Looks like those with skills in artificial intelligence (AI) and machine learning (ML) are spoilt for choice when it comes to job offers. A Foundit skill-assessment trends report reveals that there is no dearth of opportunities in the AI/ML domain. In fact, there has been a 12 per cent increase in AI and ML jobs in the past one year. That isn’t all; the average minimum salary of freshers taking up AI/ML jobs is about Rs 7.8 lakhs per annum.
With the widespread adoption of AI applications across sectors and industries, the demand for talent with verified AI and ML talent has surged. Not surprisingly, organisations are seeking fresh talent proficient in machine- learning algorithms, deep learning, AI frameworks and TensorFlow. Naturally, the top-paying skills in the job market today are in the areas of AI and ML, and also product management.
As per the report, freshers equipped with knowledge of AI/ML earn an average minimum salary of Rs 7.8 lakh per annum, which is the highest amongst new entrants. They earn an average maximum salary of Rs 10.3 lakhs per annum. Clearly, they are much sought after, even at the entry level.
Those with no experience or with up to three years of experience earn an average minimum salary of Rs 7,82,547 and average maximum of Rs 10,34,698 per annum. Those with four to six years of experience earn an average minimum of Rs 12.12 lakhs per annum and average maximum of Rs 18.73 lakhs per annum. Those with seven to 10 years of experience in AI and ML earn an average minimum of Rs 20.6 lakhs per annum and average maximum of Rs 28.6 lakhs per annum. With experience in the range of 11 to 15 years, the average minimum salary goes up to Rs 26.5 lakhs per annum and average maximum goes up to Rs 33 lakhs per annum. Those with over 15 years of experience will be able to earn an average minimum of Rs 36.2 lakhs per annum and average maximum of Rs 51.2 lakhs per annum.
There has also been a 30 per cent annual increase in product-management roles. That means, the demand for this role has gone up. Not surprisingly, there has also been a 40 per cent increase in the number of people enrolling for product-management courses and a 30 per cent increase in product- management skill assessments. Employers are increasingly demanding talent with expertise in agile and scrum methodologies, usability testing, customer research and user experience wishing to ensure that candidates possess with the skills required to fulfil the demands of the job.
At the mid-senior level, product-management roles are seeing a significant salary increase, with average maximum salaries touching Rs 18 lakhs per annum. Product managers with no experience or up to three years of experience can earn an average minimum salary of Rs 6 lakhs per annum and an average maximum of Rs 8 lakhs per annum.
Those with experience in the range of four to six years earn an average minimum salary of Rs 8 lakhs per annum and average maximum of Rs 12 lakhs per annum. Product managers with 11 to 15 years of experience can earn an average minimum of Rs 22 lakhs per annum and an average maximum of about Rs 27 lakhs per annum. If a product manager has more than 15 years of experience, their salary could go up to an average minimum of Rs 24 lakhs per annum and average maximum of Rs 29 lakhs per annum.