The new promising stream under artificial intelligence known as generative AI is revamping many industries and job roles.
UK Research and Innovation (UKRI), a non-departmental public body also launched a policy for the responsible use of generative artificial intelligence (Gen AI). This is in line with the rising need for skilled AI professionals.
According to Simplilearn, the typical salary for generative AI-related work in the UK is about GBP 56,000 per year. That's approximately US$72,442. Salaries differ with many variables in the industry, range of experience, and location. Salaries scale in the range of approximately GBP 22,000 and up to about GBP 90,000 per year for such jobs, or approximately US$ 26,000 to US$ 111,000.
There are many reasons why the range of salaries observed in generative AI is as it is:
1. Industry: Different industries have varying levels of investment in AI technologies. For instance, higher salaried jobs in AI come more from the finance and healthcare sectors. This is because the work in these sectors would have a huge negative impact on failure, in terms of cost and even physical as well as mental harm. The other reason for such high salaries in healthcare and finance is that the expected significant return on investment through AI innovations is high.
2. Experience: As with most professions, experience is usually the very basis for the salary grades. Fresh graduates from colleges and universities usually are placed at the lower end of the scale. A mid-career professional or one with several years of experience usually expects or brings home a higher salary.
3. Location: The generative AI salaries in the UK also differ depending on the geographical location. Cities like London, Manchester, and Edinburgh are major AI R&D hubs, hence attracting the highest earnings. This is due to the large number of tech firms and financial institutions in these geographies.
The UK needs skilled AI professionals to represent an enlightened, experienced workforce that propels innovation. Generous compensation packages are a recognition of the critical role these professionals play in advancing AI technologies and maintaining global tech leadership. As the Generative AI field advances further, a massive increase in demand for bright minds is expected to continue boosting the appeal of a career in this field.