Discover How AI Skills Can Increase Your Earnings by 25%, Recent Study Reveals
New research indicates that professions demanding expertise in artificial intelligence command notably higher salaries compared to others. Find out how acquiring AI skills can positively impact your income potential.
Jobs that involve artificial intelligence skills tend to pay much better compared to those that do not, as per a recent study released on Tuesday.
In a study conducted by Consultancy PwC, job postings from last year were analyzed for various positions such as app programmers, lawyers, and accountants. The research revealed that in the United States, salaries for roles that require AI skills were about 25% higher on average compared to similar positions in the same industry that did not necessitate these skills.
In the United Kingdom, the premium was 14%, while in Canada it was 11%.
Certain professions saw significant differences: lawyers in the United States with AI skills could earn a 49% wage premium, and financial analysts a 33% premium compared to workers in similar traditional roles.
Berkshire Hathaway Chairman Warren Buffett walks through the exhibit hall as shareholders gather to hear from the billionaire investor at Berkshire Hathaway Inc's annual shareholder meeting in Omaha, Nebraska, on May 4, 2019.
Warren Buffett, the Chairman of Berkshire Hathaway, strolls through the exhibit hall where shareholders are gathered to listen to the billionaire investor at the annual shareholder meeting of Berkshire Hathaway Inc in Omaha, Nebraska, on May 4, 2019.
Scott Morgan/Reuters/File
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PwC’s report is based on an analysis of more than 500 million job ads across 15 countries in North America, Europe and Asia.
Mehdi Sahneh, a senior economist at PwC UK, mentioned that countries and sectors with a high demand for AI skills often offer higher wages, especially when there is a shortage of skilled professionals.
A report showed that between 2012 and 2023, the number of jobs needing AI skills increased 3.5 times faster than the total number of all jobs in the countries analyzed.
Barret Kupelian, chief economist at PwC UK, mentioned that the skills needed by employers in jobs influenced by AI are evolving 25% faster than those not affected by AI.
He also stated that as the use of AI grows, this trend is expected to become more pronounced. This will result in the emergence of new positions, as well as a decrease in the need for certain skills that can now be performed more effectively with the help of AI.
Industries most exposed to AI, like financial services, are experiencing a 4.8 times faster growth in labor productivity compared to other sectors.
A company can become more productive by producing the same amount of goods or services, or even more, with fewer staff or by having employees work fewer hours. Higher labor productivity is essential for improving living standards.
Randall Kroszner, a member of the Bank of England’s financial policy committee, highlighted the importance of productivity growth in increasing real wage growth and sustaining economic growth. This is especially crucial in economies where the number of hours worked may be decreasing due to aging populations.
Improving productivity is crucial for countries like the United Kingdom, especially since it has been growing at a slower rate since the global financial crisis compared to previous years.
According to Sahneh from PwC, "AI has the potential to be the solution to the UK's productivity challenges, leading to economic growth, higher wages, and improved living standards."
Editor's P/S:
The report by PwC highlights the growing importance of AI skills in the job market, with significant wage premiums for professionals possessing these capabilities. This trend is particularly evident in countries with a high demand for AI talent, such as the United States, where the premium for AI-related roles can reach up to 49% for lawyers and 33% for financial analysts.
The study also emphasizes the impact of AI on the evolution of job skills, with roles influenced by AI requiring employees to adapt and acquire new competencies faster than those not affected by AI. This underscores the need for ongoing training and upskilling to remain competitive in the evolving job market. Additionally, the report points to the potential of AI to enhance labor productivity, particularly in industries like financial services, leading to economic growth, higher wages, and improved living standards.
