When it comes to AI engineers’ salaries, it’s a bit of a mixed bag. The amount they earn can vary based on a bunch of factors like how much experience they have, where they work, and which industry they’re in. But let me tell you, AI engineers are hot stuff right now and are one of the most lucrative career paths in tech, They’re in high demand, which means they often get paid quite handsomely. Basically, they’re rewarded well for their mad skills and expertise. So, if you’re considering a career in AI, you can definitely expect a sweet paycheck.
Now, get ready for some mind-blowing news! According to a study by PricewaterhouseCoopers, AI is set to make a jaw-dropping $15.7 trillion contribution to the global economy by 2030. This study shows that companies are super excited about using AI to make smarter business decisions, work more efficiently, and rake in the big bucks.
And who are the brilliant minds behind all this AI magic? You guessed it, AI engineers! They’re the ones who figure out all the nifty ways to use fancy machine-learning frameworks or tools to power up our everyday products, services, and even the systems that run the whole world. And guess what? They get paid a pretty penny for their wizardry because everyone wants a piece of their exceptional skills.
If you’re curious about how much these AI engineers actually earn, you should definitely keep reading this article on DailyTechNG. I will break everything down for you, talking about experience, industry, and even how your location can affect your salary. I also share some clever tips to help you boost your earnings. So, go ahead, give it a read, and get ready to be inspired!
What Does an Artificial Intelligence(AI) Engineer Do?
Before getting to the question at hand, we need to know the top AI engineer’s job roles. Machine Learning (ML) Engineers, Data Scientists, Computer Vision engineers, Data analysts, Business Intelligence developers, and Algorithm Engineers are just some of the many different positions that come under the umbrella of AI engineering. Each of these positions entails a different job profile, but, generally speaking, most AI engineers deal with designing and creating AI models. Everything from the maintenance to performance supervision of the model is the responsibility of the AI engineer.
Most AI engineers come from a computer science background and have strong programming skills, which is a non-negotiable part of an AI engineer’s position. Proficiency in Python and Object-Oriented Programming is highly desirable. But for an AI engineer, what is even more important than programming languages is programming aptitude. Since the whole point of an AI system is to work without human supervision, AI algorithms are very different from traditional codes. So, the AI engineer must be able to design algorithms that are adaptable and capable of evolving.
Other than programming, an AI engineer needs to be conversant in an assortment of disciplines like robotics, physics, and mathematics. Mathematical knowledge is especially crucial as linear algebra and statistics play a vital role in designing AI models.
What is an average AI engineer’s salary in 2023?
AI engineers, who fall into the category of Computer and Information Research Scientists, have the potential to earn quite a handsome sum. According to the US Bureau of Labor Statistics, the median annual salary for these professionals stands at $131,490. Another reliable source, Glassdoor, reveals that the median base salary for AI engineers in the United States is around $105,013.
Comparing these figures to the average annual salary across all occupations in the US, which is approximately $58,260, it becomes evident that AI engineers enjoy significantly higher earning potential.
The job outlook for AI engineers in 2023
The field of AI engineering is expected to experience remarkable growth between 2021 and 2031, with a projected job growth rate of 21 percent. This growth rate surpasses the average for all occupations, which stands at 5 percent. It’s safe to say that AI engineering is a rapidly expanding field.
AI engineers typically find employment in various industries, including technology, finance, healthcare, and consulting. Their primary role revolves around assisting companies in enhancing their products, software, operations, and delivery processes.
According to LinkedIn’s 2020 Emerging Jobs Report, the hiring growth for artificial intelligence specialists, including engineers, has been an impressive 74 percent annually over the past four years. This data underscores the increasing demand for skilled AI professionals.
When it comes to determining an AI engineer’s earning potential, several factors come into play. Experience, industry, and location can greatly influence the salary one can expect.
AI engineer salaries by experience
One of the biggest factors that can influence your salary is your level of experience. It makes sense—the more experience you have working as an AI engineer, the more expertise you have, and the more you can expect to earn.
Here’s how experience can impact your AI engineer salary, according to Glassdoor:
- 2 to 4 years (AI Engineer or Senior AI Engineer): $137,368
- 5 to 7 years (Lead AI Engineer): $139,246
- 8+ years (Principal Machine Learning Engineer): $148,879
- 8+ years (Director of Machine Learning): $153,183
- 8+ years (Vice President of Machine Learning): $172,715
Moving into leadership roles such as director or vice president of ML or AI can boost your salary by tens of thousands of dollars. However, you might choose to focus on your expertise rather than managing a team, in which case you can earn more by switching companies or negotiating a higher salary by proving your value.
Best Countries for Artificial Intelligence Jobs
Here are the top 7 countries that offer abundant opportunities for professionals in the field of Artificial Intelligence (AI):
- United States (US)
- United Kingdom (UK)
Top Companies Hiring for AI Engineers in 2023
Here are the top 15 companies currently hiring in AI and deep learning:
- Amazon — with 13 percent of open AI jobs on Glassdoor
- Rakuten Marketing
- Wells Fargo
The type of AI position varies, too. Glassdoor found some of the most common open AI occupations are AI software engineer, AI data scientist, AI software development engineer, and AI research scientist. Other popular AI roles less technical center around product management and business development management, but most opportunities still hover around San Jose, San Francisco, Seattle, Los Angeles, New York City, Boston, and Washington, D.C.
AI engineer salaries by industry
Different industries have different demands when it comes to AI engineers. Not all industries necessarily need them, but certain sectors like technology, finance, healthcare, and retail heavily rely on their expertise. The salaries of AI engineers can greatly differ based on these industries. Generally, salary ranges align with the specific field of work. Take technology and finance, for instance. These industries are known for offering competitive pay, so AI engineers employed by such companies can expect higher-than-average salaries.