The Age of Data Science
Data is a company’s biggest asset, it is one of the most important factors contributing to a company’s long-term success. Data science helps to identify meaningful correlations between data sets. The multidisciplinary field focuses on extracting insights from raw and unstructured data. It mainly fixates on unearthing answers to ‘the big questions to find solutions to problems that haven’t been thought of.
“In the next 10 years, data science and software will do more for medicine than all of the biological sciences together- Vinod Khosia”. This is the power of data science. Companies across the world have realized the importance of analyzing data as they help automate processes and make strategic decisions. It is no surprise that data scientists are in high demand, and companies are ready to pay competitive salaries to attract the most talented individuals. As the industry shows considerable growth and development the salaries are expected to increase for data science professionals.
In this article, you will get a complete picture of the various salaries offered by different organizations across the globe. This article will give you valid reasons to pursue a data scientist course now. Additionally, it will highlight how big companies are realizing the potential of data science and adapting a data-driven and analytics approach in their strategy.
Data scientists are highly educated, skilled employees and often earn a competitive salary in the market. The following factors may influence their salaries,
Location: Some geographical regions provide higher salaries than others. Data scientists will earn more if they are located in larger cities such as Mumbai, Bangalore, etc.
Seniority: Staying in the same organization for several years allows you to make more money than switching to different organizations.
Experience: Data scientists will earn more money the longer they work in this field.
Location-Wise Salary Analysis
Data scientists employed in big cities such as Bengaluru, Delhi, and Mumbai are paid higher salaries than in small cities. These cities pay the highest median salary among all the top Metropolitan cities across India.
Bengaluru is the hub of data science and analytics. Most MNCs such as Wipro, Infosys, etc have their headquarters in the IT hub of the country. These companies have huge data analytics units and need extensive domain experience to run them.
Delhi and Mumbai host many data science professionals. The cities have top BFSI captives, investment firms, and domestic banks. Additionally, the financial sector has been heavily investing to improve its data science capabilities.
Hyderabad, Chennai, and Pune also host various domestic and multinational companies that require data science experts to help them make strategic decisions.
Experience Wise Salary Analysis
Young scientists are attracted to pursue a data scientist course due to a strong association between working experience and a high pay scale. A data scientist with 1-4 years of working experience may have an average salary of ₹773,442 per annum.
Scientists with 5 to 9 years of working experience can earn up to ₹12 or ₹14 lacs per annum. A mid-level data scientist can earn up to ₹1,367,306 per annum. Highly skilled and experienced employees who have held management positions might expect to make ₹24 lakhs per annum to a healthy crore! Data scientists can expect an increment of 50% during transitions and promotions.
Sector Wise Salary Analysis
IT Service & Consultancy: This sector has the highest share of employees with salaries greater than 1 Crore. Most data scientist professionals work in IT Service & consultancy firms. These individuals are mostly working in Big IT companies: Domestic and MNCs.
BFSI and E-commerce Industry: These are the second and third largest sectors contributing to the pool of analytics employees. These sectors are heavily invested in Analytics. These sectors have realized the huge potential in using data to improve revenue and customer experience.
CPG and Retail Industry: These professionals are mainly working in centers set by Multinational Consumer companies.
The Engineering & Manufacturing industry and Pharma & Healthcare sector: The adoption of data science and analytics is very recent for these sectors. Professionals are hired mainly at a technical level to develop applications, software, etc to automate business processes. Many enterprises are also hiring data scientists for strategic positions in these firms.
Skill Wise Salary Analysis
Along with an appropriate Master’s degree, a data scientist must have good knowledge of different languages and tools. Here are some additional skills that will help you secure your dream job,
● Data scientists should be proficient in programming languages such as Python, R, etc. If you are proficient in the programming language you are sure to receive a competitive paycheck.
● Good knowledge of ‘Big data and Analytics’ is highly advantageous to data science professionals.
● SAS users can earn in the range of INR 9 to 10 lakhs per annum, whereas SPSS professionals can earn up to INR 7.3 lakhs per annum.
● If an individual has good knowledge of machine learning and artificial intelligence it surely adds to their profile. Artificial intelligence in general advances your career.
● Even if you are a beginner, you must seek the best data science course to get into this promising field.
According to payscale, the average salary for data scientists in India is ₹864,359
Per annum. Top Respondents are from big companies such as Accenture, MU Sigma, Tata Consultancy Service Limited, etc. Ericsson Inc is reported to pay the highest salary of ₹1,600,000. Other companies that offer higher salaries include Amazon, Infosys, Flipkart, etc.
Accenture – Avg. Salary 131,1504
Mu Sigma – Avg. Salary 650,000
Amazon – Avg. Salary 13,22,574
Tata Consultancy Service Limited- Avg. Salary 890,567
Despite the challenges, data science experts are the most sought-after professionals in today’s data-driven world. All your efforts today will be of greater worth tomorrow. If you are interested in being part of the data world, you should hunt for the best data science course offered in your country. Along with technical abilities, a data scientist also needs a good understanding of business requirements, processes, collaboration skills, communication skills, and persuasion skills.
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