Those with skills in artificial intelligence (AI) and machine learning (ML) seem to have plenty of options when it comes to jobs. According to Foundit's Skill Assessment Trends Report, there seems to be no shortage of opportunities in the AI/ML field. In fact, there has been a 12% increase in AI and ML job postings over the past year. And that's not all: the average minimum salary for an entry-level employee in an AI/ML job is around INR 780,000 per year.
With widespread adoption of AI applications across sectors and industries, there is a surge in demand for proven AI and ML talent. It is no surprise that organizations are seeking new talent who are well versed in machine learning algorithms, deep learning, AI frameworks, and TensorFlow. Not surprisingly, the highest paying skills in today's job market are in the areas of AI and ML, and product management.
According to the report, freshers with AI/ML knowledge earn an average minimum wage of INR 780,000 per year, which is the highest among freshers. Their average maximum wage is INR 1.03 million per year. Clearly, they are highly sought after even at the entry level.
Those with no experience or up to 3 years of experience can earn an average minimum salary of Rs 7,82,547 and an average maximum salary of Rs 10,34,698. Those with 4-6 years of experience can earn an average minimum salary of Rs 12.12 lakh and an average maximum salary of Rs 18.73 lakh. Those with 7-10 years of experience in AI and ML can earn an average minimum salary of Rs 20.6 lakh and an average maximum salary of Rs 28.6 lakh. For those with 11-15 years of experience, the average minimum salary is Rs 26.5 lakh and the average maximum salary is Rs 33 lakh. Those with 15+ years of experience can earn an average minimum salary of Rs 3.62 lakh and an average maximum salary of Rs 5.12 lakh per year.
Product management roles are also growing at 30 percent annually, meaning the demand for this role is on the rise. Not surprisingly, product management course enrollments are up 40 percent, and product management skills assessments are up 30 percent. Employers are increasingly looking for talent with expertise in agile and scrum methodologies, usability testing, customer research, and user experience, and they want to be sure candidates have the skills they need to meet the demands of the job.
At the mid to senior levels, product management salaries have increased significantly, with the average maximum salary reaching Rs 1.8 million per year. Product managers with no experience or up to three years of experience can expect to earn a minimum average salary of Rs 600,000 and a maximum average salary of Rs 800,000 per year.
For those with 4-6 years of experience, the average minimum salary is Rs 800,000 and the average maximum is Rs 1.2 million. For product managers with 11-15 years of experience, the average minimum salary is Rs 2.2 million and the average maximum is around Rs 2.7 million. If a product manager has more than 15 years of experience, their salary can go up to an average minimum of Rs 2.4 million and an average maximum of Rs 2.9 million.
