How much does a data scientist earn? It is a well-known fact that data scientists are among the highest paid professionals in the technology industry. Their salaries may vary according to various factors like educational qualification, certifications, work experience, skills.
Important factors affecting the remuneration of a data scientist
The most frequently used tools and programs in data science are EXCEL, R, Python, and SQL. The importance of communication skills is reflected in participation in meetings. A data scientist needs to convey the most complex business developments as simply as possible. Normally, data scientists with good communication skills tend to get paid better. Expertise in Spark and Python fetch a better salary.
Machine Learning, Python, and Statistical Analysis are the most required skills in India. Data analysis, SQL, and Java do not have much of an effect on salaries. In Bengaluru, data scientists earn a higher salary than the national average. Geography has a very deep impact on income.
Salary of a data scientist
The salary of a data scientist on an average, in India, is around ₹6,07,193. A fresher earns an average annual salary of ₹4,77,000. A data scientist with experience between 5 to 10 years earns around ₹7,23,000 annually. Senior data scientists, with more than 10 years of experience, earn around ₹1,380,000 per year.
As per one of the reputed agencies, the average salary of a data scientist in the United States is about $118,000. Data scientists tend to have high levels of job satisfaction. Data scientists with higher experience get higher salaries. As a fresher, a data scientist can expect around $90,000 annual salary. Those with 5–10 years of experience get $109,000 per annum, while those with more than 10 years of experience get $124,000 annual salary.
Let us have a look at the average salaries paid per annum to data scientists by some of the big guns in this field:
IBM – ₹1480,000/-
TCS – ₹626,000/-
Cognizant – ₹1021,000 /-
Accenture – ₹1044,500 /-
It may be mentioned that these are indicative figures which are subject to change from time to time.
The demand for data scientists is expected to exceed supply by 50% shortly. In such a scenario, the salary of a data scientist will see an upward movement. If predictions are to be believed, 40 zettabytes of data will be in existence by 2020. To make sense of this data, skilled data scientists will be required. There is a shortage of trained professionals in this field to the extent of about 190,000 in the US alone.
The opportunities are limitless. But to move ahead in this domain, certification to improve skills is required.
Data Science courses online
For working professionals, online data science courses are advised. The best online courses are provided by Harvard, MIT, IBM, and Microsoft. The Professional Program for Data Science includes technologies like T-SQL, Microsoft Excel, Power BI, Python, R, Azure Machine Learning, HDInsight, Spark. Other options are courses offered by Amity University (Noida), Institute of Management Technology Online, TalentEdge, Edwiser, Brainstation, etc.
With a data science online certification under your belt, the world is your oyster!