Industry Insights & Trends

Experts Say You Can Make Up to 40% More With AI. Here's How.

If you don't have AI skills, you're losing money.
July 6, 2023
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A recent study conducted by the Oxford Internet Institute (OII) has revealed that workers with AI skills can significantly increase their salaries, with the potential for a salary boost of up to 40%. This study, which analyzed over 1,000 different skills and surveyed 25,000 workers, highlights the remarkable impact of AI-related knowledge, including machine learning and data science, on earning potential. 

Here's what you need to know:

Valuable AI Skills

Workers who possess AI skills earn, on average, 21% more than those without these skills. Some individuals may even experience a salary increase of up to 40% thanks to their AI expertise.

The top five AI skills with the highest economic value were:

Machine Learning (+40%)

Tensor Flow (+38%)

Deep Learning (+27%)

Natural Language Processing (+19%)

Data Science (+17%)

Complementary Skills

The study emphasized the importance of AI skills being complementary to other valuable skills. AI skills are not isolated; they can be combined with a wide range of other competencies, making them particularly valuable in today's job market. skills like data science are considered highly valuable because they often complement other high-value skills, enhancing their overall worth.

AI's Impact on Various Sectors

AI skills were found to have a far-reaching impact beyond traditional IT roles. Sectors like legal and design now increasingly require workers to have AI knowledge, making AI skills highly sought after

The Robots Won't Overtake Us

Stressed about losing your job? Dr. Fabian Stephany, one of the study's co-authors and an AI research lecturer at OII, says not to be. He believes that AI will enhance work rather than replace human workers on a large scale. This study offers evidence that working alongside AI can be profitable for individuals.

Reskilling Instead of Automation

While AI is not expected to completely automate jobs, it is expected to lead to widespread reskilling among workers. Skills like machine learning, previously associated mainly with IT and academia, are now in demand across various industries, including legal and design.

Talent Shortages on the Horizon

Despite the growth of AI, businesses seeking AI talent may face challenges when hiring. According to a 2023 GlobalData report, around 15% of businesses have already integrated AI into their operations. This suggests a potential shortage of skilled AI professionals in the job market. Meaning, if you've got AI skills, you're a hot commodity—just saying.

Learn AI as a Beginner

As the demand for AI skills continues to grow, acquiring these competencies has become increasingly important for both career advancement and job security. Here are steps you can take to develop AI skills:

Online Courses and Tutorials

There is a wealth of online resources available to learn AI. Platforms like Coursera, edX, and Udacity offer comprehensive AI courses taught by experts from top universities and organizations. These courses cover a wide range of AI topics, from machine learning to deep learning and natural language processing.

University Programs

Enrolling in a formal degree program in computer science, data science, or AI at a university can provide you with a structured and in-depth education. Many universities now offer specialized AI programs at the undergraduate and graduate levels.

Externship Labs

Want to be more competitive in the job force and double your pay? Hands-on experience is crucial for mastering AI. Take our 4-week externship labs to master AI skills and other transferable skills recruiters are searching for.

AI Certifications

Earning AI certifications can validate your skills and knowledge. Certifications like Google's TensorFlow Developer Certificate and Microsoft's Azure AI Engineer Associate can boost your credibility in the job market.

Online Coding Platforms

Platforms like Kaggle and GitHub provide opportunities to collaborate with AI enthusiasts and professionals. Kaggle hosts AI competitions and datasets for practice, while GitHub allows you to showcase your AI projects to potential employers.

AI Communities and Meetups

Join AI communities and attend local meetups and conferences. These gatherings provide opportunities to network with AI experts, learn from their experiences, and stay updated on the latest developments in the field. Explore AI communities here.

Online Forums and Discussion Boards

Engage in discussions on forums like Stack Overflow and Reddit's r/MachineLearning. You can ask questions, share knowledge, and learn from the AI community.

AI Toolkits and Frameworks

Familiarize yourself with popular AI toolkits and frameworks like TensorFlow, PyTorch, and scikit-learn. These tools simplify AI development and are widely used in industry.

In conclusion, AI skills have the potential to significantly increase workers' salaries, with complementary skills playing a crucial role. While AI is expected to augment rather than replace human workers, businesses may face difficulties in hiring AI talent due to its increasing demand and limited supply of skilled professionals, meaning the more well-versed you are with AI, the more valuable you are to recruiters.

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