Artificial intelligence is securing job offers for college graduates with annual starting salaries reaching into the hundreds of thousands of dollars, while unemployment leaves others in a desperate search for work.
Fresh university graduates with a focus onAIare being recruited for well-paying positions while their classmates continue to submit numerous applications.
AI staffing firm Burtch Worksdiscovered that the starting salaries for non-managerial employees with no to three years of experience increased by approximately 12 percent compared to last year.
The study found that these employees were also advancing in their careers more quickly compared to others in the same areas.
Anil Gupta, a lecturer at the University ofMarylandThe School of Business and co-lead of its AI job tracker, said to theWall Street Journalthat there is a 'notable pay gap between a machine-learning engineer position and a software-engineer role.'
More companies, like Databricks, are increasingly engaging with artificial intelligence, and are now hiring large numbers of young graduates specializing in AI.
The data analysis software firm intends to increase the number of new graduates it employs by three times and mentioned to the media that experience with artificial intelligence was a key factor in this choice.
Databricks' CEO, Ali Ghodsi, stated to WSJ: 'They will arrive and be entirely AI-focused. We are struggling to get the more experienced individuals to embrace it.'
However, individuals who manage to secure a position at the company may receive a base salary ranging from $190,000 to $260,000, as stated in the job advertisements.
"We certainly have individuals, who are relatively new, making significant contributions, and they are being compensated well," Ghodsi added.
Persons below 25 have the potential to earn a million.
The remarkable income figures for the young new employees are surprising, even for those within the field.
A Stanford University computer science professor, Jure Leskovec, mentioned to the media that he has observed numerous young PhD students being recruited early from their programs due to perplexing initial salary offers.
there are a lot of zeros," he mentioned, noting that industry experience was also crucial. "it's almost like the next evolution of a software engineer.
According to the Wall Street Journal, individuals starting at companies such as Roblox can secure an annual salary of at least $200,000 even without prior experience.
ScaleAI reported that approximately 15 percent of its employees are under 25 and have recently graduated from university, with some earning about $200,000 annually.
The company's head of human resources, Ashli Shiftan, stated to the media: 'We are keen on recruiting professionals who are native to AI, and many of these individuals are at the beginning of their careers.'
It has also safeguarded its new employees by threatening legal action against competing companies that have tried to recruit them, according to the report.
The co-founder of CTGT, a software company specializing in safety and enterprise risk management, Cyril Gorlla, mentioned that the typical age of employees at the firm is approximately 21 years old, with several team members having accumulated nearly $500,000 in value.
A 23-year-old mentioned that the company has received messages from employees who are much younger, including a 16-year-old who had a paper accepted at an AI conference.
"I certainly didn't anticipate that a few years back," he mentioned to the source.
The high demand for recent graduates in AI-related fields has made it difficult for others with comparable qualifications.
Although AI-related experience and qualifications have resulted in numerous job offers for some graduates, the broader workforce experienced an unemployment rate of 4 percent, whereas college graduates faced a rate of 4.8 percent in June.
Jeff Forbes, who previously served as a program director for computer science education and workforce development at the National Science Foundation, expressed his 'deep concern' to the New York Times.
"Students who graduated in computer science three or four years ago would have been receiving offers from leading companies — but now, the same individuals are finding it difficult to secure any job," he stated.
Numerous businesses are now concentrating on artificial intelligence, employing automation to significantly reduce the requirement for specific software development roles.
For instance, Microsoft has recently committed $4 billion in technology and financial support for AI training programs aimed at students and employees.
Matthew Martin, a senior U.S. economist at Oxford Economics, stated to the media: 'The unfortunate situation at present, particularly for new college graduates, is that the jobs most prone to automation are the entry-level roles they are aiming to secure.'
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