Artificial Intelligence (AI) is leading the next wave of technological revolution. Since the launch of OpenAI ChatGPT, there has been a marked rise in the number of AI-based products. With so many AI products, there is an increased demand for AI Product Managers. Given their demand, you can expect the AI Product Manager salary to be very lucrative.
It’s a role that brings deep technical expertise and managerial capabilities to understand strategic business moves. AI Product Managers lead the development and deployment of products based on AI, from projects related to machine learning to calibrating algorithms or working alongside data scientists. In this blog, we will take a look at major factors that affect the AI Product Manager salary.
What Does an AI Product Manager Do?
The work of AI Product Manager sits at the intersection of technology, businesses, and customer experience. At its core, they are tasked with managing the technical teams behind creating solutions for businesses that must align with business objectives. Here is the list of typical roles and responsibilities associated with the AI Product Manager.
While these may seem very similar to the traditional PMs, AI PMs are different as they require a technical understanding of AI/ML. AI Product Managers also need to have a knowledge of algorithms, model training, and assessment of AI-related risks, thus adding more complexity to their work. This accounts for a much better and higher salary package.
AI Product Manager Salary Overview (2024)
The role of an AI Product Manager is fairly lucrative as it involves such high expertise. In the U.S., as of 2024, the average salary for an AI Product Manager is in the range of roughly $196,000- $323,000 per year.
Let’s look at the major factors that affect the salary of AI Product Manager in detail.
AI Product Manager Salary by Location
Where you work has a significant play in deciding your AI Product Manager salary. Working in cities like San Francisco (Silicon Valley) and New York which is a hotbed of large companies and a lot of tech companies (and just corporations in general), you can earn a lot more.
Top Paying Cities for AI Product Managers
Cost of Living Adjustments
While San Francisco may pay the highest salary, the cost of living can be a deal breaker for some. For example, a PM in Austin may get paid less but it has a lower cost of living, hence their purchasing power may turn out to be greater than that of a person in New York.
Having said that, top cities like San Francisco earn a lot higher salaries compared to the national average, where the cost of living won’t matter much.
AI Product Manager Salary by Experience Level
The average salary of AI Product Manager with an experience of 1-3 years is in the range of $170,000 – $272,000 per year. At this level, one has to possess a good understanding of AI systems as well as business acumen. Even an entry-level salary for an AI Product Manager is pretty lucrative which indicates the urgent demand for the role in 2024.
At the mid-level with an experience of 4-7 years, the average salary of an AI Product Manager is in the range of $195,000 – $305,000. At this level, managing multiple products and larger teams usually becomes an essential aspect of the job.
At a senior level, AI Product Managers can earn well above $350,000 annually. Such professionals will lead departments or manage highly complex, enterprise-scale AI developments and assume strategic tasks, such as defining the long-term AI strategy of their company.
AI Product Manager Salary by Industry
Choosing the industry and company you work in can greatly influence your AI Product Manager salary. Unsurprisingly, the tech industry leads the way, paying the highest for AI Product Managers, with annual salaries in the range of $193,000 – $293,000.
Companies like Intel, Google, Apple, etc. pay some of the highest salaries for AI Product Managers. For example, the average salary range at Intel is $221,000 – $328,000. Other sectors, such as automotive for autonomous vehicles and logistics, are investing heavily in AI technologies and products which is driving up the demand for AI Product Managers.
Any industry or company focused on innovation will typically compensate AI Product Managers with lucrative salaries. Companies like Intel, AMD, and Google which are heavily focused on AI products in both hardware and software departments are likely to pay much better.
However, top-paying companies also include the likes of JP Morgan, Planet, Harley-Davidson, Verizon, Lockheed Martin, etc. which shows that AI is not just limited to top tech companies.
Also Read: Growth Product Manager vs Product Manager: Decoding the Roles
Impact of Skills and Education on AI Product Manager Salary
As an AI Product Manager, you need to have proficiency in machine learning, deep learning, and data science, which automatically impacts salary because it is a very expensive skill. Learning and honing these high-value AI Product Manager skills can significantly impact your salary and how much a company is willing to pay for your expertise.
Education and Certifications
More advanced degrees, for example, a Master’s or Ph.D. can improve your perceived value and fetch a higher salary for AI Product Managers. If you are from a non-technical background, getting certification in AI/ML by Google or any reputed institution can increase the value, knowledge, and expertise you bring to the company. This directly impacts your salary.
Leadership and Strategy Skills
Another important factor is the ability to convey technical details to non-technical stakeholders. The best AI PMs are usually good leaders and strategists. They can spur innovation and build AI roadmaps, which is an indispensable skill in the world of AI products.
Also read:Â 5 Ways to Boost Your AI Product Manager Salary in 2024
Advance Your AI Product Manager Career With Interview Kickstart
The lucrative AI Product Manager salary reflects the growing demand and importance of AI across every kind of industry. Whether you are just a newbie or looking forward to growing in this field, you will have plenty of opportunities. With Interview Kickstart’s Product Management Interview Course, you can master the foundation of product management.
Led by industry experts (from the likes of Google, Facebook, and LinkedIn), our instructors will help you build a strong foundation in the subject, and give you all the tools required to be successful in your career or land your dream job. You can check out some of the success stories of our alumni who have advanced their careers with the help of Interview Kickstart.
FAQs: AI Product Manager Salary
Q1. What does an AI Product Manager do?
An AI Product Manager oversees the development of AI-powered products. They make sure that the AI products are viable in the market and align with the business goals.
Q2. How much do AI Product Managers make in the US?
As of 2024, in the United States, an AI Product Manager salary is in the range of $196,000- $323,000 per year depending on where they work, years of experience, or what specific type of industry they are working in.
Q3. How much does a Microsoft AI Product Manager make?
The salary of an AI Product Manager at Microsoft will run between $120,900 – $198,600, depending on experience and the specific team being developed.
Q4. What is the high salary of AI?
Senior AI Product Managers, especially in high-tech companies, can earn a lot more than $350,000 per year. Some of the top-paying companies in 2024 include Alibaba, Intel, Verizon, Planet, UIPath, Harley-Davidson, etc.
Related Readings:
- Artificial Intelligence vs Machine Learning: 9 Key Differences
- 10 Key Elements Every AI Product Manager Resume Needs for Success
- 7 Common Mistakes in AI Product Manager Interview
- 10 Key Elements Every AI Product Manager Resume Needs for Success
