We are living in an era where almost all our tasks are performed digitally and mechanically. Advanced machines and systems save our time and efforts so there is increased value in machine learning tools and techniques. In fact, ML techniques are high in demand so that organizations can achieve their business goals smoothly. Machine learning helps them in making improved and better data-driven decisions. Therefore several companies are implementing ML tools/technologies within their business to stay ahead of their competitors.
We can see several examples of machine learning in our daily lives as well as in large and small organizations and industries. For example, voice assistants (Alexa and Siri), driver-less cars, Netflix recommendations, Google Map Services, etc are the most valuable innovations of Machine learning algorithms that are making our lives easier and the world a better place to live in.
In terms of business values, Machine Learning is gaining popularity day by day as it provides organizations a view of trends in customer behavior and business operational pattern. Also, it can support the development of new products and services too. It is becoming an essential part of the strategic operations of many industries as they generate an enormous amount and variety of data. So they require certified Machine learning experts to solve complex issues in their organizations. It leads to the increased demand for machine learning post graduate programs that can help candidates land their careers in the machine learning field and help them earn higher salaries. So here this article will focus on the wages of machine learning engineers.
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Who are Machine Learning Engineers?
Machine learning engineers are information technology professionals responsible for entire machine learning tasks in any organization. Their main job is to research, create, and design self-operating AI ( artificial intelligence) systems that can automate predictive models. They build programs and algorithms that enable machines to learn without any requirement of further programming or without being directed for example customized newsfeed, voice recognition, and self-driving cars. Machine learning engineers make machines learn automatically and get improved from experience without being programmed.
Basically, ML engineers play a vital role and perform a variety of tasks and responsibilities. They have sound knowledge of using computer science fundamentals, data structure, computability and complexity, algorithms, and computer architecture. They predict and produce project outcomes and identify the issues to be resolved to make programs more effective. For computation and algorithms to work they use mathematical skills. They also can conduct AI system tests and experiments. Machine learning engineers perform statistical analytics too.
Over the past few decades, the machine learning field is continued to grow. So employers are willing to pay higher salaries to machine learning engineers to fill the gap between the demand and the supply of skilled workforce. Let us have a look at how much Machine learning engineers can earn on average.
Salary of a Machine Learning Engineer
A very important and amazing fact of the machine learning engineer job role is that it was the #1 job of the year 2019 just before the pandemic. Due to the changes in the social systems, COVID- 19 pandemic has increased the automation of routine tasks to an all-time high. Therefore still there is a high demand for skilled Machine learning engineers who can handle uncontrollable scenarios generated because of social and market conditions.
Several organizations are willing to invest a big amount in the field of machine learning. If we talk about salary expectations, Machine learning engineers can earn significantly above the national average which can be around and over six figures. According to Indeed, the average base salary for a machine learning engineer is $120,549 by June 2022.
There are many companies who are paying highly to machine learning engineers with a lot of common benefits. Organizations in the United States such as eBay provide $335,019, Tapjoy pays $ 221,192, Twitter $ 207,069, Capital One $ 218,892, and Selby Jennings pays $ 197,547 average salary per year to ML engineers.
Here common benefits involve many facilities along with their base salaries such as dental insurance, disability insurance, employee assistance program, flexible schedule and spending account, health insurance, gym membership, life insurance, paid time off, opportunities for betterment and growth, stock options, relocation assistance, profit sharing, parental leave, tuition reimbursement, vision insurance, unlimited paid time off, etc.
According to market trends, machine learning skills are the most in-demand technical skills in today’s information technology world. Here the role of machine learning engineer was placed third among the most in-demand AI job roles. According to some other reports, a machine learning engineer can earn an average salary of around $ 121,446 per year in the US. They also get an average additional cash compensation of $ 24,093 per year and as an average total compensation, they can are getting an average of $169,389 per year. Their salaries are based on responses collected by Built In Form anonymous ML engineers employees in the US.
Machine Learning Engineer Salary Ranges in the US
We can see that the most common machine learning engineer salary in the US is between $ 150,000 to $160,000 per annum. (according to Built In).
On the other side in the UK, they can earn £51,487 per year. In India, a machine learning engineer can earn an average salary of ₹702,361 per year. Here it can be also noted that an expert machine learning engineer or a senior ML engineer’s salary can be significantly greater in other places, too.
So, at the end of the article, we can say that the salary of a machine learning engineer is very on many different features such as country, city, size of the organization, candidates’ experience and qualification, etc. But it is for sure that their salaries and common compensation are quite attractive all over the world. So if someone wants to make a career in this domain then it’s worth it to go ahead and find a niche.