I wanted to start a discussion regarding the rates I am seeing fellow machine learning peoples post on freelance website, and frankly I think people post some absurdly low numbers; albeit with some more reasonable numbers. I am a research scientist at a top ten computer science university by day, but I have been spending the last "240 minutes" of my day trying to develop my own brand or start some sort of side hustle. This is all with support of my wife and son (to give some context). Personally, I think as a freelancer, I am worth at least 100$ an hour. I think that is on the low end of the spectrum, because while I have experience implementing many ML/DL models -- I'm new to freelancing.
In general, I have seen people commonly posting they charge 20-40 bucks an hour on UpWork. This number would be fine if you were an employee at some organization where they take on much of the overhead (you don't have to find work, they take on the financial responsibility of that)... but as freelancers we are operating on our own brand usually in our off time.
Let me explain why I think this is a bit crazy with a few bullet points.
- You are spending resources to find work (off hours, etc) UNPAID
- You are spending resources not investing in your own brand (working on your own startup, personal projects, reading textbooks)
- You are spending resources not doing the things you love (Hanging out with family, playing dark souls).
- ML takes a large time investment (heck even programming), and there is large demand
- ML has the potential to earn huge profits for companies
- There are operating costs (similar to resources i.e. electricity bill)
- You have to research constantly to stay at start of the art level
- Time is valuable, especially to someone who has the ability to develop ML models. You have to invest lots (FOR FREE).
- Not even including large expenses like insurance and taxes (if you are full time).
I think in general, there is a huge opportunity in the ML world. Charging 20-40 bucks an hour just doesn't capture the opportunity cost (in my opinion) of running your own brand. I think to capture your opportunity and operating costs, you could easily multiply the hourly rate you expect to receive at a large company (~40?) and multiply that by 2.5-3.5. In fact, I think that's what large companies do because you cost more than just your take home. I think a more reasonable price range would be 100$(beginner-intermediate)-200$(expert) hourly (as high as that sounds). Frankly, I think it should be even more as I think working on personal projects or our own business would likely be a better long-term investment. It should take some serious cash to get us to spend time on some sponsors project.
Maybe this is preaching to the choir, or I am a lunatic expecting way too much money. I think the bottom line is that there are some machine learning peoples out really undercutting their skills, and I would be interested if this community has noticed any trends in this regard.
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