Engineer Salary in 2024

Salary details

The average Engineer salary lies between USD 118,750 and USD 212,510 globally. It represents the overall compensation/gross salary amount for the working year (before deductions like social security, taxes and other contributions), not including equity/stock options or similar benefits.

All data shown are full-time equivalent (FTE) salaries. Part-time salary information has been extrapolated to its FTE value.

Last updated: Dec. 15, 2024

Top 20 Job Tags for Engineer roles

The three most common job tag items assiciated with Engineer job listings are Engineering, Python and Machine Learning. Below you find a list of the 20 most occuring job tags in 2024 and the number of open jobs that where associated with them during that period:

Engineering | 48393 jobs Python | 47073 jobs Machine Learning | 34556 jobs Computer Science | 30184 jobs SQL | 26427 jobs Pipelines | 25191 jobs Architecture | 24724 jobs AWS | 23944 jobs Security | 19571 jobs Testing | 18337 jobs Azure | 16487 jobs Java | 16397 jobs Agile | 16354 jobs Research | 15311 jobs Data pipelines | 14797 jobs Spark | 14692 jobs ETL | 14235 jobs Big Data | 13020 jobs GCP | 12977 jobs APIs | 12023 jobs

Top 20 Job Perks/Benefits for Engineer roles

The three most common job benefits and perks assiciated with Engineer job listings are Career development, Health care and Equity / stock options. Below you find a list of the 20 most occuring job perks or benefits in 2024 and the number of open jobs that where offering them during that period:

Career development | 43582 jobs Health care | 23306 jobs Equity / stock options | 17573 jobs Flex hours | 15576 jobs Startup environment | 13593 jobs Competitive pay | 13473 jobs Team events | 11334 jobs Flex vacation | 10716 jobs Salary bonus | 10482 jobs Insurance | 10120 jobs Medical leave | 9793 jobs Parental leave | 9226 jobs Wellness | 6211 jobs 401(k) matching | 5730 jobs Conferences | 3054 jobs Relocation support | 3020 jobs Home office stipend | 2546 jobs Transparency | 2258 jobs Fitness / gym | 2056 jobs Flexible spending account | 2038 jobs

Salary Composition

The salary for an AI/ML/Data Science Engineer typically comprises a base salary, performance bonuses, and additional remuneration such as stock options or equity, especially in tech companies. The base salary is the fixed component and usually forms the largest part of the total compensation package. Performance bonuses can vary significantly depending on the company's success and individual performance, often ranging from 10% to 20% of the base salary. Additional remuneration, like stock options, is more common in larger tech companies or startups and can significantly increase total compensation, especially if the company performs well.

Regional differences also play a role; for instance, salaries in tech hubs like San Francisco or New York are generally higher due to the cost of living and competition for talent. Industry-wise, tech companies, finance, and healthcare tend to offer higher salaries compared to academia or non-profit sectors. Company size can also influence salary composition, with larger companies often providing more comprehensive benefits and bonuses.

Increasing Salary

To increase your salary from this position, consider the following strategies:

• Skill Enhancement: Continuously update your skills in emerging technologies and methodologies in AI/ML. Specializing in niche areas like deep learning, natural language processing, or computer vision can make you more valuable.

• Advanced Education: Pursuing a master's or Ph.D. in a relevant field can open up higher-paying opportunities, especially in research-intensive roles.

• Leadership Roles: Transitioning into managerial or lead roles can significantly boost your salary. This involves developing soft skills like team management, communication, and strategic planning.

• Networking: Building a strong professional network can lead to opportunities in higher-paying companies or roles. Attend industry conferences, workshops, and meetups to connect with peers and leaders in the field.

• Negotiation: Always negotiate your salary and benefits when offered a new position or during performance reviews. Research industry standards to make informed arguments for your worth.

Educational Requirements

Most AI/ML/Data Science Engineer roles require at least a bachelor's degree in computer science, data science, mathematics, statistics, or a related field. However, a master's degree or Ph.D. is often preferred, especially for positions involving complex research or development tasks. These advanced degrees provide a deeper understanding of algorithms, data structures, and statistical models, which are crucial for developing sophisticated AI/ML solutions.

Helpful Certifications

While not always mandatory, certain certifications can enhance your credibility and demonstrate your expertise to potential employers. Some valuable certifications include:

• Certified Machine Learning Professional (CMLP)
• TensorFlow Developer Certificate
• AWS Certified Machine Learning – Specialty
• Microsoft Certified: Azure AI Engineer Associate
• Data Science Council of America (DASCA) Certifications

These certifications can help you stand out in a competitive job market and may lead to better job opportunities and higher salaries.

Required Experience

Typically, employers look for candidates with 3-5 years of experience in AI/ML or data science roles. This experience should include hands-on work with machine learning models, data analysis, and programming languages like Python or R. Experience with big data technologies, cloud platforms, and AI frameworks (such as TensorFlow or PyTorch) is also highly valued. Internships, research projects, or contributions to open-source projects can be beneficial for those with less formal work experience.

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