Why a Data Science job offers Great Salaries in 2020

A data science job is among the most popular roles sought out in 2020. Read on to know more about the data scientist salary and job prospects.

In the present day, ask about the most coveted job roles or titles, and ‘data scientist’ is bound to rank near the top, if not at the top itself. Driven by the rising prominence of data science, it has often been termed as “the sexiest job of the 21st century”. Huge amounts of data are pouring into companies of all sizes and all sectors, and a data scientist is seen as the person who can pull out helpful insights to guide companies about their future strategic direction.

A data science job involves cleaning and processing data, followed by finding patterns and building models. It requires:

  • A lot of work
  • Persistence all the way through
  • Knowledge of mathematics, statistics, and engineering (to an extent)

The work is critical to helping organizations make decisions driven by data and insights gleaned therein. It helps to:

  • Either understand product usage and overall product health
  • Or serve as prototypes ultimately baked into the product

It is thus clear why organizations are keen to hire data scientists, as evinced by the US Bureau of Labor Statistics (BLS) suggesting 14% growth in jobs for computer and information research scientists as well as data scientists through 2028. This demand for highly-skilled professionals is driving the data scientist salary to very high levels.

How does the salary vary according to experience?

A data scientist undoubtedly makes good money. The salary levels do vary as per the level of experience of the aspiring professional. The following explains this better:

  • Entry level: At this stage, the data scientist is typically a graduate from university or someone senior who has recently changed his or her domain of work. In either case, there often is no prior work experience in the field, and candidates focus on learning new skills and practicing them. Accordingly, organizations hiring at this level offer them comprehensive training and preparation facilities for the job. Statistics from ZipRecruiter estimate the entry-level salary to be USD 69,000 and, once the candidate progresses to the mid-level, the median salary stands at USD 89,000.
  • With experience: For senior data scientists, their entire lives have been spent in data science jobs, and they are extremely vital resources for their teams and their organizations. Their salary should be the ultimate aim of anyone joining the profession, as it far outstrips other roles in the field. As per ZipRecruiter, the median salary for an experienced data scientist at the managerial level is USD 184,000.

How do the salaries vary across the world?

There is considerable variance in the data scientist salary across countries, as can be seen below:

  • India: A number of jobs are opening up in data science, offering opportunities for new entrants as well as experienced professionals looking to grow their careers. According to PayScale, the average salary of a data scientist in India is USD 9,500 (converted at current exchange rates from original rupee value to USD).
  • The US: BLS data estimates a 19% increase in the employment of all computer and information research scientists by 2026, far above that for other professions. About 5,400 new jobs are expected in this decade, and currently, according to LinkedIn, more than 20,000 jobs are available in data science. As per PayScale data, the average salary is USD 96,106.
  • Other regions (all converted at current exchange rates from original domestic currency value to USD):
    • Australia: USD 74,112 (source: LinkedIn)
    • Canada: USD 58,163 (source: Indeed)
    • Singapore: USD 66,253 (source: LinkedIn)
    • London (the UK): USD 64,463 (source: LinkedIn)
    • Mexico: USD 17,930 (source: LinkedIn)
    • South Africa: USD 37,171 (source: Indeed)
    • Spain: USD 38,169 (source: Indeed)

What is the best way to shape a career in data science?

Opportunities in the field are limitless, and the job promises high salaries and immense opportunities. A great way to stay ahead in the race is to get a data science certification, which proves competence with the latest technologies and methodologies in the field and shows seriousness about a career to potential employers. One of the best choices in this regard is obtaining certifications from the Data Science Council of America (DASCA), which tests individuals along with the most robust generic Data Science knowledge framework in the world.

Data is clearly a massive force affecting the fortunes of organizations of all sizes and in all sectors. Everyone wants to tap the piles of data and work them to extract valuable insights that offer strategic direction to businesses. Data science jobs are booming, and this trend is expected to continue in the foreseeable future. Be it banking, education, finance, healthcare, or any other, there is practically no sector bereft of requirements and opportunities for data scientists.

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