Artificial intelligence (AI) could contribute up to $15.7 trillion to the global economy by 2030, more than the current output of China and India combined, according to the PricewaterhouseCoopers Global Artificial Intelligence Study. [1]. Organizations are turning to AI to improve efficiency and profits.
AI engineers help reimagine how machine learning (ML) algorithms, models, and tools are used to enhance products, services, and global systems. These types of jobs require a lot of technical expertise and are in high demand, so they can easily earn six-figure salaries.
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What is the average salary for an AI engineer?
According to the U.S. Bureau of Labor Statistics, the median annual salary for AI engineers is $145,080 [2]. According to Glassdoor, the median base salary for an AI engineer in the United States is $134,023. [3].
Salary ranges for AI engineers vary, but these salaries are significantly higher than the average annual salary of $65,470 for all occupations in the United States. [4].
What kind of work does an AI engineer do?
As an artificial intelligence engineer, you use machine learning and AI principles to build models and systems that solve real-world problems. Build systems for natural language processing, robot control, data mining, and other projects. AI engineers work in industries such as healthcare, finance, entertainment, manufacturing, and transportation.
Growth expectations for AI engineers
Employment of AI engineers is projected to grow by 26% between 2023 and 2033, much faster than the average for all occupations (4%). [2].
AI engineers typically work for companies that help improve products, software, operations, and delivery. They tend to be employed in technology, finance, healthcare, and consulting industries.
PWC reports that jobs requiring AI skills have grown faster than jobs overall since 2016, and that trend continues. Additionally, the company reports that jobs that require AI skills pay nearly 25% more than jobs that do not require AI skills. [5].
Several factors affect how much you earn as an AI engineer. Take a closer look at how experience, industry, and location impact your earning potential.
AI engineer salary by experience
One of the biggest factors that affects your salary is your level of experience. That’s natural. The more experience you have as an AI engineer, the more expertise you have and the more income you can expect to earn.
Here’s how experience affects AI engineer salaries, according to Glassdoor. [3]:
A leadership role like Director or VP of ML or AI can increase your salary by tens of thousands of dollars. However, you may choose to focus on your expertise rather than managing your team. In that case, you can earn more by changing companies or by proving your worth and negotiating a higher salary.
How much does an AI engineer earn per year in each industry?
Not all industries need AI engineers, but salaries for AI engineers can vary widely in industries that do, such as technology, finance, healthcare, and retail. Salary ranges typically reflect the respective industry. For example, technology and financial companies tend to have higher salaries overall, so AI engineers working in these industries may earn higher than average salaries.
AI engineer salary by location
Where you live also affects how much you earn as an AI engineer. Generally speaking, you’ll get a better salary if you work for a company based in a large city like New York, San Francisco, Washington DC, Boston, or Chicago. This is partly due to the high cost of living in these areas.
As companies continue to hire geographically dispersed workforces, including remote workers, employers may choose to offer location-based pay. However, this can be difficult because these salaries must also take into account competency and experience level, and location-based salaries may be considered unfair.
According to Indeed, these are the annual base salaries for AI Engineers in the following large U.S. cities: [6]:
Tips to earn more as an AI engineer
Let’s say you’re an AI engineer who’s been working for several years. Here are some ways to increase your earning potential.
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To earn a master’s degree: You don’t need a master’s degree at all to get a job as an AI engineer (or you can work towards one), but about 17% of AI engineers or specialists have a master’s degree. [7]. This compares to 63% of those with a bachelor’s degree. A master’s degree gives you solid credentials and expertise to back up your work experience, which can help you negotiate a higher salary.
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Improve your technical skills. There is always more to learn in the field of AI and machine learning. Technical skills, especially keeping up-to-date with tools and systems and expanding your repertoire of algorithms and modeling techniques, can help you earn more. Digging deeper into a specific industry can also increase your salary.
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negotiation: One of the most common mistakes job seekers make is not negotiating or negotiating to maximize their earning potential. If you choose not to negotiate, the pay gap may widen over time and you may not be able to reach your full earning potential.
Learn how to become an AI engineer with Coursera
Learn the skills you need for a high-paying career as an AI engineer with a professional certification from Coursera. Build your AI skills using one of the following programs:
To prepare for a career in AI and ML engineering, Enroll in the Microsoft AI & ML Engineering Professional Certificate. In this intermediate-level course, you will design and develop AI and ML infrastructure, master machine learning algorithms and techniques, and also develop intelligent troubleshooting agents.
To build work-ready skills in AI technology, Try the IBM AI Developer Professional certificate. Explore basic AI concepts and applications, learn how to develop AI applications using Python and Flask, and build AI-powered generative apps and chatbots.
