Newcomers in the AI field can earn $1,800, making AI surpass finance as the highest-paying industry.
Salary statistics for Q2 2024 released by Zhilian Zhaopin, a leading recruitment platform in China, indicate that jobs in the AI sector have seen a 5.3% increase in monthly salaries compared to the previous quarter, rising to 13,594 CNY, or approximately $1,870 (47.5 million VND).
This result places AI above the finance sector, which has monthly salaries ranging from 12,178 to 13,169 CNY, as well as higher than the average salary of 10,000 CNY across various industries. This is also the first time AI has been categorized as a separate field in this report, rather than being grouped under technology as before.
Dancing robots at the World Robot Exhibition 2023, held in Beijing in August 2023. (Photo: People’s Daily).
Specifically for AI engineers, the average monthly salary exceeds 22,000 CNY, leading among the 20 highest-paying jobs in China for the quarter, ahead of another “hot” field, semiconductor engineering, which has an average salary of 21,124 CNY (74 million VND). AI engineers can expect higher salaries if they possess advanced degrees, extensive experience, or hold positions in embedded software development or computer vision teams.
According to SCMP, this is a result of the booming AI development trend worldwide, with China also striving for self-sufficiency in this area. Many companies are competing to attract high-skilled talent with attractive salaries.
Globaltimes suggests that the high salaries for AI professionals stem from a surge in demand from Chinese companies aiming to develop more AI applications. Major technology firms like ByteDance, Huawei, and Tencent are competing to attract top talent in order to achieve global recognition. Reports indicate that top experts can earn salaries exceeding 1 million CNY (3.4 billion VND).
Liu Gang, the chief economist at China’s New Generation AI Development Strategy Institute, notes that the demand for AI engineers is expected to continue increasing as AI makes breakthroughs and influences other fields. This could set new salary standards for engineers in 2024.
However, experts also advise that as the AI labor market matures, companies will need to adjust their recruitment practices and salary strategies to align with long-term standards and developments.
China currently hosts over 4,500 AI companies. The country’s artificial intelligence industry is estimated to reach a scale of over $81 billion by 2023, growing by 13.9% from the previous year. However, they also face challenges such as talent retention, an imbalance between supply and demand for skilled professionals, and the need for a talent training system.
