According to Harvard Business Review, the sexiest job of the 21st century is that of a Data Scientist. It is also a known fact among tech groups that Data Scientists are among the highest paid professionals in the IT industry.
‘Data Scientist’ is an evolved job role from the Data Analyst and the Business Analyst roles. The formal training for all these is similar, with a stable basis generally in science, modeling, statistics, analytics, and mathematics. But why a Data Scientist job role is unique is because of his/her strong knack for business, coupled with the ability to communicate findings to his/her enterprise and IT leaders in a way which can impact how the firm deals with business challenges based on the findings. An ideal Data Scientist will choose the right business issues that have the highest value to the firm. This may sound easy, but it is quite challenging.
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Some Observations on the Important Aspects of Data Science Professionals
- Excel, R, Python, and SQL are the most used tools in Data Science.
- Those who participate in meetings tend to have a higher salary. This emphasizes the importance of communication skills required from a Data Scientist. A Data Scientist needs to convey complex business stories in simple terms to various departments of the organization. Even though it may seem trivial, it is one of the most important requirements.
- Women earn less than men, even though they do the same amount of work.
- Expertise in Spark and Python fetches a higher salary.
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How Does the Salary of a Data Scientist Vary Across Key Economies?
Geography has a massive impact on income; however, it is not effectively captured due to the pattern size. While GDP itself doesn’t translate to income, it is able to serve as a proxy feature for geographic salary variance. The average salary of a Data Scientist in India is around ₹607,193. Professionals need to improve upon their skill set in order to avail higher salaries. For a fresher, ₹477,000 annual salary is paid. Data Scientists with more than 5 years and less than 10 years of experience fetch ₹723,000. Whereas, personnel with more than 10 years of experience get around ₹1,380,000.
In India, the most required Data Scientist skills are Machine Learning, Python, and Statistical Analysis. Data analysis, SQL, and Java don’t affect salaries much. In the silicon valley of India, Bengaluru, Data Scientists avail a higher salary than the national average. Do you know, Chief Data Scientists get around a staggering ₹10,000,000 per annum? India is better than the United States in the number of female employees working as Data Scientists, but it is far from being balanced. The ratio of male to female employees is 43:7.
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As per Glassdoor, the average salary of a Data Scientist in the United States is about $118,000. But, PayScale says, it is about $93,000. Job satisfaction among Data Scientists is high. One of the reasons for this is that they get lucrative medical insurance from their employers. Obviously, Data Scientists with high experience get higher salaries. As a fresher, a Data Scientist can expect around $90,000 annual salary. Those who have 5–10 years of experience take home $109,000 per annum. Those who have more than 10 years of experience get $124,000 annual salary.
As mentioned above, SQL, data modeling, ;and MATLAB, among a few others, are skills which don’t make a considerable difference to a Data Scientist’s career. In the United States, San Jose pays 28 percent higher than the national average, where Palo Alto pays 18 percent more, San Francisco pays 21 percent higher, and New York pays 6 percent higher. The ratio of male to female employees is 23:2.
The Way Forward and Our Commitment
A McKinsey study estimated that in 2018 the openings for Data Science jobs exceeded 490,000, but there was only 200,000 Data Scientists available to fill those positions in the US alone. The trend is still prevailing, and if this is the number for the United States, then imagine how much openings will there be globally. The demand for Data Scientists is predicted to exceed the supply by at least 50 percent worldwide in the coming years. If it happens, then the salary will also increase due to increase in demand. On top of that, there is an acute shortage of competent training provided to Data Scientists to be able to address this huge gap. Intellipaat feels responsible toward addressing this shortage, and hence we are training scores of batches online in Data Science. Though the salaries of Data Scientists in the industry are very high, our training prices are very modest. We will stop at nothing in training eager learners with the depth and breadth of emerging technologies.
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