Data scientists is responsible for a variety of tasks. Identifying problems that could be handled by data analytics and determining the appropriate data sets and variables to investigate are two of them. They also analyze data to uncover key insights and report to decision-makers who will use the data to guide the organization in the proper direction.
Let’s look at some of the responsibilities and roles of a data scientist:
- To obtain useful information, collect, analyze, and convert both structured and unstructured data.
- Develop new data analytics solutions that will aid in the business’s exponential expansion.
- Communicate with internal teams and external clients to have a thorough grasp of the company model and to deliver analytical solutions.
- Prepare ETL scripts and data pipeline procedures, then integrate them into cloud-based products and the Internet of Things.
One of the highest-paying jobs in our generation is that of a data scientist. Getting all of the data science abilities, on the other hand, isn’t easy for everyone. You’ll need to devote a significant amount of effort to acquiring and mastering each data science skill.
Deeper data science knowledge and a wider range of abilities will make you a valuable asset for which many employers will give a high data analytics salary. The following are the six major elements that influence data scientist salaries:
- Job Title
- Company Size
A data science professional’s remuneration is mostly determined by their job title. Furthermore, it has been established that a data scientist’s income rises when he or she is doing a managerial duty such as identifying business challenges and using analytics to solve them, team leadership, or client communication.
Consider the following data science job titles and their associated compensation ranges:
|JOB TITLE||DATA ANALYST AVERAGE SALARY RANGE|
|Data Scientist||USD 85,000-170,000|
|Data Analyst||USD 50,000-110,000|
|Data Science/Analytics Manager||USD 90,000-140,000|
|Big Data Engineer||USD 70,000-165,000|
As with many other professions, the more one’s education, the higher one’s data scientist income. A bachelor’s degree and coding abilities are required for becoming a data scientist. Many data scientists, on the other hand, hold masters and doctoral degrees. The greater your education level, the more money you can expect to make.
As a data scientist, the more experience you have, the more money you will likely make. For every year of experience, data scientists can expect a salary boost of $2,000 to $2,500. Managers also make more money than regular data scientists. Average data scientist salaries are broken down by experience in the table below.
|Experience Level||Expected Salary|
|Data Scientist Level 1||$85,000–$110,000 (0-3 years of experience)|
|Data Scientist Level 2||$120,000–$140,000 (4-8 years of experience)|
|Data Scientist Level 3||$148,000–$185,000 (9+ years of experience)|
|Data Scientist Manager Level 1||$132,000–$164,000 (supervises 1-3 people)|
|Data Scientist Manager Level 2||$180,000–$210,000 (supervises 4-9 people)|
|Data Scientist Manager Level 3||$210,000–$275,000 (supervises 10+ people)|
A senior data scientist earns more than a junior or entry-level data scientist, just like in any other career. With a yearly upgrade, a data scientist can expect a pay increase of USD 2,000-2,500.
In addition, the paper shows the most recent data scientist compensation trends based on experience, which may be found in the table below:
|EXPERIENCE LEVEL||DATA SCIENTIST AVERAGE SALARY RANGE|
|Entry Level Data Scientist||USD 95,000|
|Mid Level Data Scientist||USD 130,000-195,000|
|Experienced Data Scientist||USD 165,000-250,000|
Though a data scientist may help practically any company operating under the sun, three industries pay the highest median salary for data scientists:
- Banking & Finance.
- Search & Social Networking.
- Cloud Services, Hosting, & CDN.
Unsurprisingly, the highest-paid data scientists work for major tech firms. The following are some of them, as listed in the table:
|COMPANY NAME||DATA SCIENTIST AVERAGE SALARY|
You may compare the financial situation of a Data Scientist in this highly competitive work market by looking at some similar job profiles and incomes to the Data Scientist:
|PROFILE TITLE||AVERAGE ANNUAL SALARY|
|Data Analyst Salary||USD 65,447|
|Machine Learning Engineer Salary||USD 132,780|
|Data Engineer Salary||USD 116,488|
|Software Engineer Salary||USD 119,578|
|Research Scientist Salary||USD 78,346|
|Business Intelligence Analyst Salary||USD 87,049|
Data science is unquestionably a cutting-edge professional path that may propel you to new heights. This reference book contains all of the necessary details about a data scientist’s salary. However, we recommend that you choose a professional path based on your interests rather than the money it can bring in.