Artificial Intelligence, which was there primarily the preview of well-funded tech firms, is currently being investigated and providing significant benefits to businesses globally.
Although industry-specific adoption rates differ, we are beginning to observe intriguing uses and investments outside of FAAMG, with 61% of top-performing companies boosting their use of AI in response to the COVID-19 epidemic.
A new degree of complexity also arises with this advancement. Among other things, businesses are juggling proofs of concept, infrastructure evolution, AI productization, experimentation, and fierce rivalry. Creating the ideal team structure for their AI projects is a task that is essential to all of this.
The need for AI Product Managers almost quadrupled in 2021 alone as businesses are looking for professionals to help them create the upcoming wave of AI-enabled products. It will only lead to an increase in demand.
Here’s what you need to know as an experienced product manager and the AI product manager’s salary to go ahead and prosper in the AI industry. So, let’s dig in.
Who are AI Product Managers?
Artificial intelligence (AI) Product Managers are responsible for supervising the creation and introduction of AI products. For the AI product to satisfy consumer expectations & represent the company’s values, tight collaboration with cross-functional teams comprising engineers, data scientists, designers, marketers, and business stakeholders is required.
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Although the duties of an AI product manager are varied, they often consist of the following:
- Laying out the strategy & end vision for each product
- Carrying out consumer and market research
- Setting features and functionality first
- Managing the creation of new products from conception to release
AI PMs are also in charge of setting KPIs and tracking the product’s progress over time. A product manager for AI also has to elevate with the most recent developments in the field & industry trends and technology. They will ensure the product conforms to ethical and legal demands while looking for innovation and product distinction.
All things considered, the AI product manager is essential to the advancement and prosperity of AI goods and necessitates a blend of technical know-how, commercial savvy, potent leadership, and proper communication abilities.
What Exactly Does an AI Product Manager Do?
Product managers work closely with each technical position to ensure that everyone has the tools and direction they need to perform at their highest level. Nonetheless, you should anticipate having many responsibilities as an AI product manager, such as:
- Specifying the goals and approach for the AI product: To build a product vision and strategy that aligns with your company’s goals, have a thorough grasp of the market, consumer demands, and business objectives.
- Specifying needs for the product: To ensure that AI solutions satisfy consumer demands and provide value, collaborate closely with stakeholders, data scientists, and engineers to transform business goals into actionable product requirements.
- Setting feature and release targets: Establish and update a product roadmap, arranging features and improvements according to customer requirements, business value, and technological viability.
- Interdepartmental cooperation: Work with diverse teams, including data science, engineering, design, and marketing, to guarantee the smooth development and implementation of AI-powered services or products.
- Supervising the creation and introduction: Oversee the process of developing new products, collaborating closely with development teams to guarantee the timely delivery of features while upholding higher quality standards.
- Keeping an eye on performance: Create key performance indicators (KPIs), track the effectiveness of AI goods on the market, and use data-driven insights to make necessary corrections and choices.
- Continuous improvement: Iterate AI solutions in response to customer input & market trends. New technical developments to maintain ongoing improvement and competitiveness in the market.
- Stakeholder management: Keep stakeholders informed about product progress, obstacles, and progress while controlling expectations and resolving issues.
- Moral implications: Make sure AI products follow ethical standards, keeping privacy, openness, and justice in mind.
- Remaining updated: To make wise judgments and spur innovation, stay current on developments in AI, machine learning, related fields, market trends & best practices.
AI Product Manager Salary – How Much Can You Earn?
Product managers are in great demand and are compensated with the value they add to businesses. Salary sites like Glassdoor & Payscale report that the average income for a product manager is around $125,000, with a range of $76,000 to over $200,000.
Product management is one of the most sought-after career tracks; it was recently listed by Glassdoor as one of the top 10 best occupations in the United States because of its fulfilling work, competitive pay, and room for advancement.
An AI product manager’s salary will vary depending on experience, region, and the state of the local employment market, just like it will for any role. It’s also important to remember that average salaries are still being determined because the AI PM position is relatively new.
In the United States, the average yearly compensation for an AI Product Manager is around $120,000.
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The pay for an AI PM varies greatly depending on where you work in Europe. For example, France pays over €130,000 a year, whereas Germany and the UK pay substantially less—€67,000 and £56,400, respectively.
Companies provide AI Product Managers with bonuses and benefits with compensation. Certain AI Product Managers, for instance, consent to profit-sharing models. Employee incentives under profit-sharing plans are determined by the success of the firm over a predetermined time frame.
Other AI Product Managers who have performed exceptionally well in their positions and had a significant effect are rewarded with flat bonuses. For instance, it’s typical for supervisors to provide incentives to AI Product Managers who create profitable products.
Note that most AI Product Managers don’t receive massive bonuses from these sources. Predominantly, their salary rates provide most of their remuneration.
However, the AI product manager’s salary can vary:
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Based On Seniority
Seniority is the primary factor influencing compensation ranges in all industries. The same applies to product management. However, ten years of experience in rapidly expanding tech areas is typically not needed for seniority, except for senior product manager positions.
Joining a company as an associate AI product manager is the simplest method for a recent graduate or someone looking to make a significant career shift to enter the product management field.
Most hiring managers need a college degree with one to two years of prior job experience. Larger organizations have begun hiring schools and universities to fill associate product manager roles because this is an entry-level post.
To be considered for a product manager position, one typically has 3 to 5 years of experience as an associate product manager or in a similar function (such as engineering, sales, or product marketing management). Additionally, that experience will probably lead to a pay increase.
AI Product management is a lucrative and fulfilling career path that offers high compensation, regardless of your degree of experience. It is also a rapidly expanding business discipline.
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By Location
Salary is impacted by location in two ways. First, there is the cost of living. In other words, a product manager in Silicon Valley will earn more than one in Houston, Texas. Salary levels in Silicon Valley are influenced by the high cost of living in the region.
Demand is the second factor that location might affect pay. Salary increases are a natural result of cities having a massive demand than supply for seasoned Product Managers. The median pay for Product Managers in the United States is $127,708. Nonetheless, the largest metropolises on the East and West Coasts have a massive AI product manager salary.
However, when the cost of living is considered, many metro regions in the middle of the nation give massive effective pay—that is, earnings that are greater than the cost of living.
Remember that, similar to other highly competitive career paths, firms frequently cover the cost of relocating exceptional applicants for product management.
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By Degree
An MBA or other postgraduate degree is held by many AI Product Managers with their academic degrees. Although college majors do not significantly influence pay, they can impact recent graduates’ employment prospects.
A focus on business or technology, in addition to appropriate internships or co-ops, might help set oneself apart from the competition and bring more AI product manager salaries.
Skills Every AI Product Manager Needs
Deep knowledge of machine learning and artificial intelligence is required of an AI product manager. They have to be aware of the features, functions, and ways in which the product enhances the user experience along with the part AI will play.
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It also takes various non-technical talents for an AI product manager to succeed. The ability to lead cross-functional teams and bring AI solutions to market are among these, as are project management skills to oversee the development lifecycle of AI products & robust communication skills to collaborate with technical and non-technical stakeholders.
Strategic thinking is required to discover and rank prospects for AI product development, and data analytic skills are also critical for gathering and evaluating data to make well-informed product decisions.
Additionally essential to overcoming technological obstacles and reducing hazards are problem-solving abilities.
To create products that are user-friendly and satisfy client expectations, one must possess expertise in user experience design. To successfully bring AI products to market, a good AI product manager should. In general, be able to strike a mix of technical proficiency, financial acumen, and strong leadership skills.
Becoming an AI Product Manager – What Do You Need?
Over the next several years, we anticipate a significant increase in AI Product Manager positions that companies hire. For candidates, standing out will be difficult because this is the new “hot” career.
Thus, having a robust foundation in product management is quite beneficial before choosing to concentrate on artificial intelligence. A more general PM course is undoubtedly helpful in knowing the intricacy of developing the average AI product.
In response to the rapidly growing interest in artificial intelligence, an increasing number of AI specialty programs that are ome free/time-consuming sometimes – have been made available in recent months.
Depending on their present level in their PM profession, short-term objectives & educational background, each prospective PM should determine which option best suits their needs.
The best way to advance is to begin accumulating specialized expertise in neural networks, machine learning, and artificial intelligence. If you want to learn all you need to know and get a certification that will impress recruiters, imagine taking an online training course!
Wrapping Up
In today’s quickly changing digital scene, adopting the job of an AI Product Manager is the right choice for any product manager. As we’ve explained, incorporating this game-changing technology into every part of product development and strategy is more important than adding AI jargon to your lexicon.
Based on the job complexity, you can earn a high-paying AI product manager salary. So, embrace the distinct perspective this barrier gives as you stand here: a fusion of ethics, technology, and user-centric design.
With your experience, you’re well-positioned to spearhead the global push for AI-driven solutions, which are highly anticipated. Take a deep dive, expand, and rethink what’s feasible in the product sector. Are you on the lookout for legitimate, high-paying AI product manager jobs? Check out aicareers.jobs!
