As the job of data, scientist involves a huge amount of work, so there is no surprise that a huge amount of paychecks are being offered to the data scientists. The companies are willing to pay a huge amount of money to the data scientists due to the value they bring to the organizations. The companies are ready to pay whatever it takes in order to stay competitive in the market. As data scientist plays a big role in today’s day, there is an increase in the job opportunities which has further led to an increase in the pay of such data scientists as well.
The emergence of technology in the world has created a huge impact on the IT industry. All the industries have considered the importance of big data in their scientific world of machines. The job opportunities and salary of a data scientist are increasing day by day due to the emerging data and the need to execute the data.
Data science is generating numerous job opportunities which lead to the divisions in terms of technology implementation; the SAS technology is getting huge attention as millions of people depend on. SAS training in Mumbai & Pune leading the opportunity list & can be get trained on by skilled trainers.
The average salary of a data scientist in India is 6,50,000 p.a. approx which keeps on increasing depending on the skills and experience of the data scientist. The more experienced a data scientist is, more salary he/she tends to receive. The power of big data has increased as people have realized the impact it can hold to their business which is why they are willing to pay more to attain smart business decisions.
Though the average data salary of a data scientist is huge and it keeps on increasing depending on certain factors, there is also something very important to attain such salaries and be eligible to be a data scientist, which is data science training. One of the most reputed and finest institutes is Techdata Solutions which provides certification courses in data science training in Mumbai and data science training in Pune. Not only it gives you the knowledge and pieces of training, must also make you eligible to attain higher salaries and other perks in this field which boosts your career and helps in growth.
A Data scientist’s salary depends on the following important factors:
• Skills
• Experience
• Job Title
• Education
• Region
• Company size
• Size of Industry
Salary of a Data Scientist by Experience
According to a survey, it was observed that experience plays a very important role in determining the salary of a data scientist. For every single year of experience, the data scientists tend to make $2000 to $2,500 more.
The latest trends of salary, based on experience are:
• Entry level data scientist:
The starting salary of an entry-level data scientist remains as high as $95,000.
• Mid-level data scientist:
The starting of a salary of a data scientist is $1,28,750 and if he/she is also in the managerial role then it rises up to $1,85,000.
• Experienced data scientist:
The salary of an experienced data scientist is $1,65,000.
Data Scientist Salary By Job Title
The more a data scientist engages in managerial tasks such as identifying business problems, leading team projects or communicating with outside parties, the higher is the salary if a data scientist.
Data Scientist Salary By Education
There is a very rare data scientist especially the ones with correct skills and education. At the basic level, the data scientist is supposed to know the ways to write codes. The data scientists who can code 4 to 8 hours per week are the ones with a higher salary as compared to ones who don’t code at all. It is also the job of a data scientist to learn the emerging and new data like cloud computing, open source tools, and also data visualization. It is very important to derive actionable insights from these tools apart from knowing how to use them so that it can improve the organization.
Data scientists are also required to have advanced degrees in statistics, math, computer science, operations research and economic. Though a masters in data science will give the precise education.
Data Scientist Salary By Region
The salary of a data scientist also depends on the region in which they reside. The more Porsche or main area a data scientist lives in the higher salary they tend to receive as compared to ones who don’t.
Data Scientist Salary By Company And Industry Size
The highest median data salaries are received by such industries:
• Social networking and search
• Hosting, cloud services, and CDN
• Finance and banking
The larger the size of the organization is higher the salary of a data scientist is. Some of the highest paid data scientists tend to work at the leading tech companies.
Perks And Advantages Of A Data Scientist, Beyond Salary
The salary of a data scientist keeps on fluctuating depending on the various factors discussed above and also due to the new job opportunities in such industries. The field of data science is still exploring and defining itself within certain industries, as it hasn’t been much time since its emergence.
Though data science is all about discovering new ways to grasp the huge amount of data organizations have been accumulating it is still not clear what kind of discovering will be upcoming and ho they will be applied. So the actual value of data scientist is not analyzed which is why it is not correct to depend on salary in the job search.
Bonuses, hikes of salary, degree, and bargaining power to negotiate the salary are also some of the important factors that should be kept in mind while ascertaining the work of a data scientist. There are other key factors which should also be kept in mind apart from the salary.