Data scientist job is well in demand and continues to be the hype in the industry, and there are no second thoughts to it. As per Forbes, this job would gain more momentum by nearly 364,000 listings by 2020. Before applying for a job, we are always curious about the salary that the job has to offer. Different roles like skills, qualifications, and location and many other factors play a crucial role in deciding the salary when recruiting a data scientist. Apart from technical skills, an aspiring data scientist must also have non-technical skills like analytical skills, problem-solving, written and communication skills, and teamwork.
What Is It Like To Be A Data Scientist?
Being a data scientist is a mindful work, the business organization relies hugely upon the business insights provided by the data scientists. Apart from the qualifications, data scientists are also trained on various skills and tools to analyze data set and provide system-related advice for their organization. Data scientists, along with other IT professionals, work as a team to create different models and manage statistical data based on the business needs of the company. Data scientist provide value to the business, through their findings and thoughtful insights they process research information for consumption and transform it into an actionable plan.
Data scientists observe data privacy rights to ensure client satisfaction and avoid legal issues, with this following specific, strict company and industry guidelines at work. Data scientists usually work in teams using collaborative filtering, k-nearest neighbors, market-based analysis, and market factorization and create networks of professionals to consult. They are skilled at various data mining techniques like clustering, regression analysis, decision trees, and support vector machines.
Now let us dig deep and explore how much does the data scientist earns?
How much does a Data Scientist can make?
The driving factor that influences high salaries of data scientists is that organizations realizing the power of big data and using it to produce optimized business results. And because of an increase in demand and a shortage in supply increases the salary for trained data scientist especially those have a specialist degree in the same sector.
The graph below shows there has been a 6.43% increase in the salary of the data scientists.
It is no news that Data scientists are capable to bring a huge amount to the table, finding a person who can perform all tasks is challenging and competition over recruiting these professionals is fierce. And so recruiters are willing to pay talented professionals competitive salaries.
Various factors influence how much a data scient can earn, these are listed below:
- Job Title
- Company Size
Let us study these factors in detail:
Experience is the most important factor in determining the salary of data scientists. For every year of experience, there is an increment of $2000-$2500 in the salary of the data scientist.
Based on experience a data scientist can earn:
The table lists the median salary per annum of data scientists according to various studies:
|Entry Level||Rs 507,269||$95,000|
Source: O’Reilly and Indeed
The graph below depicts the salaries of the two countries.
2. Job Title
As per O’Reilly’s report 45% of those where data scientists, 31% held a post in upper management; an engineer, developer, or programmer or other. It has been observed that the more a data scientist is engaged in managerial tasks such as leading team projects, communicating with clients, or identifying business problems, the higher their salary.
The table shows the range of salaries for different job titles.
|Job Title||Salary Range|
|Data Scientist||$85,000 – $170,000|
|Data Analyst||Entry-level: $50,000 – $ 70,000
Experienced: $65,000 – $110,000
|Data Science Manager||$90,000 – $140,000|
|Big Data Engineer||Junior: $70,000 – $115,000
Domain Expert: $100,000 – $165,000
3. Industry and Company Size
The salary depends on the industry of employment as well. Cloud services, hosting and CDN, Search and social networking, Banking and finance are the companies that top the list of the industries with the highest median data science salaries. Whereas if company size is concerned, the larger is the organization, the more the salary.
The table shows the highest salaries of the largest organization:
The data for India specifically is also shown in the tables below:
|Consumer Goods||Rs 1.3 M|
|Finance||Rs 1.2 M|
|Energy and Mining||Rs 1.2 M|
|Media and Communications||Rs 1.0 M|
|Cooperate Services||Rs 1.0 M|
4. Education and Qualification
There exist very few and rare data scientists with appropriate skills and education. The most important skill that is needed is to code, the salary varies highly amongst data scientists who are great coders than those who don’t code at all. As per LinkedIn, a Ph.D. degree holder can earn the highest package in data science, followed by a Master’s degree. Further, expertise in particular skills and tools also play an important role.
The table below mentions the skills that affect the salary of a data scientist.
|Big Data Analytics||3%|
The image below shows the figures for India specifically:
5. Region and Location
The data scientist’s salary largely depends upon the region they live, major metropolitan cities have high concentration of data science companies as well as thriving tech companies. Moreover, many upcoming startups are working on data science technologies.
Big cities like Banglore, Mumbai, and Delhi in India and California in the USA are considered the highest paying cities. Therefore, one can find ample opportunities to work here.
Images below show the salaries for different regions in India and the United States.
Source: LinkedIn and O’Reilly
With data scientists being the best and coolest job of the century, there are various factors that command the decision of how much an aspiring candidate or a professional must be paid. Hope this post was useful and compact with all the useful information.
Post or comment below for further queries.
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