Without the help of data scientists, it is highly challenging to churn out actionable insights from multi-varied data sources from organizations. The data science industry has drastically grown within the past five to six years, and for good reasons.
Data science is growing at warp speed and so are data science professionals.
This industry dramatically changed within five years – from data miners to solvers of complex problems, data scientists are in-demand. From retail companies like Walmart to entertainment companies like Netflix, almost all companies have business models that now deeply rely on data. The job responsibility of a data scientist is to collect data, analyze it, and interpreting the humongous amount of data thus improving the operational aspect of the company. Data scientists develop models that help in detecting trends and patterns leading to identify possible business risks.
Based on Glassdoor 2020 reports, data scientists still won the title of becoming the top three most desired jobs in the U.S. The report also showed data science professionals having job satisfactory rate of nearly 4.0 with a median salary package of USD 107, 801.
Data science: career potential
During the past years, the focus on data science only grew extensive, thanks to the advent of emerging technologies like machine learning and artificial intelligence. The Bureau of Labor Statistics (BLS) predicted huge job opportunities for research and computer scientists. Also, data scientists will be seeing a growth rate of about 14% to grow by 2028.
Data science: salaries by the level of experience
Earning an experience at all levels of profession is crucial. But in the case of data scientists, this stands accurately for their salary.
In most of the cases, an entry-level data scientist is someone who has changed their career domain or a recent graduate from a university or someone with no prior experience in data science. Their main focus is major on learning the skills or skill-practicing.
A data science career is ideal for graduates belonging to backgrounds related to computer science, engineering, and statistics. Companies that hire entry-level professionals in data science offer training that are computer-based and help them prepare themselves for taking up responsibilities.
The salary structure of an entry-level data scientist ranges around USD 89,000.
Based on ZipRecruiter, an average salary compensation of an entry-level data scientist starts from USD 69,000.
An experienced data scientist is known for their in-depth expertise in data science tools and techniques. They know their way around data and how to come up with actionable insights based on trends and patterns. These expert professionals are one of the most important resources in companies. If you’ve attained certain years of experience in data science, then opting for a senior data scientist job role is ideal.
The salary compensation of a senior data scientist ranges around USD 162,000 to USD 184,000 according to ZipRecruiter.
Data science salary: based on different regions
In the U.S.
According to the Bureau of Labor Statistics (BLS), about 19% of jobs will increase through 2026 at a much faster rate than the other professions. 5,400 newer jobs were created in a decade, a LinkedIn report and there are near about 20,000+ jobs that are unfilled in the U.S.
PayScale mentions the salary of a data scientist to be about USD 96,106.
Based on Naukri, a renowned job portal site says, companies in India are keen on hiring professionals with skills in data science. Currently, there are near about more than 50,000 jobs in data science that are yet to be filled.
An average salary of a data science professional in India is around ₹708,012, says PayScale.
Data science: a career to shape your future
With the data science industry becoming one of the mainstream for companies, data scientists have become the most coveted jobs across the globe.
Data is omnipresent, it is ruling our lives already.
From education to healthcare and banking to the finance sector almost all these sectors have started working closely with data.
Job opportunities in this domain are plenty. And if you’re fortunate to grab a job in this industry, remember this job promises lucrative salary packages.
Data science being a powerful weapon does not come easy. The reason why many professionals are rushing toward acquiring skills and knowledge through resources such as data science certifications and online training. In terms of hopping into a data science career, effective communication, business acumen, programming knowledge, and strong educational background is a must.
Remember your career starts only when you’re willing to adapt to the changing industry.