A Booming Market For AI Skills, With Salaries Topping $300,000
A new salary survey of AI professionals and data scientists was released today, showing unprecedented annual increase in compensation for data analysis skills and experience.
The Burtchworks survey of 1,841 data professionals (1,265 Data Scientists and 576 AI Professionals), conducted from May 2021 to April 2022, found “the largest salary increases we have ever reported, across all job levels.” The increases in mean base salaries over this period for AI Professionals ranged from 11% for level 1 individual contributors to 10% for level 3 managers and from 13% for level 1 data scientist individual contributor to 10% for level 3 data scientist manager.
The most notable salary increases were across all managerial levels, with companies looking for “professionals who have extensive experience and are able to hit the ground running, especially given the Great Resignation and the prioritization of efficiently managing internal teams,” according to the report.
The median base salary for data scientists as individual contributors ranges from $90,000 for level 1 individual contributor to $145,000 for level 3 individual contributor. For data science managers, the median base salary ranges from $155,000 to $275,000, depending on the level of experience. The 75th percentile of the base salary for a data science manager at level 3 is $310,000, an annual increase of 13%.
The median base salary for AI Professionals as individual contributors ranges from $105,000 for level 1 individual contributor to $175,000 for level 3 individual contributor. For AI managers, the median base salary ranges from $167,000 to $275,000, depending on the level of experience. The 75th percentile of the base salary for an AI manager at level 3 is $300,225, an annual increase of 9%.
The Burtchworks report has been published annually since 2013 and has followed closely the continuous upgrading of skills required from data analysis professionals. The nomenclature used by this year’s study reflects the latest demand trends, with “Data Scientists” focused primarily on working with structured data and “AI professionals” primarily analyzing unstructured/streaming data.
Burtchworks notes that “our data and conversations with both employers and professionals indicate that 2022 data science and AI hiring is robust.” But given the recent first signs of hiring freezes and even layoffs, Burthcworks also sounds a note of caution about the near future: “These uncertain times are causing a ripple in many industries: funds are slowing for smaller, newer companies and interest rate increases are impacting financial services firms. Similarly, inflation is hurting CPG, retail, and manufacturing firms, while supply chain issues are taking a toll on technology firms. We will continue to monitor these important changes in the market and share upcoming research and observations.”
Burtchworks will discuss the new report in a June 21 webinar.