How much do AI Engineers Make? Salary Guide 2024

Last Updated : 20 Mar, 2024

AI engineers are emerging as important future architects. These are influencing how companies function & expand in our ever evolving tech landscape. Experts think their work will help the world’s economy grow by $15.7 trillion by 2030. AI is being used by businesses to increase profitability and efficiency. They play a greater role in advancing technology, thanks to the growing need for AI talents. AI engineering is gaining hype because it is meaningful and demanding. It also offers prospects for promotion and attractive compensation. This means AI engineers have great chances for career growth and can earn a lot of money, especially as we move into 2024.

How-much-do-AI-Engineers-Make-Salary-Guide-2024

AI Engineer Salary Guide

For Tech Enthusiast who want to make a big impact across different industries find AI engineering an exciting career choice. In this article, we’re going to look into how much money AI engineers can earn. Let’s get into the details about the AI Engineers Salary in 2024!

Table of Content

What is Artificial Intelligence ?
Who are AI Engineer?
What is an average AI Engineers Salary?
Prospects for AI Engineer Employment
Depending on Experience AI Engineers Salary 2024
AI Engineer Salary by Sector
Location-Based AI Engineer Salary
Top Ways to Increase Your Income
Pay for Jobs Including AI Engineers
Factors Affecting the Pay of AI Engineers
Ways to Increase the Pay of an AI Engineer
AI vs. Non-AI Compensation for Engineers
Conclusion

What is Artificial Intelligence ?

Artificial intelligence (AI) is a dynamic subject of computer science that focuses on developing intelligent computers. These are capable of doing activities that would normally need human intelligence. It includes several subfields such as machine learning, natural language processing, computer vision, and robotics.

AI technologies attempt to replicate human cognitive skills. These often include learning, reasoning, problem solving, and perception. AI is altering industries and helping people interact with technology the right way. This is also shaping our society’s future at a rapid pace.

Who are AI Engineer?

An AI Engineer specializes in developing AI systems. They are familiar with programming languages such as Python, R, and Java, as well as machine learning algorithms and data analysis techniques. AI Engineers create AI models and algorithms. They optimize them for various industries. They work in healthcare, finance, and automotive sectors. They play a crucial role in AI technology advancement. It is interesting to note that AI Engineers use AI technologies to create innovative solutions. They analyze data and build machine learning models. Additionally, they also deploy AI systems. It is important to collaborate with cross-functional teams to gather requirements. This also helps in designing AI architectures. Continuous evaluation and improvement of AI models enhance its overall performance. One must stay updated on the latest AI advancements.

What is an average AI Engineers Salary?

According to Glassdoor, the typical base income for AI engineers in the United States is $108,043! and Average Salary is ₹10,15,000 per year. These results stand out dramatically when compared to the overall pay landscape, with the median compensation for AI engineers greatly above the average yearly income across all occupations in the United States, which is now set at $58,260. This wage disparity demonstrates the great demand and premium put on the specialist talents required for the developing field of artificial intelligence.

Prospects for AI Engineer Employment

The career prospects for AI developers may significantly improve over the next ten years (2022–2032). The main factor driving this would be the growing demand for their expertise. All of these experts contribute significantly to the enhancement of businesses’ hardware, software, operations, and general efficiency, particularly in the consulting, technology, finance, and healthcare sectors. An AI engineer’s income potential is determined by factors such as experience, industry, and geographical location. As organizations embrace AI technology, the demand for competent workers in this industry is increasing significantly.

Depending on Experience AI Engineers Salary 2024

Your degree of experience is one of the primary factors that might affect your pay. Both your potential revenue and skill level increase as you get more experience as an AI creator. According to Glassdoor, experience as an AI developer may have the following effects on pay:

$106,894 for two to four years as an AI engineer or senior AI engineer.
$128,396 for five to seven years as a lead AI engineer.
$145,503 for eight years as the principal machine learning engineer.
$172,715 for the vice president of machine learning.

Director or vice president-level roles in artificial intelligence or machine learning can bring in large compensation increases, possibly reaching tens of thousands of dollars. On the other hand, if you would rather concentrate on your area of expertise than leading a team, you might be able to raise your pay by switching positions or proving your worth to a potential employer.

AI Engineer Salary by Sector

While some industries may not need AI engineers, others that do, like technology, finance, healthcare, and retail, may pay AI engineers quite differently. Usually, salary ranges are linked to the related industry. AI specialists employed by technology or financial companies will probably receive compensation that is above average due to the high salary levels of these sectors.

Location-Based AI Engineer Salary

An AI developer’s pay typically reflects the environment in which they operate. Major cities like New York, San Francisco, Washington, DC, Boston, and Chicago usually have greater earnings than other locations due to their higher cost of living. Businesses that desire a diversified workforce can easily choose to base compensation on geography. Finding the right balance between experience, performance, and location-specific compensation can be challenging, which leads to pay variations based on the location of the job.

Demand, industry development, and cost of living all have an impact on which nations pay the best wages for AI experts. Key candidates include the United States, Switzerland, Australia, and Germany. These countries have positioned themselves as centers of technological innovation, resulting in a significant demand for AI knowledge and attractive salary packages for experienced workers.

Top Ways to Increase Your Income

Assume you are a seasoned AI engineer with several years of experience. The following are some strategies to increase your earning potential:

Obtain a master’s degree: A master’s degree is held by 17% of AI engineers and specialists, however it is by no means necessary to become an engineer or progress in your profession. On the other hand, 63% of individuals possess a bachelor’s degree.
Boost your technical proficiency: Artificial intelligence and machine learning are constantly expanding fields, with new facts to learn. You can increase your revenues by learning new algorithms and modeling methodologies, as well as staying current on technical abilities, especially those related to updated tools and systems. Focusing on a particular industry may also result in increased earnings.
Negotiating: One of the most frequent errors committed by job seekers is not attempting to bargain or negotiate for their maximum pay. Even if they don’t state it explicitly, 70% of managers expect a negotiated offer when they make one, according to Forbes. If you don’t haggle, the pay disparity might widen over time and keep you from making as much money as you could.

Pay for Jobs Including AI Engineers

Are you curious about the salaries and types of jobs held by AI engineers? Look at the breakdown of salaries:

Job Role	Average Salary (USD)	Average Salary (INR)
Machine Learning Engineer	$106,894	₹7,972,603
Data Scientist	$106,261	₹7,924,190
Artificial Intelligence Engineer	$105,824	₹7,892,518
Deep Learning Engineer	$108,246	₹8,064,567
Computer Vision Engineer	$107,890	₹8,036,805
Natural Language Processing Engineer	$109,312	₹8,156,204
Robotics Engineer	$110,578	₹8,236,951
Software Engineer	$100,879	₹7,522,398
Data Engineer	$96,277	₹7,173,622
Software Developer	$94,900	₹7,073,550

Also note that these are approximate average salaries, and actual salary may vary depending on various factors such as location, experience, and company policies.

Factors Affecting the Pay of AI Engineers

Although the average compensation for AI engineers has been shown, other variables affect how much you will be paid. Listed below are a few of the crucial factors:

Location: Describe the disparities in pay between the largest US cities and how the cost of living affects these numbers. An AI engineer’s pay is also significantly influenced by the place of employment. The cost of living can fluctuate significantly throughout large US cities, which affects AI engineers’ pay. At $182,322 annually, San Francisco has the highest average pay for AI developers, according to Glassdoor. Next on the list is New York City ($159,467).
Experience: Employers really appreciate experienced engineers because they’re really good at solving problems and have lots of practical knowledge. If you’re just starting in the field, the way to earn more is by keeping up with your education. Continuous skill development builds the basis for future pay increases in addition to increasing competence. Experience and pay are correlated, which highlights how important it is for AI engineers to be lifelong learners in order to be flexible in the quickly evolving field of artificial intelligence.
Industry: The salary for AI engineers varies depending on the state of the market. Wages are frequently higher in high-demand industries such as banking and healthcare, where AI plays an important role. On the other hand, sectors with less AI integration may pay less overall. An engineer’s salary is significantly influenced by the industry in which they work.
Educational Background: Employers value engineers with advanced degrees. This also leads to higher compensation and more perks at the workplace. While a bachelor’s degree is a good starting point, you can always go back to learning to improve your prospects. Being a lifelong learner helps in polishing your professional journey. As an AI developer, it assists in increasing your subject knowledge as well. You can learn more skills and performance better at your job.

Ways to Increase the Pay of an AI Engineer

If you want to be an AI engineer or earn more, you can do these:

Acquire New Tools and Programming Languages: Keeping abreast of the most recent programming languages and technologies will increase your employability. Good programming languages include Julia, Lisp, Javascript, and Python. You can learn how to use some noteworthy technologies, such as TensorFlow, PyTorch, OpenCV, and LangChain. Acquiring proficiency in these languages can enhance your likelihood of making an impression on employers during the technical interview phase. This could assist you in pay negotiations.
Enhance Your Skills in High-Demand Fields: You must cultivate a robust proficiency in particular competencies associated with various AI research domains and principles. Improving your AI skill set presents avenues for job advancement and possible pay increases in addition to helping you grasp important topics on a broader level. Investing in specialist fields like large language models and generative AI is an investment in your career growth. Our AI Fundamentals Track provides an organized study route if you’re searching for a resource to help you navigate these challenging subjects.
Make Connections and Network: Attending business conferences and events are great for networking with other professionals in the industry. It boosts your chances of landing your dream job with the right people in contact. Staying up to date on industry news helps keep you informed. It also leads to job openings that are not promoted everywhere. Talking with other AI experts can also benefit your career.
Think About Certifications: Certifications can serve as evidence of your proficiency and dedication to ongoing AI education. Applying to organizations that are hiring senior roles may benefit from your aptitude to pick things up quickly on your own. Certifications can assist in swiftly filling in the knowledge gap as the AI business moves quickly. Formal advanced degrees might be beneficial to consider if you’re changing careers and have no prior experience. Gaining an advanced degree in AI can make you stand out from the competition. It can also help in getting higher-paying job roles.

AI vs. Non-AI Compensation for Engineers

How do AI engineers compare to non-AI counterparts, despite the fact that they are well compensated and in high demand? According to Glassdoor, the average annual salary for a data scientist is $127,330, and for a software engineer it is $134,145.

On the other hand, an AI engineer may expect to earn an average of $147,880 per year. AI engineers need particular talents, thus salaries vary. AI developers need software and data science abilities. Some causes may make commodities scarce, raising prices. As more companies adopt AI, demand for AI developers exceeds supply, raising salaries.

Conclusion

AI engineers are in demand because firms need skilled workers. This means AI developer salaries will stay high and rise with the business. AI engineering offers good pay, steady growth, and a great career start or advancement. AI engineering can be lucrative with the right skills, expertise, and network. Starting practice today will prepare you for the future as an AI engineer.