">Summer internships</a> at top-tier companies are more competitive than ever this year.</li><li>Applications per internship jumped to 93, up from 53 last year, according to Handshake, a jobs site.</li></ul>Landing a summer internship at a top-tier company isn't easy, but this year, the <a target="_blank" href="https://www.businessinsider.com/goldman-internship-just-got-harder-summer-analyst-acceptance-rate-2024">competition is steeper than ever</a>.The number of internships offered on <a target="_blank" href="https://www.businessinsider.com/tech-majors-trending-ten-cities-jobs-us-2024-1">Handshake</a>, a job and internship platform used by millions of college students, fell by 7% this year.The drop was most pronounced in financial services, professional services, nonprofits, and tech, where the number of internships offered has dropped by more than 13% since last year.Many of these industries have faced significant headwinds over the past year. Major <a target="_blank" href="https://www.businessinsider.com/the-consulting-business-demand-is-rough-right-now-2024-3">consulting firms have tightened their belts</a> and pushed back start dates for new hires. Big tech companies have gone through <a target="_blank" href="https://www.businessinsider.com/layoffs-sweeping-us-these-are-companies-making-cuts-2024">mass layoffs</a>.Internships have been one of the casualties of the corporate cost-cutting."Internship programs are expensive: You have to use part of your HR team to oversee these interns and make their lives great," Julia Pollak, chief economist at job site ZipRecruiter, which noted a 14% drop in internship listings in the first quarter of this year compared to the same period last year, <a target="_blank" href="https://www.bloomberg.com/news/articles/2024-06-13/looking-for-an-internship-fewer-spots-for-more-applicants-in-cutthroat-year">told Bloomberg</a>.Students still see internships as the most <a target="_blank" href="https://www.businessinsider.com/landing-internships-as-college-student-too-much-pressure-2023-9">reliable path to a full-time job</a>. So, the pressure to land one this year has been high.Applicants on Handshake submitted an average of 93 applications per internship this year, up from 53 last year. The surge in applications was most pronounced in the tech industry, which saw an average of 247 applications per role compared to 134 last year.Students who've successfully landed summer internships say to apply early.Adriana Rivera, a rising senior at Massachusetts Institute of Technology interning at Deutsche Bank this summer, said she started applying for a summer internship in January 2023 — 18 months before her start date this June. "It just gets earlier every year and it gets more competitive every year," Rivera told Business Insider. Thankfully, one of her professors clued her into the timeline during the spring semester of her sophomore year. "Very early on he asked me, 'Are you doing recruiting? Have you already started?' And I was like, what do you mean it's really early?"Rivera said she started applying "like crazy" to every internship she could find after that, but that approach wasn't fruitful. She wasn't hearing back from many companies, and when she did, she wasn't advancing past the first-round interview.So she re-evaluated her perspective and realized she needed to go into interviews with a better sense of why she wanted the role — and who she was as a person. "Looking back, I know I just needed to do it with intention," she said.Other students say the best way to land a role is to network with as many people as possible.Rachel Barker, a rising senior at Southern Methodist University interning at a real estate company this summer, told Business Insider by LinkedIn message, "I was simply networking and going on coffee dates with people in the commercial real estate industry in Fort Worth, and it led me to some great people who wanted me on the team."

Students say these tips helped them get an internship despite stiff competition this summer

Universities and <keyword id="20257650" type="General" weightage="20" keywordseo="higher-education-institutions" source="keywords">higher education institutions</keyword> in India can now admit students twice a year similar to the admission process followed by universities abroad, according to the <keyword id="19932585" type="General" weightage="20" keywordseo="University-Grants-Commission" source="keywords">University Grants Commission</keyword> (UGC) Chairman Jagadeesh Kumar. The two admission cycles will be July-August and January-February from the 2024-25 academic session. "If <keyword id="21269142" type="General" weightage="20" keywordseo="Indian-universities" source="keywords">Indian universities</keyword> can offer admission twice a year, it will benefit many students. Such as those who missed admission to a university in the July/August session due to a delay in the announcement of board results, health issues, or personal reasons. Biannual university admissions will help students maintain motivation since they do not have to wait one full year to be admitted if they miss admission in the current cycle," UGC Chairman Kumar said on Tuesday. Currently, UGC Regulations allow the Higher Education Institutions (HEIs) to admit students in one academic session in a year starting in July/August. An 'Academic session' is twelve months, beginning in July/August. Indian HEIs, therefore, follow the academic session that begins in July-August and ends in May-June. UGC had decided in its 571st commission held on 25 July 2023 to permit <keyword id="22014108" type="General" weightage="20" keywordseo="biannual-admissions" source="keywords">biannual admissions</keyword> under Open and Distance Learning (ODL) and Online modes in January and July during an academic year. As per the information furnished by the HEIs on the UGC DEB portal, in addition to a total of 19,73,056 students were enrolled in July 2022 and an additional 4,28,854 students joined in January 2023 in ODL and online programs. Considering the tremendous response and interest from the students in ODL and online programs in biannual admissions, in its meeting held on May 15 this year the UGC took a policy decision to allow Higher Education Institutions who offer programs in regular mode to admit students twice in a year, either in January/February or July/August from the coming academic year, the UGC chairman said. Those institutions that have the required infrastructure and teaching faculty can utilize the opportunity to admit students biannually. Offering biannual admissions is not mandatory for the HEIs; it is the flexibility that UGC provides to the HEIs who want to increase their student intake and offer new programmes in emerging areas. To be able to admit students twice a year, HEIs must make suitable amendments to their institutional regulations. UGC Chairman Kumar said, "With biannual admissions in place, Industries can also do their <keyword id="22014800" type="General" weightage="20" keywordseo="campus-recruitment" source="keywords">campus recruitment</keyword> twice a year, improving employment opportunities for the graduates." Biannual admissions will also enable the HEIs to plan their resource distribution, such as faculty, labs, classrooms and support services, more efficiently, resulting in a better functional flow within the university, he said. Noting that Universities worldwide already follow a biannual admission system, he said that if Indian institutions adopt the biannual admission cycle, they can enhance their international collaborations and student exchanges. "As a result, our global competitiveness will improve, and we will align with the global educational standards," the UGC Chairman said. Biannual admissions can substantially increase the Gross Enrolment Ratio and make India a 'Global Study Destination' as envisioned in National Education Policy (NEP) 2020, he said. Further, Kumar said that if HEIs adopt biannual admissions, they need to work on administrative intricacies, good planning for increased use of available resources, and providing seamless support systems for the smooth transition of students admitted at dissimilar times of the year. "HEIs can maximize the usefulness of biannual admissions only when they sufficiently prepare the faculty members, staff and students for the transition" SEE ALSO:<a href="https://www.businessinsider.in/tech/news/ios-18-announced-with-apple-intelligence-improved-privacy-controls-customisable-home-screen-and-more/articleshow/110883233.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/news/ios-18-announced-with-apple-intelligence-improved-privacy-controls-customisable-home-screen-and-more/articleshow/110883233.cms" target="_blank">iOS 18 announced with Apple Intelligence, improved privacy controls, customisable home screen and more</a><a href="https://www.businessinsider.in/tech/news/apple-vision-pro-to-be-available-in-nine-new-countries-but-india-is-not-one-of-them/articleshow/110883439.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/news/apple-vision-pro-to-be-available-in-nine-new-countries-but-india-is-not-one-of-them/articleshow/110883439.cms" target="_blank">Apple Vision Pro to be available in nine new countries, but India is not one of them</a><a href="https://www.businessinsider.in/stock-market/webstories/ixigo-ipo-now-open-price-band-to-risk-factors-all-you-need-to-know/slidelist/110867238.cms" target="_blank"></a> <a href="https://www.businessinsider.in/stock-market/webstories/ixigo-ipo-now-open-price-band-to-risk-factors-all-you-need-to-know/slidelist/110867238.cms" target="_blank">Ixigo IPO now open – Price band to risk factors, all you need to know</a>

Universities in India can now admit students twice a year on lines of foreign varsities: UGC chairman

Billionaire <keyword id="19916798" type="General" weightage="20" keywordseo="Mukesh-Ambani" source="keywords">Mukesh Ambani</keyword>'s Reliance Industries and <keyword id="19924335" type="General" weightage="20" keywordseo="Tata-Group" source="keywords" meta.keywordsubtype="org" meta.entityname="Tata Group" meta.hostid="153" meta.entityid="Tata Group">Tata Group</keyword> have made it to the prestigious TIME's list of 100 World's Most Influential Companies of 2024. TIME called Reliance 'India's Juggernaut'. This is the second time that Reliance has found its way into the TIME list. Jio Platforms, the firm that holds digital properties of the conglomerate, was included in the inaugural TIME 100 Most Influential Companies List of 2021. Serum Institute is the other Indian company on the list. TIME listed Reliance in the 'Titans' category (one of the five categories under which the companies were divided, other being Leaders, Disrupters, Innovators, and Pioneers). Tata was listed in 'Titan's' category while Serum under 'Pioneers'. "Reliance Industries was founded as a textile and polyester company 58 years ago by Dhirubhai Ambani. Today the sprawling conglomerate -- which has aligned its growth with Indian Prime Minister Narendra Modi's vision for a 'self-reliant' India -- is the country's most valuable company, with a market capitalisation of more than USD 200 billion," TIME said. Now led by Dhirubhai's son Mukesh, the Mumbai-based company has ventures in energy, retail, and telecommunications, among others, and has made its chairman Asia's richest man, it said. The publication went on to stated that in February, Reliance came out on top in a fiercely competitive race to dominate India's burgeoning streaming market by striking a USD 8.5 billion merger deal with Disney's India business. "The deal will bring together more than 100 television channels and give the combined group around a 31 per cent share of India's streaming market compared to rivals Netflix and Amazon Prime with 8 per cent each," according to analytics firm Comscore. Reliance has revolutionised several economic sectors in the world's most populous country by making world-class products and services available at affordable prices with multiple innovations. Under Mukesh Ambani, the firm's telecom arm Jio revolutionised India's digital landscape and drove digital inclusion on an unprecedented scale with the most affordable mobile data tariffs in the world. It set up the world's largest single location refining complex. Reliance Retail is ranked among the top 100 retailers globally and in FY24 it registered 1.06 billion footfalls across its 18,800+ stores (67 per cent of which are in small towns and villages). Reliance is investing USD 10 billion in building the most comprehensive ecosystem for new energy and new materials in India and has set an ambitious goal to reach net-zero carbon by 2035. TIME described Serum as the world's biggest vaccine maker, churning out billions of vaccines. The company makes 3.5 billion doses every year, including for measles, polio, and most recently, HPV. "Serum's CEO Adar Poonawalla says the company's success can largely be chalked up to its private ownership. Not being beholden to shareholders allows it to keep vaccine prices low (the R21 will cost USD 4 a shot)," the publication said. Tata Group, it said, was founded in 1868 and has a vast portfolio extending from steel, software, watches, subsea cables, and chemicals, to salt, grains, air-conditioners, fashion, and hotels. "But as rivals have aggressively courted new businesses, it struggled to keep up with stiff competition. In 2017, after over a century of family management, N Chandrasekaran took over as chairman despite having no personal ties to the family -- highly unusual when India's business landscape is ruled by family succession plans," TIME said. As chair, he has transformed the group by investing in tech manufacturing, AI, and semiconductor chips. In 2023, it became the first Indian company to assemble iPhones, and is building another plant, it said, adding that in September, Tata announced a partnership with Nvidia to develop an AI cloud in India. "And this year, it announced plans for the country's first major semiconductor manufacturing facility. The moves seem to be paying off: in February, Tata's combined market capitalisation reached a whopping USD 365 billion, more than the entire economy of India's neighbour and rival, Pakistan," it added. This is the fourth edition of annual TIME100 Most Influential Companies list, highlighting companies making an extraordinary impact around the world. To assemble the list, TIME solicited nominations across sectors, and polled its global network of contributors and correspondents, as well as outside experts. Then, TIME editors evaluated each on key factors, including impact, innovation, ambition, and success. The result is a diverse group of 100 businesses helping chart an essential path forward. SEE ALSO:<a href="https://www.businessinsider.in/india/news/lok-sabha-exit-poll-2024-what-are-they-when-will-they-be-announced-and-all-you-need-to-know/articleshow/110565608.cms" target="_blank"></a> <a href="https://www.businessinsider.in/india/news/lok-sabha-exit-poll-2024-what-are-they-when-will-they-be-announced-and-all-you-need-to-know/articleshow/110565608.cms" target="_blank">Lok Sabha Exit Poll 2024 – what are they, when will they be announced and all you need to know</a><a href="https://www.businessinsider.in/tech/apps/news/truecaller-can-now-detect-if-the-caller-is-using-ai-how-to-use-it-to-prevent-ai-call-scams/articleshow/110556100.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/apps/news/truecaller-can-now-detect-if-the-caller-is-using-ai-how-to-use-it-to-prevent-ai-call-scams/articleshow/110556100.cms" target="_blank">Truecaller can now detect if the caller is using AI – How to use it to prevent AI call scams</a><a href="https://www.businessinsider.in/sports/webstories/indias-t20-world-cup-team-matches-and-everything-you-need-to-know/slidelist/110551798.cms" target="_blank"></a> <a href="https://www.businessinsider.in/sports/webstories/indias-t20-world-cup-team-matches-and-everything-you-need-to-know/slidelist/110551798.cms" target="_blank">India’s T20 World Cup team, matches and everything you need to know</a>

Reliance, Tata on TIME's list of world's most influential companies

<keyword id="107950" type="General" weightage="20" keywordseo="artificial-intelligence" source="Orion">Artificial intelligence</keyword> (<keyword id="19899640" type="General" weightage="100" keywordseo="AI" source="keywords">AI</keyword>) has taken the world by storm. Since the release of OpenAI’s <keyword id="19918826" type="General" weightage="20" keywordseo="ChatGPT" source="keywords">ChatGPT</keyword> in 2022, discussions have ranged from optimistic visions of a utopian future to pessimistic fears of threats posed by technology to humanity itself. But no matter what, it's undeniable that AI has captured everyone’s attention. However, in spite of all the hype, very few people around the world are actually making use of AI on a regular basis, a survey has found. <cmsannotation type="cmsannotation" annotationid="Bursting the bubble: The divide between AI hype and everyday use" comment="subhead" text="Bursting the bubble: The divide between AI hype and everyday use">Bursting the bubble: The divide between <keyword id="21872732" type="General" weightage="20" keywordseo="AI-hype" source="Orion">AI hype</keyword> and everyday use</cmsannotation> <keyword id="19896272" type="General" weightage="20" keywordseo="generative-AI" source="keywords">Generative AI</keyword> — a technology that produces human-like outputs such as text, images, audio or video based on input prompts — burst onto the public scene with the launch of ChatGPT in November 2022. This sparked a frenzied competition among tech giants, who have since invested billions into developing their own generative AI capabilities. However, research suggests that despite the substantial investment and attention, generative AI has yet to integrate seamlessly into everyday internet use. The <a href="https://reutersinstitute.politics.ox.ac.uk/what-does-public-six-countries-think-generative-ai-news#header--3">online survey</a>, conducted by the <keyword id="21872733" type="General" weightage="20" keywordseo="reuters-institute" source="keywords">Reuters Institute</keyword> and <keyword id="19897709" type="General" weightage="20" keywordseo="oxford-university" source="keywords">Oxford University</keyword>, surveyed 12,000 individuals across six countries — Argentina, Denmark, France, Japan, the UK, and the USA — to explore perceptions of generative AI tools. Despite relatively high awareness of ChatGPT compared to other generative AI tools, the survey found that only an average of 54% of respondents across the six countries had heard of it. Even among those aware, the majority reported limited or no usage, with only about 3% using the tool daily. Usage patterns varied by demographics, with men and individuals with higher education levels more likely to use ChatGPT. However, the most significant disparities were observed by age group, with younger individuals aged 18 to 24 exhibiting higher usage rates, albeit predominantly infrequent. The study also sought to understand public perceptions of generative AI's societal impact. While many respondents anticipate significant contributions to fields like news, media and science, the overall sentiment was cautiously optimistic, with concerns about the technology's broader societal implications. <cmsannotation type="cmsannotation" annotationid="The trough of disillusionment" comment="subhead" text="The trough of disillusionment">The <keyword id="21872734" type="General" weightage="20" keywordseo="trough-of-disillusionment" source="Orion">trough of disillusionment</keyword></cmsannotation> The findings of this online international survey highlight a notable disparity between the hype surrounding AI and public engagement with it. This phenomenon, where the technology is heavily hyped but the practical application and adoption lag behind, mirrors the concept of the “trough of disillusionment” described in the Gartner Hype Cycle. The “trough of disillusionment” signifies a phase in the technology lifecycle where inflated expectations meet the reality of practical limitations, leading to a decline in enthusiasm. Despite this disillusionment, the phase also marks an opportunity for deeper understanding and practical application of the technology. At the moment, the adoption of AI and related technologies appears to be widespread across technology and media companies, compared to individuals. However, the discourse around the topic varies within a wide spectrum of ideas ranging from ‘technological determinism’ (the idea where technologies shape human societies) to ‘social constructivism’ (where our social behaviour shapes technological advancement). In some cases, the ‘trough of disillusionment’ phase is followed by the ‘slope of enlightenment’, This represents a pivotal phase where the benefits of the technology become clearer, driving increased adoption and investment. It heralds a transition from hype to tangible outcomes, laying the groundwork for broader integration and innovation. Will this be the case with generative AI as well? Only time will tell.

Despite the hype, AI tools like ChatGPT remain dormant in daily use, shows global survey

<ul class="summary-list"><li>More undergraduates are signing up for the CFA exams, a series of three difficult tests.</li><li>Students are doing it to change career paths and boost their résumés.</li></ul>Candidates taking the <a target="_blank" class="" href="https://www.businessinsider.com/personal-finance/what-is-a-cfa">financial world's toughest exam</a> are getting younger.More college students are signing up for the tests to get a <a target="_blank" class="" href="https://www.businessinsider.com/college-students-fight-hunger-games-style-for-top-banking-jobs-2024-4">leg up in competing for internships </a>and jobs, according to the Chartered Financial Analyst Institute, which administers the tests.The <a target="_blank" class="" href="https://www.businessinsider.com/list-here-are-the-exams-chatgpt-has-passed-so-far-2023-1">CFA is a three-exam qualification</a>, often regarded as the industry's most rigorous and prestigious certification. It's a prerequisite for certain roles in banking or private equity. Only 46% of those who took the first level in May passed the test.About one in five people who start the CFA process are students, Rob Langrick, chief product advocate at the CFA Institute, told Business Insider. Recently, the average age of candidates fell from 24 to about 23 as the number of undergraduates enrolling for the program increased, he said.Langrick said that more people prefer to start the process while they are still used to studying and are not yet tied to a full-time work schedule. And for students coming from less-known schools, the CFA designation stands out for employers, Langrick said.The increase in college students starting the CFA process comes as fewer people overall are taking the exams.CFA Level I sign-ups first dropped in late 2020, given pandemic-induced cancellations and exam deferments. But the numbers have dropped significantly since then.In 2018 and 2019, an average of about 162,000 people took the Level I exam each year. But in 2022 and 2023, that annual average dropped to about 87,000, according to the <a target="_blank" class="" href="https://www.cfainstitute.org/-/media/documents/support/programs/cfa/cfa-exam-results-since-1963.pdf">CFA Institute.</a><h2 id="3ca3e423-23a7-45a2-8189-371b47fc3583">Helpful for portfolio managers but not for bankers</h2>Eric Wye, who graduated last year from the National University of Singapore, prepared for the Level I and II exams as a student. He thought his economics degree didn't cover enough applied finance for the kinds of jobs he wanted to do.But getting partway through the CFA didn't change his trajectory, Wye said."I felt that it did not explicitly give me an advantage in searching for finance internships, as I believe prior experience in related roles might be more valued," he said.Wye is now working at a multinational bank while preparing for the Level III exam.While the certification may be important for roles like portfolio managers and securities analysts, Wye does not think its value applies to all <a target="_blank" class="" href="https://www.businessinsider.com/finance-job-search-headhunter-database-private-equity-investment-banking-hedge-funds">finance careers</a>, including investment banking or sales and trading. On the job for a year now, he hasn't found many peers who passed all three CFA levels, nor that there is an implicit expectation of holding the designation.Another candidate, who is in his third year of school at Singapore Management University and is preparing for Level I, agreed that the exam is more helpful for those outside finance looking to break in.The student spoke to BI on the condition of anonymity, because he is a summer intern not authorized to speak with the media. His identity is known to BI."I think it's important if I didn't have access to finance at all. But if you're already in a finance major, then maybe it's not as necessary," he said.Do you have a story to share about your career in finance? Email this reporter: <a target="_blank" href="mailto:shubhangigoel@insider.com">shubhangigoel@insider.com</a>

Finance jobs are more competitive than ever, so some college students are sitting for the industry's most grueling exam before they even graduate     

Having your family publicly appreciate art while privately denouncing the profession is the pinnacle of the core Indian experience. However, while most boomers might discard the career path due to well-established fears of the “struggling artist”, India’s most <keyword id="21837275" type="General" weightage="20" keywordseo="successful-artists" source="keywords">successful artists</keyword> are anything but struggling, it turns out. The <keyword id="21308480" type="General" weightage="20" keywordseo="Hurun-Research-Institute" source="keywords" meta.keywordsubtype="org" meta.entityname="Hurun Research Institute" meta.hostid="261" meta.entityid="Hurun Research Institute">Hurun Research Institute</keyword> has just released their Art List of 2024, which encapsulates the top 50 most successful living painters and sculptors from India, or who have made India their place of work. With notable figures such as the creator of Chicago’s “<keyword id="21837279" type="General" weightage="20" keywordseo="the-bean" source="Orion">The Bean</keyword>” and various <keyword id="20128810" type="General" weightage="20" keywordseo="Padma-Bhushan" source="keywords">Padma Bhushan</keyword> and Padma Shri recipients in the list, you can rest assured that this article is as Indian parent-friendly as can be. Dominating the list for the sixth year in a row, 70-year-old sculptor <keyword id="21283454" type="General" weightage="20" keywordseo="Anish-Kapoor" source="keywords">Anish Kapoor</keyword> continues to exercise his fame as India’s most successful artist alive. According to Hurun, the creator of ‘Cloud Gate’ — or ‘The Bean’ as it is commonly known – amassed a whopping Rs 79.9 crores via a plethora of sculptures last year. If not for The Bean, you might remember Anish from his involvement in the Vantablack controversy, when the artist signed a contract for exclusive rights to the new material’s use in painting and sculpture. Such is the fame that Anish has carved out for himself that he even reigns far above the rest of the Indians on Hurun’s list, monetarily speaking. In second place comes 87-year-old <keyword id="21837278" type="General" weightage="20" keywordseo="gulam-mohammed-sheikh" source="keywords">Gulam Mohammed Sheikh</keyword>, a Padma Shri and Padma Bhushan awardee who earned an impressive Rs 24.1 crores last year. The richest woman artist with an inspiring banker-turned-painter story, 87-year-old Arpita Singh, came in third with Rs 22.9 crores. In fact, while artists over 80 years of age litter most of the list — the oldest being the 99-year-old <keyword id="21837277" type="General" weightage="20" keywordseo="krishen-khanna" source="keywords">Krishen Khanna</keyword> in fifth position with 18 crores — there is one unmissable and striking exception. 27-year-old <keyword id="21837276" type="General" weightage="20" keywordseo="raghav-babbar" source="keywords">Raghav Babbar</keyword> became the eighth highest-selling Indian artist after totalling 12.1 crores in sales, providing a fantastic example that even youngsters can make money through art. As for the individual pieces with the biggest price tags, Gulam Mohamed Sheikh’s 2015 piece ‘Ark: Kashmir’ stands far ahead of the competition after being sold at Rs 21 crores last year. In total, four art creations were sold for over Rs 5 crores last year, including designs from Arpita Singh, Anish Kapoor and Raghav Babbar. A sculpture of the Hulk constructed from stainless steel discs and plated fibreglass by Valay Shende was another of the top-selling works in 2023. With a total of Rs 301 crores from 789 art lots sold, this year’s report shows a very clear trend: the demand for Indian art is indubitably on the rise. In fact, the entry point for artists in the top ten almost quadrupled from Rs 2 crores to Rs 7.7 crores in the mere span of three years. These figures helped India land the seventh place globally in terms of art auction turnover, according to Hurun. "With rising middle-class incomes, our expectation is that Indian art will become one of the top preferred choices to 'invest' in a growing asset class and 'spend' on a meaningful lifestyle addition,” explains Anas Rahman Junaid, founder of Hurun India. He argues that India being one of the world’s oldest civilisations lends it an exponentially higher intrinsic art value compared to the status quo. This recognition will likely continue to help the Indian art sector grow at a good pace in the coming years.

Here’s how much top Indian artists earned in 2023 as Anish Kapoor becomes most successful at Rs 80 crore

<ul class="summary-list"><li>Elon Musk's brain-computer interface company, Neuralink, has implanted into a first human patient.</li><li>Musk says the goal is for us all to control our phones and computers with our minds.</li></ul><a target="_blank" href="https://www.businessinsider.com/elon-musk">Elon Musk</a> announced his brain interface company, <a target="_blank" href="https://www.businessinsider.com/neuralink-will-take-25-minutes-insert-brain-elon-musk-reportedly-2023-11">Neuralink</a>, implanted its first human brain chip last week. The product is called "telepathy.""Enables control of your phone or computer, and through them almost any device, just by thinking," Musk said on X, the social media platform he owns, which is formerly and better known as Twitter.Given all the breathless discourse about this being a "first" in human brain implantation, you'd be forgiven for assuming Musk is far ahead of the competition.But surgically implanted <a target="_blank" href="https://www.businessinsider.com/brain-computer-interface-what-is-it-how-does-it-work-2022-9">brain-computer interface devices, or BCIs</a>, have been going into people's heads for about twenty years now, ever since a pioneering surgery took place in Rhode Island in 2004. Since then, multiple companies have popped up with increasingly <a target="_blank" href="https://www.businessinsider.com/brain-computer-chip-link-interface-neurotech-human-trial-2022-8">elegant and useful BCIs</a>, arguably well ahead of where Neuralink stands today with a single, <a target="_blank" href="https://www.businessinsider.com/elon-musk-claims-first-human-patient-received-neuralink-implant-2024-1">first surgery</a>.Here's how Musk's stiffest competition stacks up right now:<h2>1. Blackrock</h2><div type="image" title="blackrock electrode array, looks like tiny comb, smaller than thumbnail" height="1283" width="706" msid="107534537" hostid="261"></div>Today, most people who have a BCI implanted in their head have a Blackrock device. Precise numbers are hard to come by, but the best evidence suggests there are fewer than 50 people worldwide with a BCI implanted in their skull. About 40 of those are Blackrock products.Blackrock Neurotech (not to be confused with the completely unrelated Blackrock investment firm) has been at this for a while. Headquartered in Utah, the company was founded in 2008.For now, all implanted BCIs are a way for people with severe forms of paralysis to regain independence, using their thoughts to control devices and access the internet.A couple of people with Blackrock implants can use their BCI to drive a car. Others have restored a sense of touch. But executives in this space say that in the future, applications for BCIs could look very different. Blackrock co-founder Florian Solzbacher has said the revolutionary tech may one day be used by first responders, military, or other able-bodied people looking to win a competitive edge or some extra convenience.Blackrock CEO Marcus Gerhardt told Business Insider that, while still a ways off, "the possibility of breaking that barrier will come maybe sooner than people out there believe."<h2>2. BrainGate</h2><div type="image" title="pat bennett with 2 probes on head, wires coming out, smiling" height="1400" width="2100" msid="107534538" hostid="261"></div>BrainGate pioneered the very first implanted BCI for human use in 2004, building on research that started at Brown University in the late 1990s. The academic consortium's current device is typically about "the size of a baby aspirin," and is manufactured by Blackrock.Each patient's implant consists of two or more devices, each with up to 100 thinner-than-hair electrodes. It's implanted on the surface of <a target="_blank" href="https://www.businessinsider.com/watch-how-a-thought-travels-through-the-brain-2018-1">the brain</a>, atop the cortex, in areas responsible for limb movements or speech.The very first BrainGate device — which was the first-ever implanted BCI — was put into the head of Matthew Nagle, a man who was paralyzed from the neck down in a stabbing attack. Nagle became a formidable Pong video game player using his BCI, but died in 2007 after developing sepsis (unrelated to the trial.) Three more patients had the same first-generation BrainGate BCI implanted from 2004-2009."You don't necessarily read as much about them and they don't tend to hog the public limelight, but that's because they're focused on doing fundamental and profound research in this space," Gerhardt said of the BrainGate consortium.BrainGate is now running a clinical trial of their second generation BCI, a device for tetraplegics like Nagle called BrainGate2. The <a target="_blank" href="https://clinicaltrials.gov/study/NCT00912041">trial</a>, ongoing since 2009, is expected to end in 2038. So far, there are 15 people with BrainGate2 devices."Each amazing participant in the trial contributes an extraordinary amount to the field, often engaging in the trials with us for years and providing feedback on how these types of implantable BCIs will help other people with paralysis," BrainGate clinical trial lead Dr. Leigh Hochberg told Business Insider in an email.<h2>3. Synchron</h2><div type="image" title="Synchron CEO and founder Thomas Oxley holding the company's stentrode." height="1400" width="2100" msid="107534540" hostid="261"></div>Brooklyn-based <a target="_blank" href="https://www.businessinsider.com/synchron-brain-computer-chip-implant-elon-musk-neuralink-human-trial-2021-7">Synchron</a> has developed one of the tiniest, most minimally invasive BCIs, and implanted it successfully into several people around the world, including patients in Australia (2020) and the US (2022). Instead of being plopped on top of the brain's grey matter, like many other BCI devices, Synchron's stentrode sits inside of blood vessels in a person's head.This BCI is funneled into the head via a tiny metallic, mesh stent. In much the same way that <a target="_blank" href="https://www.businessinsider.com/guides/health/conditions-symptoms/what-is-a-stent">heart disease patients often use stents</a> to pry open blocked arteries near their hearts, Synchron implants a small scaffolding of electrodes into key blood vessels at the top of the skull near our motor cortex, to transmit thoughts into actions. A pacemaker-like unit in the chest then translates those signals from the brain wirelessly to a computer or device.In 2022, Musk — then reportedly frustrated by Neuralink's slow pace of development — reached out to Synchron's CEO, neurosurgeon Thomas Oxley, about investing in the company, <a target="_blank" href="https://www.reuters.com/technology/musk-approaches-brain-chip-startup-synchron-about-deal-amid-neuralink-delays-2022-08-19/">Reuters</a> reported. And Musk's co-founder, former Neuralink president Max Hodak, is a <a target="_blank" href="https://www.businessinsider.com/elon-musk-ex-neuralink-president-invests-rival-synchron-brain-biotech-2022-2">Synchron</a> investor. Though Hodak once told <a target="_blank" href="https://www.bloomberg.com/news/articles/2022-02-05/both-startups-are-making-devices-that-they-ll-implant-in-human-brains?srnd=technology-vp">Bloomberg</a> he didn't want his investment in a Neuralink rival to be seen as a "knock" on his former company."I'm sure they will also get into humans soon," he said.<h2>4. Academic institutions around the globe</h2><div type="image" title="Gert Jan sitting, with his antenna cap on that communicates with his brain impants. Left: Gert Jan training to walk" height="600" width="1200" msid="107534541" hostid="261"></div>Several other universities are also leading the BCI charge, with one-off research surgeries. Some are visible plugs that sit on top of people's heads and require a wired hookup to a computer to read brain signals. At least one man uses a backpack to transmit signals from two BCI electrode grids inside his head to another implant in his spine, helping him walk.Canadian Ann Johnson, unable to speak for nearly 20 years after a stroke, is <a target="_blank" href="https://www.ctvnews.ca/sci-tech/like-hearing-an-old-friend-woman-speaks-for-first-time-since-stroke-thanks-to-ai-powered-tech-1.6537335">regaining her ability to talk</a> with an implanted BCI from the University of California, San Francisco. Dutchman <a target="_blank" href="https://www.businessinsider.com/paralyzed-man-used-mind-reading-tech-to-walk-again-2023-5">Gert-Jan Oksam is the guy with a backpack who can walk</a> again after a biking accident hit his spinal cord, thanks to researchers at Lausanne University in Switzerland."I'm not walking to the grocery market yet, but I can for sure stand way better now," Oksam told reporters during a press conference in May."It's still hard to walk," he said. "But I'm very happy I've achieved what I achieved."<h2>What Neuralink has to prove</h2><div type="image" title="neuralink's BCI - thumb sized button" height="579" width="1082" msid="107534542" hostid="261"></div>What Neuralink has done so far is merely a first step in pulling off an operational BCI. The California–based company put its "cosmetically invisible" device inside of a person's brain in late January. Musk has told reporters that he expects this first patient will be able to control a computer or phone using only their mind in about a week."Let Elon be Elon, and he can help us envision the future and challenge us to step outside our framework and limiting constructs and think about what might be possible one day," Gerhardt, the Blackrock CEO, said. "At the end of the day, the devil will be in the details, and we'll just have to see."Fundamentally, Neuralink's technology isn't that different from Blackrock's. Instead of looking like a tiny comb, though, the Neuralink device has over 1,000 fine, hair-like electrodes distributed in 64 threads, likely a more formidable surgical challenge.(Neuralink study details, posted <a target="_blank" href="https://neuralink.com/pdfs/PRIME-Study-Brochure.pdf">online</a>, say the company has designed a surgery robot "to reliably and efficiently insert the threads of the N1 Implant into the appropriate region of the brain." It's unclear how much of Neuralink's surgery procedure is done by a human.)The next challenge is to prove this device can help someone regain some independence. For example, can this BCI help a person with ALS (or, Locked-in Syndrome) shop online?"Initial users will be those who have lost the use of their limbs," Musk said on X. "Imagine if Stephen Hawking could communicate faster than a speed typist or auctioneer. That is the goal."That goal isn't out of the question, but it will take some years, and some level of training. We should know a little more within the next few days or weeks about how well the first Neuralink patient is recovering."How we think, how we feel, how we experience — this is much more than just an engineering problem," neuroscientist Anil Seth recently <a target="_blank" href="https://www.bbc.co.uk/sounds/play/p0h81tcs">told the BBC</a>. "The kind of strategy that Musk has found so successful in building electric cars or rockets, I don't think it transfers smoothly over to this domain."Correction: Matthew Nagle's pioneering surgery was performed in <a target="_blank" href="http://www.rimed.org/rimedicaljournal/2013/02/2013-02-47-books.pdf">Rhode Island</a>, not Massachusetts. This story has been corrected.

Neuralink is less advanced than these 4 brain-computer devices. See Elon Musk's competition.

<ul class="summary-list"><li>Amid teacher shortages, ADP's Nela Richardson said it's tough to get young people to enter the profession.</li><li>A new ADP Research Institute report showed how teacher pay compares to the pay of all employees.</li></ul>There's a <a target="_blank" href="https://www.businessinsider.com/what-the-teacher-shortage-means-for-four-day-workweek-2023-2">shortage of teachers</a>, and young adults could be shying away from the profession as <a target="_blank" href="https://www.businessinsider.com/teacher-salary-pay-penalty-worse-wage-gap-report-2023-10">teacher pay</a> becomes less competitive.That's based on a conversation with ADP's chief economist Nela Richardson and a new <a target="_blank" href="https://www.adpri.org/occupational-spotlight-teachers-2024-03/">ADP Research Institute report</a> by ADPRI principal data scientist Jeff Nezaj. The report highlighted the large contrast between employment and job openings for educators as well as how pay has looked for teachers.The new report included a Competitive Salary Index based on ADP data comparing the salary of public and private school teachers to the average for all US workers. That ratio has notably declined since 2018 for those in their early 20s, a potential problem for Gen Zers looking to step into the education field after getting the necessary requirements to be a teacher.Despite that relative decline, teachers are making more than they did before the pandemic; other jobs have just become much more lucrative. Data shared with Business Insider shows that teacher pay has increased from $42,971 in January 2018 for those aged 20 to 25 to $51,193 in October 2023 for those aged 20 to 25. And for teachers aged 25 to 30, that has increased from $49,427 in January 2018 to $59,780 in October 2023.Richardson told BI "wages might discourage" young people "when they could make relatively more or see their salaries increase faster in other industries.""In the five-year period spanning 2018 to 2023, salary competitiveness eroded particularly for younger teachers, those aged 20 to 30," Nezaj wrote in the ADPRI report. "This is a worrisome development, one that has the potential to create or exacerbate labor shortages by discouraging potential teachers from joining the profession."New data from the Bureau of Labor Statistics on Friday showed private education and health services saw average hourly earnings increase 3.8% from February 2023 to this past February, lower than the 6.6% increase for transportation and warehousing during that time, 5.9% for mining and logging, and 5.8% for financial activities.Gen Z or other new teachers will need to help fill talent gaps in schools. There were 169,000 elementary and middle school teachers who were 65 years old or over in 2023 according to a table from the <a target="_blank" href="https://www.bls.gov/cps/cpsaat11b.htm">Bureau of Labor Statistics</a>, and those older teachers may be looking to retire. The median age for elementary and middle school teachers was 43.1 in 2023, per BLS.It's not just the new report from ADP Research Institute that shows the problem with pay for teachers. An <a target="_blank" href="https://www.census.gov/library/stories/2022/07/teachers-among-most-educated-yet-pay-lags.html">analysis</a> published by the Census Bureau in 2022 also found teacher earnings have dropped and teachers — many of which had at least a bachelor's degree — weren't seeing the same pay as other jobs."Although teachers are among the nation's most educated workers, they earn far less on average than most other highly educated workers and their earnings have declined since 2010," the post said.<h2>Schools already have experienced staffing shortages</h2>Aaron Terrazas, chief economist at Glassdoor, previously <a target="_blank" href="https://www.businessinsider.com/teacher-shortage-schools-nurses-daycare-costs-inflation-rate-retail-workers-2023-10">said</a> that "elementary and secondary schools tend to have a shortage of teachers" given licensing requirements and "lifestyle sacrifices" like low flexibility in terms of their schedule. Richardson noted the lack of location flexibility for teachers."There are some industries that are just not getting younger people to join because there's better options post pandemic," Richardson said.Richardson said amid several positives that add up, including being in a job that's rewarding, "you have to weigh that against lagging wages and less flexible working hours" when it comes to being a teacher."I think it is a challenge to get young people to come into that profession," Richardson added.But the problems in teaching, such as with pay and shortages, aren't entirely new."This is a pre-pandemic phenomenon," Richardson said.For instance, she noted teacher strikes, such as one involving Denver teachers in February 2019 after over a year of negotiations. The Denver Classroom Teachers Association <a target="_blank" href="https://denverteachers.org/at-11th-hour-dps-again-fails-to-listen-to-denver-teachers-strike-will-start-monday/">site</a> said "educators have clearly expressed their vision for a fair, competitive and transparent salary schedule that prioritizes base salary over complicated, unreliable bonuses.""It was an industry that was clamoring for higher pay and you saw that on the ground," Richardson said.Teachers may also have to chip in for their own <a target="_blank" href="https://www.businessinsider.com/school-classroom-spending-elementary-teacher-books-math-class-items-2023-11">resources and supplies</a>, adding to the financial strain of the job."I feel like a lot of teachers are expected to do their job without materials that they have or that they need," one teacher <a target="_blank" href="https://www.businessinsider.com/school-classroom-spending-teacher-why-spend-own-money-2023-10">previously said</a>.Teachers who worked during the pandemic also had to learn new practices, like implementing COVID safety and remote schooling."Teaching children — young children, high school students, middle school — remotely was challenging," Richardson said. "And then when all these kids came back into the schools and they had to deal with all the social fallout from so many gaps in terms of peer-peer education, it was hard. It's been hard. It continues to be hard."Education isn't the only field that may have trouble attracting young job seekers.Richardson said they seem to not be choosing to go into what she's calling "the infrastructure field," which she said included physical infrastructure jobs in fields like construction as well as social infrastructure like teachers and financial infrastructure like payroll specialists."More broadly, even past teachers, we've seen similar findings for nurses," Richardson said. "So when you think about the care economy — an economy that allows working families to work by having teaching and healthcare resources — it's not just about those particular professions. It's about other professions that rely on, for example, early childhood education and teachers."Have you quit teaching or changed your mind about becoming a teacher? Reach out to this reporter at <a target="_blank" href="mailto:mhoff@businessinsider.com">mhoff@businessinsider.com</a> to share why and what job you are working now.

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