Why is there a huge range of salaries reported for data scientists (from $70K to over 200K)?

Question

Why is there a such a rift in salaries of data scientists?

Answer 1

Simply, because they are in high demand, and there is a huge shortage of qualified talent across the globe. If you have searched for the average salary of Data Scientists across the world, you would have been surprised to find a job with such a high salary package. The fact is, analytics is leading the market trend today, everyone is behind extracting the maximum out of their data to lead the business and make informed decisions. The problem is not scarcity of data, rather all companies have abundant resources and data, but what they lack is a qualified professional who can organize these data, process, and analyze them to bring out actionable insights. And that is the price they are paying for the right talent. A simple google search for the salary of a Data Scientist will give you the required result, that is, 8-16 LPA in India or in the US, where this will be from $70K- $200K.

In addition to these, there are few resources you must be skillful in to serve the company or organization better. And these are quite varied, from Programming Languages, Tools, Good communication skills, analytical thinking, and domain knowledge and these require some level of effort to master. If you are excited about Data Science and wish to become a qualified Data Scientists, then check out the Data Science training course and watch the following YouTube video on the Data Science tutorial.