In order to predict the future, data science needs to understand the past. The highest salary of a data scientist is $250,000. The number has grown significantly over the years and it is expected that this trend will continue as data scientists become more valuable in business.
highest salary of data scientist in usa
The highest salary of a data scientist – According to the Glassdoor’s latest report, the average salaries for data scientists are significantly higher than people working in other fields. The average base pay for entry-level data scientists across the United States was $87,839 in 2016, an increase of more than 8% from 2015. The salary range for a data scientist is high, based on location, experience and company size.
1. What is the average data scientist salary?
To get a handle on how much data scientists can earn, we turned to a few sources of information for an estimate. First up, the job site Glassdoor. Glassdoor says that in 2021, ‘data scientist’ was the second most sought-after role in the United States, with an average salary of $113,736. Over the past five years (again, via Glassdoor) this has been a pretty consistent salary expectation for data science roles in the US.
Of course, Glassdoor is not an exclusive authority on this. To get a broader picture, we’ve also cast the net a bit wider. The salary comparison website, Payscale, tends to offer slightly more conservative salary estimates. As we’d rather undersell than overpromise, we’ve largely referred to these statistics in this article. However, we’ve also referred to the US Bureau of Labor Statistics.
Respectively, Payscale and the US Bureau of Labor Statistics put the average data scientist’s salary at $97K and $98K. As you can see, the figures are quite consistent. Not a bad start!
Of course, the real answer is not so straightforward. For starters, these figures are averages, taking into account the full range of possible salaries from inexperienced data scientists (who will earn less) to highly experienced ones (who can potentially earn a lot more). How much you can earn depends on a variety of factors, including education and experience, industry, and location. Even the job title will have an impact. With all this considered, let’s delve a bit deeper into each of these variables and see what impact each can have on a data scientist’s pay.
Note: To keep things consistent, we’ll present all figures in US dollars. If you’re located outside the US, here’s a simple currency converter that you might find helpful.
2. Data scientist salaries based on experience
Probably the most important factor determining a data scientist’s salary is their experience level. Logically, salaries mirror the skills and knowledge that the role requires. However, in a field as specialized as data science, your experience level is particularly important.
Furthermore, there are many routes into data science. Some data scientists come from academic backgrounds and may have a Ph.D. or Master’s in fields like computer science or statistics. Meanwhile, others progress up the career ladder in different ways. For instance, some start their career as data analysts or software developers, gradually obtaining invaluable industry knowledge that permits them to carve a niche role for themselves. All this will have an impact on how much you can earn.
Entry-level data science salaries
Even entry-level data science positions pay a pretty comfortable salary. But if you’re quite new to the field, don’t expect to dive in at the deep end. According to Payscale, an entry-level data scientist in the US can expect to earn from around $61K, with an average salary of about $85K.
While this sounds quite high, be aware that a lack of hands-on experience will likely result in a salary on the lower end of this scale. Even in entry-level roles, higher salaries for data scientists generally presume some prior experience working in data analytics (or a similar profession) with knowledge of things like machine learning, statistical analysis, Python, and R all being essential. Other skills that can boost your salary prospects include knowledge of things like Scala (another programming language), deep learning, Apache Spark/Hive, and natural language processing (NLP). In short, the more skills you can gather, the more you’ll be able to earn. Something to aim for, then!
Mid-career data scientist salaries
Obtaining the necessary skills and education to thrive in a data science role can present a steep learning curve. Luckily, the earning potential reflects this hard work. Payscale suggests that a mid-career data scientist in the US can earn anywhere from $80K to $148K, with an average salary of around $110K. For mid-level roles, skills you might want to cultivate (on top of those already mentioned) include knowledge of cybersecurity, computer vision, and algorithm development. You will also probably need to pick up some more complex programming languages, like C++.
Late-career data scientist salaries
According to Payscale, highly experienced data scientists in the US (with around 10+ years of experience) can earn an average of $134K annually, up to about $197K. Bearing in mind that this doesn’t take into account performance bonuses and other specialist skills, this is probably a conservative estimate. Highly experienced data scientists in top-paying industries (like finance or big tech) can earn upwards of $200K per year, if not more.
If you are looking for the highest salary and benefits, then joining as a data scientist in the banking sector can be your right path. A data scientist’s job is to find patterns in data and use those conclusions to make business informed decisions. Data scientist needs to have expertise in , machine learning, statistics and predictive analytics. The demand for data science is increasing rapidly, mainly due to the explosion of digital information and the development of new techniques for making sense of it all. As per Payscale, a data scientist earns an average salary $106,000 in United States and £90,000 in United Kingdom.
