The Data science profession, without a doubt, is a popular and one of the most trending career paths in today's data-driven age. Many young people are channeling their career path towards this challenging field for manifold reasons, and the most dominant factor being that it pays handsome salaries and perks.
It's no surprise that data scientists are capable of providing immense value to an organization. From data processing to data cleansing, each stage necessitates perseverance, a fair amount of mathematics and statistics, as well as a smattering of engineering abilities. Data scientists are needed to find trends and build models, either to better understand product usage and overall health or to serve as prototypes that will be baked back into the product when the foundation is set. As a result, data scientists are an essential component of data-driven design decisions and conveying those decisions to their businesses.
Finding an individual who can do all of the tasks required of a data scientist, on the other hand, is challenging, and there is fierce rivalry for these professionals. Consequently, firms across the globe are willing to offer top wages to talented data scientists.
The income of a data scientist is determined by numerous factors:
Size of the Company
Experience is one of the most critical elements in a data scientist's remuneration, as has been proven in a study by O'Reilly's 2016 Data Science Salary Survey.
Data science specialists earn an average of $2,000 to $2,500 extra per year of experience.
The following are the latest salary trends based on experience, according to a 2020 Burtch-Works research of data science salaries:
The salary for a data scientist at the entry level is USD 95,000 per year
The salary for a data scientist at the mid-level ranges from an average of USD 130,000 to USD 195,000 per year.
The salary of a seasoned data scientist, typically that of experienced data science professionals ranges from $165,000 to USD 250,000 annually.
Regardless of the fact that data scientists are well-paid throughout the world and that the rising demand for data scientists will never go away, data scientist salaries differ tremendously between businesses and countries. Let us see them in each different country:
According to reports, the United States is one of the highest-paying countries for data scientists. The movement of data scientists from other countries to the United States justifies this reality. In the US professionals in data science, professional earns an annual salary of USD 120,000 which is significantly higher than any other country in the world.
Australia is ranked second in the world for high pay for data scientists. In Australia, a data scientist earns an average of AU$92450 a year.
Tel Aviv, Israel's booming IT powerhouse, offers career chances for both novice and expert data scientists. According to a poll, data professionals in Israel earn a total annual remuneration of $88,000.
Canada is well-known for developing and deploying cutting-edge technologies that provide jobs and opportunities for data scientists. Data professionals in Canada earn a total annual compensation of US$81,000 or roughly US$43.70 per hour. A beginner's wage starts at US$77,870 per year and goes up to US$117,750 per year.
In Germany, a data scientist can expect to earn up to EUR5,960 a month. Data scientists in Germany earn between EUR2,740 and EUR9,470 per year. This is the highest wage for data scientists ever.
In the Netherlands, the total annual remuneration salary for data scientists is $75,000. However, the Netherlands has a number of opportunities for new data scientists to advance and learn more about the profession.
In Japan, data scientists earn a total yearly remuneration of US$70,000. That is the average amount for professionals in entry-level positions. An experienced data scientist in Japan earns up to JPY825,000 per month. The salary of a data science professional in Japan typically ranges from JPY421,000 to JPY1,270,000, with the highest being JPY1,270,000.
In the United Kingdom, data scientists can earn up to $66,000 per year in pay. Junior data scientists earn between £25,000 and £30,000 a year, with the sum increasing to £40,000 depending on the number of years of expertise.
In Italy, data scientists can earn up to US$60,000 per year. The most common monthly compensation for a data scientist working in Italy is EUR5,840. The pay scale ranges from EUR3,840 to EUR8,930 per month.
The overall annual remuneration for data scientists working in France is EUR76,900. The pay scale ranges from EUR41,500 to EUR116,000.
There are a number of Data Scientist job openings in India, providing possibilities for experienced data scientists to advance in their careers as well as data enthusiasts who wish to start a career in this sector. More than 50,000 data scientist positions are available in India, according to Naukri, one of the most popular job-search websites in India.
The average income of a Data Scientist in India is 708,012 dollars, according to PayScale.
For a fresh graduate in India, the average entry-level data scientist salary is 511,468 rupees per year.
A data scientist with 1-4 years of experience earns an average of Rs.773,442 a year in their early career.
Employees with 5 to 9 years of experience should earn between INR 12 and 14 lakhs per year. According to payscale, the average salary for a mid-level data scientist is Rs1,367,306 per year.
A professional with extensive experience or who has held executive positions might expect to earn anything from INR 24 lakhs and INR 1 crore per year.
A data analyst's compensation increases by 50% when they move from the role they were assigned to a higher one.
The salary in the data science profession in India also varies depending on the city one works in. Going by the report given out by Payscale, here are the different remuneration packages that major cities in India offer to Data science professionals:
Mumbai -INR 788,789 annually
Chennai -INR 794,403 annually
Bangalore -INR 984,488 annually
Hyderabad - INR 795,023 annually
Pune- INR 725,146 annually
Kolkata- INR 402,978 annually
There is no denying that well-known companies are at the top of the list of best-paying data jobs. They also have a history of increasing pay by 15% per year. The top hiring companies that pay the highest salary for data scientists in India are:
IBM Corp- INR 1,468,040 per annum
Accenture- INR 1,986,586 per annum
JP Morgan Chase and Co - INR 997,500 per annum
American Express- INR 1,350,000 per annum
McKinsey and Company- INR 1,080,000 per annum
Wipro Technology- INR 1,750,000 per annum
Other top Hiring companies in India are:
Tata Consultancy Services Limited
HCL Technologies Ltd.
On the global level, the top hiring companies and their average annual salary package for data scientist professionals are listed below:
You'll need more than a Master's degree and knowledge of the languages and technologies required to manage data to get a job paying this highly. Here are a few more interesting facts:
R is the most important and sought-after skill, followed by Python. In India, a Python salary is projected to be roughly 10.2 lakhs INR per year.
A professional who knows Big Data and Data Science have the advantage of getting an increased salary by 26% in comparison with those who are adept at only one amongst the two.
SAS users are paid between INR 9.1 and 10.8 lakhs per year, whereas SPSS specialists are paid between INR 7.3 and 7.3 lakhs per year.
Machine Learning earnings in India begin at around 3.5 lakhs INR and can climb to 16 lakhs INR as you progress in the field. Python is a prominent machine learning language, and Python developers in India earn some of the highest incomes in the world.
Knowledge of artificial intelligence can help you enhance your career in general. Artificial Intelligence compensation in India is not less than 5-6 lakhs INR if you are a beginner in this sector.
So, in order to optimize your revenue, now is the time to develop your data skills!
Data is currently and will continue to be the omnipresent force governing our lives, and data science employment is expanding like never before. Every area is opening doors for data science workers who can pull relevant insights from such large amounts of data, from finance to healthcare and education to banking.
Data scientists are hard to come by, especially when it comes to the perfect mix of education and experience. Data scientists must be able to write code at the very least. In fact, data scientists who code four to eight hours per week earn the greatest wages, while those who don't code at all earn the lowest.
Data scientists must also be proficient in big data technologies, including open-source tools, cloud computing, and data visualization, as well as be able to master new and upcoming ones. It's not enough to know how to utilize these technologies; data scientists must also know how to use them to obtain actionable insights that will help their company develop.
Furthermore, employment in data science entails excellent commercial acumen, scientific curiosity, and leadership and communication abilities. Having them will have a significant impact on pay.
Advanced degrees in quantitative subjects such as data science, applied mathematics, statistics, computer science, engineering, economics, or operations research are common among data scientists. A master's degree in data science will provide you with the specific training you need to pursue a career in data science. You don't think you're ready for a full master's degree? A data science credential can help you keep up with the field's rapid evolution.
Conclusion: Despite the challenges, data scientists remain the most in-demand professionals in the sector. Being a good data scientist needs not only technical skills but also a full understanding of business requirements, collaboration with diverse stakeholders, and persuading business executives to act on the information provided.
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