The hot demand for data scientist is due to the fact that, despite their growing popularity in the recent years, there are still not enough of them to fulfill all the current and future business needs. According to statistics from last year, data scientists are supposed to make an average salary upwards of $150 000 (people with some experience) or $105 000 (fresh graduates).
A data scientist is the modern term for a management statistician. There are many roles they can fill, dependent on their background and what they have studied. The average salary of a data scientist in the UK is £79k.
Average starting salary for data scientist
People with a Master’s degree in CS and relevant experience are likely to receive an average starting salary of $73,000 per year. Those without any Master’s degree but with relevant work experience will still make over $70,000 while those with only a Bachelor’s degree with limited work experience will be paid less than those with a Master’s degree. Overall, the field of data science offers a very competitive salary and it seems that those who are qualified are receiving the best benefits and salaries.
If you are a data scientist, your starting salary will vary depending upon the industry that pays it. Some of the top paying industries include:
The job market for data scientists is booming, and the average salary on offer is $106,000. Data scientist will continue to be a hot ticket as long as businesses need high-quality analysis of large data sets to gain a true insight into how they should operate.
The demand for data scientists is increasing as companies continue to rely on more and more analytic methods. The demand for these professionals will only continue to grow as businesses require more sophisticated analytics to improve their business.
One of the biggest misconceptions about data scientists is that they are algorithm experts and spend their days building predictive models. While that may be the case for a small number of data scientists, there is much more to this profession than creating algorithms. In fact, getting a job as a data scientist would not be possible without first having a solid understanding of how to effectively use data in a business context. That takes good communication skills and an understanding of using tools such as R and Python to build tools and run analyses.
