According to the U.S. Bureau of Labor Statistics, data scientists’ employment will increase by 36% between 2021 and 2031, significantly faster than the average for all occupations. Additionally, as businesses speed up their digital transformation following the COVID-19 recovery to hire more data scientists and machine learning practitioners across various sectors, they should anticipate increased data scientist salaries in line with the rising demand for competent labor.
Every business has a website requiring a capable data scientist to manage their data for profitable decision-making and produce commercial value. Six-figure incomes are already the standard for data scientists, increasing based on job title, experience, competence, location, and other crucial characteristics. Growth is on track.
1) Experience-based data scientist salaries
What kind of salary can you expect as a data scientist with various experience levels? We know that the typical data scientist’s salary increases with years of experience. Data science salaries, career prospects, incentives, and other rewards become available as you go through different levels of experience. In the first few years, a data scientist’s salary often rises. After that, it might not be easy to advance without expanding your knowledge of different data science technologies and techniques.
Salary of a Data Scientist at Entry Level
Entry-level data scientists have only recently entered the field and have no more than a year’s worth of experience working on actual data science projects. Most of the time, they are recent graduates looking for lucrative entry-level data science employment.
Yulys is the best place to find a good data scientist salary.
2) Pay for Data Scientists, By Country
Only a few nations offer professionals equal employment possibilities, and data scientists’ careers are no exception. Depending on the Country and state, data scientists earn different salaries. Realistically, a data scientist working out of Charlotte, North Carolina, will make less than one working in New York. The cost of living doesn’t add up, which is a straightforward explanation.
Massachusetts, Florida, California, Ohio, Virginia, Washington, Colorado, Washington, Maryland, New York, Texas, and Michigan are among the top 12 states in the U.S. that are hiring for positions in data science and machine learning.
This fact is actual for both entry-level and senior data scientist positions. Leaders worldwide fiercely compete to hire skilled data specialists and would not hesitate to pay whatever it takes to hire the best data science talent. The United States offers the most significant opportunities for data scientists with lucrative data science salaries, followed by India, Canada, the U.K., and Europe.
Here is a breakdown of the top countries for data science salary, as reported by PayScale:
- United States: The average annual compensation for data scientists in the U.S. is $97,616.
- India: The average annual wage for data scientists in that Country is INR 874,113.
- Australia: The Country’s average base pay for data scientists is AU$91,703.
- Canada: The national average pay for data scientists is C$80,364 annually. Additionally, the annual salary for data scientists in Toronto is C$84,194.
- U.K.: The average annual wage for data scientists in the Country is £41,001. Additionally, the yearly pay for data scientists in London is £45,040.
- Singapore: The annual compensation for a data scientist there is S$69,666.
- Germany: A data scientist in Germany has an average annual pay of €55,772.
3) Top Industries for Data Scientist Salary
Data science salaries heavily depend on experience and the particular talents employers seek. However, since not all businesses pay data scientists similarly, choosing the correct field to work in is essential to making a good living. You can find work possibilities for data scientists in every area if you quickly search Google for “data science jobs” or “data scientist jobs.” All industries need data scientists.
The demand for qualified data scientists is growing, and several sectors, including manufacturing, banking and finance, I.T. services, travel and transportation, real estate, and retail and consumer goods, are experiencing more robust demand. The top 5 industries in the U.S. for data scientists, according to Yulys LLC, are consumer goods, transportation, leisure, I.T. services, and real estate.
Industries with the Best Pay for Data Scientists
Finance & Insurance Data Scientist Wage: $114K
Professional Services Data Scientist Salary: $107K
Manufacturing Data Scientist Salary: $106K
Every business needs a data scientist to manage its data for profitable decision-making and produce commercial value. Massachusetts, Florida, Ohio, Virginia, Washington, Colorado, Maryland, New York, Texas, and Michigan are among the top 12 states in the U.S. for data science jobs. The average annual compensation for data scientists in the U.S. is $97,616.