How much do Data Scientists make?

4 Mins read

Data science is an interdisciplinary field that lies at the crossroads between statistics, computer science, mathematics, and machine learning while combining scientific methods, processes, and algorithms to extract meaningful, actionable insights from structured or unstructured data. Data has been dubbed the “fuel of the twenty-first century,” a fact that is corroborated by the amount of data consumed increasing at an unprecedented rate each year to the point where data has spread to every nook and cranny of the globe. As we all know, data is information, and with so much data in circulation, there is a high demand for skilled Data Scientists who can collect and prepare data for analysis to extract valuable information. As per data maintained by the U.S. Bureau of Labor Statistics (BLS), Data Scientist jobs are projected to grow at a whopping 36 percent from 2021 to 2031, much more rapidly than the average for all occupations with an average of 13,500 opportunities per year over the decade. Data Scientists are also among the highest-paid job profiles in the field of information technology.

Therefore, if you are considering a career as a Data Scientist, think no further because, in addition to a good compensation package, a role as a Data Scientist is highly prestigious, and the position allows you an upward trajectory in your career with several opportunities and allows you to diversify your skill set and acquire knowledge of advanced technology. If you are a novice with no prior experience or expertise in data science, enrolling in an exceptional Data Scientist course that will provide you with the necessary skill sets and advanced knowledge will help you land an entry-level Data Scientist position in any firm.

Who is a Data Scientist?

The process of devising strategies for collecting and processing data for analysis is known as data science. It includes the processing and design of data models using a combination of arithmetic, statistics, programming languages such as R and Python, artificial intelligence, and machine learning, as well as the integration of those models into functionality.

Data Scientists are experts who create strategies, tools, and procedures to help data analysts analyze information and uncover actionable insights buried within the data, which may then be used for an organization’s strategic planning and decision-making processes.

What does a Data Scientist do?

In order to tackle problems that have not previously been considered, data scientists use a variety of methodologies that integrate computer science, predictive analytics, statistics, and machine learning. They work with vast amounts of raw and structured data. To put it another way, data scientists use cutting-edge analytical methods to handle the unknowable and predict future trends. To find the appropriate trends or patterns in the data, they do this by creating their own machine-learning algorithms and implementing predictive modeling methods. They play a more sophisticated or developed role than a data analyst would.

A data scientist must have business acumen in addition to highly sophisticated technical abilities and should work closely with business stakeholders to learn about company objectives and delve deeper into the data to evaluate it from every available viewpoint to create future forecasts. Data Scientist’s work focuses on large amounts of structured and unstructured data by inculcating techniques and strategies that combines Computer Science, Predictive Analysis, Artificial Intelligence, and statistics to analyze data to find answers to questions that have not yet been conceived of. A Data Scientist must have the following skills:

· Calculus, linear algebra, and statistics are needed for this assignment.

· Python, R, Java, SAS, and SQL are just a few of the computer languages that a data scientist should be knowledgeable in.

· A data scientist should have experience working with data mining, designing data architectures, developing linear model regressions, using artificial intelligence, data modeling, and other related duties.

· Knowledge of cloud computing

· Understanding of SQL and NoSQL databases

· A Data Scientist must be familiar with web services and Big Data technologies like Hadoop, MySQL, TensorFlow, and Spark.

How much do Data Scientists make?     

According to the U.S. Bureau of Labor Statistics (BLS), the average median salary for Data Scientist is roughly $100,910 per year. This salary, however, can vary depending on a variety of factors such as your experience, industry, education, employer, and geographical region. Nonetheless, given the hierarchy of the data science specialty, Data Scientists are among the top compensated employment positions.

I.  Data Scientists’ salary by experience

As previously mentioned, data science is an amalgamation of techniques and procedures from various disciplines, particularly Statistics, Computer Engineering, and Machine Learning. A Data Scientist with several years of experience and desired skillsets may earn significantly higher than a Data Scientist with less experience.

Although the national average salary for a Data Scientist is $1,21,063 in the United States, according to Glassdoor, depending on the experience level, this figure varies greatly.

An entry-level Data Scientist or intern with less than a year of experience makes around $85,000, according to Glassdoor. PayScale reports that the average salary for mid-level Data Scientists with four to nine years of experience is $110,727, while Glassdoor and Indeed reports that the average salary for senior Data Scientists with more than ten years of experience is from $128,000 to $145,000.

II.  Best-Paying Cities for Data Scientists

The metropolitan areas that pay the highest salary in the Data Scientist profession are San Jose, San Francisco, Seattle, New York, and Santa Cruz.

· San Jose, California- $157,110

· San Francisco, California- $153,180

· Seattle, Washington- $135,900

· New York, New York- $128,250

· Santa Cruz, California- $123,600

III.  Data Scientist pay scale based on industries

The compensation of a Data Scientist might vary substantially based on the industry in which they work. Data Scientists that work in the technology sector receive good compensation. Based on the U.S. Bureau Of Labor Statistics, the median yearly salary for Data Scientists in the major industries where they worked is listed below.

· Scientific research and development services- $102,750

·Computer systems design and related services -$111,490

· Software publishing -$115,110

· Information services- $121,410

· Healthcare Industry – $87,530

· Government sector- $71,620

·Management of companies and enterprises- $101,000

· Management, scientific, and technical consulting services- $101,000

· Insurance carriers and related activities- $100,360

IV.  Data Scientist pay scale based on employer

Who you work for, or your employer is another important factor that determines how much a Data Scientist’s income varies.

· Meta- US $172,807/yr

· Ascendum Solutions- US $102,388 /yr

· IBM- U.S. $137,282 /yr

· Oracle- U.S. $153,571/yr

· Google- US $151,027 /yr

· Amazon- U.S. $151,050 /yr

· Expedia Group- U.S. $136,594 /yr

· Microsoft- U.S. $148,141 /yr

· Walmart- U.S. $124,124 /yr

· Apple- U.S. $170,000 /yr

· Intel Corporation- U.S. $139,125 /yr

· Cisco Systems- U.S. $170,789 /yr

· Airbnb- US $196,146/yr

In short, the salary of a data scientist is among the best in teh technology domain. However, it is dependent on a variety of factors, such as your technical skills, credentials, work experience, and ability to adapt to new technologies and work environments.

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