What is the Salary of a Master Data Scientist in 2024?

15-Apr-2023

Data Scientists are considered the most lucrative and elitist position in today's time. The massive rise in data science adoption, and the surge in technological advances like programming languages, and new tools for data analysis and data interpretation, have resulted in optimized productivity and growth of all businesses and industries. This in turn has prompted increased demands for the expertise role of data scientists across industries. 

This is certain that data scientists are in high demand. The demand is well reflected in how much salary these professionals carry with it. Let us find out how much data scientists make in a year and their earning potential in detail. We shall look into the Data Scientist Salary in the US and the respective roles of data scientists in detail. This post will serve as a comprehensive guide for those interested in pursuing data scientists jobs 

Role of a Data Scientist in Brief

The role of a Data Scientist typically involves using data to help organizations make better decisions, improve processes, and drive business outcomes. Here are some common roles and responsibilities of a Data Scientist:

• Data analysis: Data Scientists are responsible for analyzing large and complex data sets using statistical and machine learning techniques to identify patterns, trends, and insights that can help inform business decisions.
• Data modeling: Data Scientists build and test predictive models and algorithms that can be used to make predictions or forecasts based on data.
• Data visualization: Data Scientists use data visualization tools to create charts, graphs, and other visualizations that help communicate complex information to non-technical stakeholders.
• Data management: Data Scientists are responsible for managing and organizing large data sets, ensuring data quality and accuracy, and developing strategies for data storage and retrieval.
• Business strategy: Data Scientists work closely with business stakeholders to understand their needs and goals, and to develop data-driven strategies that align with those goals.
• Communication: Data Scientists need to be able to communicate complex technical concepts to non-technical stakeholders in a way that is easy to understand.
• Experimentation and testing: Data Scientists design experiments and tests to validate hypotheses and measure the effectiveness of new strategies or models.

Overall, the role of a Data Scientist is to help organizations make better decisions and improve business outcomes by leveraging data and analytics.

Data Scientist Salary in the US

The Data Scientist Salary in the US as it is in any other field will vary widely owing to varied factors such as hiring company, the company size, experience, and educational level, etc. The average annual Data scientist salary in the US as per the report of Glassdoor is about US$113,000. However, this number can range from approximately $75,000 to $155,000 per year, depending on the above-mentioned factors. Additionally, some Data Scientists may earn extra perks or stock options as bonus packages, which can further enhance their overall yearly income. 

1. Experience-based Data Scientist Salary in the US

The earning potential of data scientists is impacted by the level of experience they possess. It is ethical and natural that, salaries practically correspond to the knowledge and abilities needed for a position. Let's find out how much professionals earn at varied levels of experience. 

2. Data Scientist Salary in the US at Entry-Level Positions

According to Payscale, the entry-level data scientist salary in the US ranges between US$62K and $86K annually. While this seems like a good wage, prospective professionals must make note of how a lack of practical experience will probably lead to a pay range closer to the lower end of this range. Higher pay for data scientists even in entry-level positions typically assumes some prior experience working in data analytics (or a related profession), with expertise in areas like machine learning, statistical analysis, Python, and R all being required. 

3. Mid-level Data Scientist Salary in the US

According to Payscale, a mid-career data scientist in the United States can expect to make between $81K and $148K annually, with an average pay of roughly $111K. To advance further in their career, professionals are required to undergo a steep learning curve to acquire the knowledge and training required. 

4. Seasoned/ Experienced Data Scientist Salary in the US 

According to Payscale, the data scientist salary of an experienced with 10 plus years of working experience professional in the US earns an annual average income of $197K. Highly- seasoned and skilled data scientists in lucrative fields such as Big Tech and Finance sectors can earn up to US$200K annually.

Data scientist salary in the US based on positions

Data Science is a vast term that covers diverse skill sets and expertise in varied positions. Thus, the data science salary also varies and depends on the nature of the job and positions. Some of the most popular job positions in the Data science field along with their average salary are:

• Data engineer- US$ 93K. 
• Web analyst- US$69K. 
• Research scientist- US$84K. 
• Business intelligence developer- US$83K.
• (Big) Data architect-US$125K.
• Machine learning engineer-US$112K. 
• Director of analytics- US$130K.

Data Scientist Salary in the US Based on Industry

The different sectors and industries according to the US Bureau of Labor Statistics offers the following Data Scientist salary in the US:

• Mining industry: $125,300
• Information industry: $102,960
• Utility industry: $102,600
• Manufacturing industry: $102,410
• Agriculture, forestry, fishing, and hunting sector: $101,000
• Management sector: $100,690
• Finance and insurance: $100,320
• Wholesale trade sector: $99,590
• Administrative support sector: $98,320
• Real estate industry: $97,720

(Source: US Bureau of Labor Statistics)

Data Scientist Salary in the US in the Top hiring companies

Let's take a look at the trend of the annual data scientist salary in the US:

• Stitch Fix- $226,388
• Airbnb- $199,489
• Comcentric- $183,111
• Lyft- $182,436
• eBay $172,810
• Selby Jennings- $172,756
• LinkedIn $171,624
• Wayfair- $169,593
• Twitter- $166,147
• Apple- $165,411
• Salesforce$163,892
• Meta-$161,867
• Citizens-$161,837
• NVIDIA- $159,560
• Capital One-$156,096
• PayPal- $150,623
• Microsoft- $149,377

Highest Paying Cities- Data Science salary in the US

The following are the top paying cities along with the data scientist salary in the US:

• Los Gatos, California- $455,166
• Cupertino, California- $293,781
• Cambridge, Massachusetts - $264,646
• Menlo Park, California- $263,731
• Sunnyvale, California- $259,108
• Mountain View, California- $258,548
• San Francisco-$242,505
• San Jose, California- $239,675
• Los Angeles-$235,642
• Palo Alto, California- $232,543
• Boulder, Colorado-$224,673
• Redmond, Washington-$215,178
• Seattle- $208,158
• Bellevue, Washington- $207,834
• Santa Monica, California-$205,181
• San Mateo, California- $202,140
• Charlotte, North Carolina.-$201,685
• Santa Clara, California- $192,377
• Boston- $184,752
• New York City-$186,170

(Source- crn.com)

The above data scientist salary structure reflects how promising and lucrative a data science career can be. The more knowledge and experience you have, the higher salary you can earn. A data science Master's Degree will help you land a good position that pays handsomely package. While a minimum graduate degree is a basic requirement, if you wish to earn more salaries and be hired for high-paying positions, entering the field with a higher level of training and credential like a Data Science Master's degree will be of massive strength to your plan. 

Salary of a Master Data Scientist Master Data Scientist salary