This blog aims to give you an idea of potential job opportunities around the world. It will also give you some insights into what data science is, who is a data scientist, etc.
The numbers from the report by LinkedIn say that data science has dominated hiring growth by 37 percent over a couple of years. Adding on to that, there will be an estimation of 11.5 million jobs by 2026, according to the US Bureau of Labor Statistics. What we can gather from these statistics is that data science is gaining the attention of employers day by day. So, if you want to make a career in data science, this will be the perfect time for it. In this blog, we will learn
What is Data Science?
Data science is a versatile field that uses scientific methods, algorithms, and other systems to obtain insights and knowledge from raw data. It applies the extracted knowledge to make a much efficient system across varied applications. A data scientist usually tries to find and visualize hidden patterns and trends that could benefit the company in some way.
There are some popular fields in computer science that utilize data science methods. These include machine learning (ML,) predictive modeling, statistical analysis, data manipulation, etc. The main purpose of data science is to make effective predictions and decisions. The decisions are made by making use of the mentioned fields.
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Who is a Data Scientist?
As said earlier, data science is the combination of multiple algorithms, tools, and techniques that are used with the goal to discover hidden patterns. But how are they different from the data analysts or analysts in general? Well, an analyst, in general, gives an explanation but a data scientist gives predictions.
Confusing? Let me put it in other words.
An analyst does research and exploration on the given data and gives insights gained from it. An analyst just explains what was going on by far in the history of the data.
A data scientist practices the same data exploratory process but can predict the occurrence of a particular event that may occur in the future by using various algorithms and tools. So, a data scientist is basically an astrologer who makes predictions with data.
Skills you Need as a Data Scientist
You all know every employee needs a specific set of skills to be successful in their field. Likewise, a data scientist should possess the following skills to be successful:
- Mathematical skills: For the data analysis process, you will be required to understand common probability topics, such as mean, median, mode, and standard deviation, to advanced topics such as CLT, skewness, and kurtosis, and inferential statistics. It does not stop there. You should have an understanding of linear algebra, calculus, and other concepts of mathematics, which, basically, help in understanding the complex behavior of ML algorithms and also discover hidden patterns.
- Technical skills: One of the most commonly required skills in the field of data science is the knowledge of programming languages such as R, SQL, Python, Scala, and Julia. This is because you cannot implement any techniques of data science without these languages. So, you as a data scientist should be familiar with topics such as data structures and algorithms, ML, and relational and non-relational databases.
- Business knowledge: The ultimate goal of a data scientist’s research is to benefit the company they are working for in some way. The reported insights from their research help companies to make business strategies. So, having a deep understanding of the business models of the company will be a very helpful skill since you will be able to produce desired results by asking the right questions.
- Communication skills: This is the most commonly required skill across different fields, the ability to communicate effectively. As mentioned earlier, your insight may be turned into a company strategy, so you should be able to present data to the team or stakeholders in an efficient manner without any discrepancies.
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Job Opportunities for a Data Scientist
Data science was crowned as “the sexist job of the 21st century” by the Harvard Business Review in 2012. Data science has contributed to industries ranging from finance to healthcare and has brought about revolutionary changes to the world.
There can be multiple reasons for someone to pursue a data scientist career, but the most compelling reason would be the rapidly increasing job opportunities in this field around the world. According to reports from LinkedIn, the job openings for data scientists have increased 650 percent when compared to the job openings for data scientists in 2012. As mentioned earlier, 11.5 million new jobs will be created by 2026.
Now, we will take a look at the job opportunities in the field of data science in India as well as in the US.
Job Opportunities in India
You may find it shocking that there are around 93,000 job vacancies in the field of data science as of August 2020 in India. In spite of Covid-19’s impact on the industries and workers being laid off, the position of the data scientist is still in demand. In mid-2020, the vacancies for the position of data scientist fell down to 82,500 from 109,000, but the demand is consistent.
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Some reports mention that there will be 1.5 lakh new openings for data scientists by the end of this year. Yes, you heard it right! new openings. This number of openings is 62 percent higher than the year 2019. This demand for data science jobs is in a number of fields such as banking, finance, IT, and e-commerce, to name a few.
Currently, the job postings that are open are for data scientists with less than five years of experience in the field. Even though we are speaking on the statistics of the vacancies, we have to admit the fact that there is a lack in skill requirement in India. Even though there is a huge penetration of data scientists every year, there are very few people with proper expertise in the subject.
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Job Opportunities in the US
The demand for data scientists is all around the world; that is why LinkedIn called data scientist to be “the most promising career” and Glassdoor calls it “the best job in America.” The US Bureau of Labor Statistics foretells that there will be around a 28 percent increase in demand for data scientists with proficient skills.
A report from McKinsey says that there will be a shortage of more than 150,000 people with the skills required to be a data scientist. The rise in the demand for data scientists has made their wages spike.
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Salary of a Data Scientist
The average salary of a data scientist in India is around ₹824,384. However, this might change due to experience and other factors. As an entry-level data scientist, you can expect around ₹539,654. If you have two to four years of experience, your salary might be around ₹786,882. If you have five to nine years of experience in the field, your salary may be ₹1,392,480. At last, if you are a well-experienced data scientist and have 10+ years of experience, your salary would approximately be ₹1,747,802. Among multiple tech cities in India, Chennai-based data scientists would earn more than the data scientists in other parts of the country. The salary of a data scientist according to the cities is given below:
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The United States of America
The average salary for a data scientist is US$120,211 per year in the US. As a data scientist fresher, the salary will be around US$101,662 per year, and for a mid-career data scientist with three to five years of experience, the salary will be around US$138,521 per year.
Considering all the cities in the US, San Francisco-based data analysts earn more than the data scientists in other cities. The salary of a data scientist in different cities is given below:
I hope this blog gives you some insights into opportunities for data scientists. First and foremost, skill sets are the deciding factor on whether you get high-paid jobs or not. The figures that are provided above are just to give you some context. But if you have the correct skill sets, you can get a job with a high salary even early in your career.
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