Data scientists are one of the top in-demand individuals in the tech industry. Moreover, the jobs of data scientists were not affected due to the pandemic because of their online workspace.
Data scientists are people who are efficient and have the skills of transforming a large amount of data from different sources into viable information to solve different problems. Data scientists have made space in all types of businesses that are related to collecting and organizing data. Data scientists can transform humongous raw data into viable information using their skills and knowledge. They possess statistical and mathematical skills and are also capable of handling software and programming. They also possess extra knowledge of artificial intelligence, machine learning, deep learning, data mining, etc.
The salary of a data scientist in the US is about $107,801 and in India, a data scientist can earn an annual salary up to Rs. 10, 00,000. Most industries are now relying on data intelligence and such industries are offering high salaries to data scientists. This is to give you an overall idea, however, the detailed breakdown of the salary is given below.
Salaries of Data Scientists
The salaries of data scientists depend on different factors such as experience, location, skills, companies they are employed in, and different industries. Let us discuss the salaries based on these factors.
Salary of a Data Scientist Based on Experience
Salary of an entry-level data scientist: It is the starting of the career of a data scientist. The data scientists who have completed their courses and do not have practical experiences come under the category of entry-level data scientists. The salary of an entry-level data scientist is around Rs. 4 lakhs to 6.8 lakh per annum.
Salary of a junior data scientist: A junior data scientist has an experience of 1-4 years. Most data scientists belong to this group. Thus, the salary obtained by the data scientists in this group is considered standard. The data scientists belonging to this group have experience in working on different projects. The average salary of a junior data scientist is around Rs. 6-12 lakhs per annum.
Salary of a senior data scientist: Senior data scientists have vast experience and they possess different skills. The average salary of senior data scientists is around Rs.20 lakhs per annum.
Salary of Data Scientist by Job Title
Data scientists may have different job roles and the salary of a data scientist may be different for different job roles. So, now we will discuss the salary of data scientists based on job titles:
People who work as data scientists are experts and professional people who can work in companies that need data management. People working as data scientists can earn up to $85000-$170,000 annually.
Some professionals work as Data Analysts and work on data analysis and data management, and they can get an annual salary of $50,000-$75000. Moreover, if they have more experience, they can get a higher salary up to $65000 to $110,000.
Some data scientists work as data science analytics managers and they have more responsibility. They must have different skills such as technical skills, leadership qualities, and business skills. The salary of a data science analytics manager is around $90,000-140,000
Data scientists also work as big data engineers. They can look at the problems and solve them. They have to use their knowledge and skills for data analysis and for building the platforms where data scientists can work.
Salary of Data Scientists Based on Industry & Company Size
The main industries where data scientists can get a high salary include cloud services, hosting, social networking, banking, and finance. Most data scientists work in tech companies and they can earn a high salary by getting jobs in high-profile companies such as Apple, Google, Facebook, Twitter, Airbnb, PayPal, and Microsoft.
Depending on the size of the company data scientists can get a high salary if they get a job in a large company. For example, if a data scientist is working for a company with more than 10,000 employees then he/she will get a high salary as compared to the one who is working in a company with less than 1000 employees in the same position.
Salary of Data Scientists Based on Region (Let’s take the USA as an example)
The salaries of data scientists also vary depending on the region they are living. People who live in California will get a different salary than people living in Texas. Similarly, the salary of data scientists working in Asian countries may be less compared to those working in America.
Salary of Data Scientists Based on Education
There is a high demand for data scientists in the market but very few people are doing online data science Bootcamp to become trained professionals. Data scientists should know to write code and the salaries of data scientists who write code for about 4-8 hours a week can get higher salaries. Data scientists who do not write code at all will get low salaries.
Data scientists should also know the latest trends and methods used in the market. They should have proper knowledge of the tools such as data visualization and cloud computing. They should have proper knowledge of using the tools for doing different projects.
They should also have high business knowledge, strong leadership and communication qualities, and an edge to learn new things. Having such qualities will also have an impact on salaries. Data scientists can also get advanced degrees to get the best data science certification. They can get higher degrees in different disciplines such as statistics, mathematics, economics, computer science, etc.
Salary based on skills
The salary of a data scientist also varies depending on the skills. A data scientist possessing different skills can earn more as compared to the people who have a basic knowledge of skills. The average salary of a skilled data scientist is upto Rs. 45,000 and it increases as the skills and knowledge of a data scientist increase.
Responsibilities of a data scientist
A data scientist plays an important role in an organization. The responsibilities of a data scientist include the following:
- He/she has to find new tools for analyzing and preparing reports
- He/she has to develop customized models and algorithms for analyzing specific data related to the product
- They have to optimize and improve the products, business strategies, and marketing tools for improving business in an organization
- They have to create predictive models to improve revenue generation, communication with the stakeholders, and product quality.
- They have to develop new tools for improving the performance and management of quality
- They have to communicate effectively with the development team and stakeholders to give the best results.
In conclusion, data scientists can get high salaries depending on different factors. For anyone who possesses skills and has a passion to choose this stream as a career then it is the right time. You can join the best data science certification course based on your skills, experience, and interest. There are several opportunities open for data scientists in the market. They can get a lucrative job in a high-profile company and can earn a high salary. Therefore, they should choose the right career path to make a secure future.