How Much Does AI Make? (With Other FAQs and Roles)
Updated 9 July 2022
Artificial intelligence (A)I is a process of highly complex technology and coding interfaces to provide machines capable of automation and human intimation. AI is essential for increasing accuracy and making key business decisions. If you have a passion for robotics and want to create machines that imitate humans, it might be the right career choice. In this article, we answer "How much does AI make?", understand what influences their salary, explore the skills and education required for becoming an AI professional and learn the steps to earn more salary.
How much does AI make?
The answer to the question, "How much does AI make?" depends on a number of variables. The average salary of an AI professional depends on their job role. For instance, the average salary of a data scientist is ₹8,50,799 per year, whereas the average salary of a machine learning engineer is ₹48,540 per month. Also, the average salary of a robotics engineer is ₹18,356 per month. Their exact salary depends on the candidate's qualification, skill set, location and type of employer.
Often, candidates with an engineering degree receive a higher salary than someone with a Bachelor of computer science degree. These professionals have a good chance of earning a higher salary depending upon the overtime because AI professionals may pick up overtime depending on the project.
Related: Salary Negotiation Tips And Examples
What influences the salary of an AI professional?
As an AI professional, many factors influence your earning capacity. Here are some reasons that may influence your salary:
Type of employment
AI professionals can work as full-time employees or work as a freelancer, depending on their choice. When working as an employee, you earn a reliable salary each month. But when you work as a freelancer, you may create AI models for one or two companies. Your salary depends on the work you receive from these companies.
The more experience you have in the AI field, the higher is your earning potential. For instance, an AI engineer with ten years of experience earns much more money than an entry-level AI professional. You may receive higher pay with promotions to job roles like senior data scientist or machine learning manager.
AI or ML-related certifications and other qualifications can affect your salary. For instance, having experience and proficiency in Python can enhance your ability to build AI models with high accuracy. Apart from domain knowledge, employers prefer hiring candidates who have completed various courses related to ML and AI.
What skills help an AI professional succeed?
Besides being knowledgeable about AI, it is good to develop some technical skills and personal traits. Here are some skills that help AI professionals succeed in their careers:
For a successful career in AI, you require in-depth knowledge and experience with popular programming languages like C++, Python and R. These languages come useful when building AI or machine learning (ML) models. Proficiency in one or two programming languages is essential for earning a higher salary.
Proficiency in statistics and probability
Almost every AI model uses statistics, calculus and algebra, so having proficiency in these subjects is essential. Also, to use many AI and ML models, you require proficiency in probability. A strong grasp of these mathematical concepts is essential for faster growth.
A successful AI model can solve many business problems. Having business acumen allows AI professionals to convert their idea into business projects. So, for a rewarding and highly paid career, it is essential to understand how a business operates and learn about the competitors and customers.
Often, AI professionals review and interpret a vast set of data to come to meaningful conclusions. To develop such conclusions, AI professionals require analytical skills. Using this skill set, they brainstorm ideas for finding possible AI solutions to a business problem.
An AI professional communicates their project's technical details to a wide variety of professionals with varying degrees of technical expertise. The ability to convert complex ideas into an easily understandable language is essential for any AI-related job role. For instance, you may explain the working of an AI model you created to other employees of an organisation.
Most entry-level jobs in AI require a candidate with a bachelor's degree in mathematics, computer science, statistics or AI. You can pursue an engineering or B.Sc degree based on your interest. Also, most senior-level jobs in AI requires a candidate to have a master's degree or doctorate programme. Senior-level job roles involve managerial, administrative and R&D roles.
Once you gain the job qualification, you can start applying for entry-level jobs. To keep yourself abreast with the latest innovation in AI, periodically pursue an online-certification course.
How to earn more salary in AI
Choosing a job in the AI field can be a lucrative and rewarding option. Here are some steps to take to negotiate a higher salary in AI:
1. Consider higher education
Many AI professionals consider pursuing their higher studies to increase their salary and get hired for a managerial role. A master's degree in computer science, AI, information technology, machine learning and related areas may be beneficial for seeking an AI-related role. Consider enrolling in programmes related to mathematics, cognitive science, deep learning and natural language processing during your course.
2. Gain more experience
The salary of an AI professional directly correlates to the year of experience and increase as you advance from an entry-level role to a mid-level role. One great way to increase your experience is by enrolling in paid or unpaid internships during your bachelor's degree. You can even work part time or freelance during your master's course. This helps you gain relevant work experience and makes you a suitable candidate for a desirable AI job.
3. Develop and improve your skill set
Advancing your skill set is another way of earning more money in AI. Consider focussing on deep learning algorithms, building AI models and natural language processing to grow your career and salary. Apart from improving your technical skill set, focus on enhancing soft skills because an AI-related role requires technical and soft skills.
4. Use your resources
Using many resources, you can sharpen your AI knowledge and skills. This includes attending seminars and conferences, reading books and articles or becoming a member of different AI associations. If you are willing to dedicate some time to use these resources to improve your knowledge and skill set, you may stand a higher chance of getting hired for a high-paying AI job.
What are some AI job roles?
Here are some typical AI job roles:
National average salary: ₹48,640 per month
Primary duties: A machine learning engineer is an AI professional responsible for studying and converting data science prototypes. These professionals generate accurate predictive measures and resolve complex problems using data sets. Apart from designing machine learning frameworks and systems, an ML engineer performs statistical analysis and fine-tune models using various test results. They also develop an ML learning app according to customer requirements.
National average salary: ₹18,356 per month
Primary duties: A robotics engineer primarily works in robotics and automation. They develop and design robotic systems and robots. These professionals draft sketches, blueprints and other documentation showing ideas and prototypes. Also, a part of their workday may involve ensuring that robotic machines operate safely and with precision.
National average salary: ₹8,17,111 per year
Primary duties: Business intelligence developers are professionals who use business intelligence software to interpret and display an organisation's data. They create and update BI solutions and translate data into simple business terms for other departments to use. These developers take part in long-term intelligence projects and collaborate with other engineers.
National average salary: ₹4,67,765 per year
Primary duties: An algorithm developer analyses and write algorithms that are computer codes designed to automate a process or system. They create and fix codes by employing reasoning and logic. These professionals primarily work to simplify computing problems by designing and testing different sequences. They may conduct a performance test to improve an algorithm and collaborate with a development team to create algorithms as per specifications.
National average salary: ₹8,50,799 per year
Primary duties: Data scientists are IT professionals who interpret a large amount of data set. These professionals work with different statistical models and collaborate with software teams to understand the organisational need. A part of their workday involves communicating their analysis to top executives and other decision-makers.
Please note that none of the companies mentioned in this article are affiliated with Indeed.
Salary figures reflect data listed on Indeed Salaries at time of writing. Salaries may vary depending on the hiring organisation and a candidate's experience, academic background and location.
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