How Much Can You Earn As A Data Scientist?

 

Over the past few years, the excessive availability and high demand for data science skills have made data science a rewarding profession. This has also been a significant factor for increasing data scientists' salaries across industries. 
Businesses realizing the importance of big data and data analytics want to invest in hiring data science professionals. They know a skilled data professional can provide valuable insights into the data and help them make smart decisions. 
The demand for trained data scientists is growing data by day, outpacing the number of qualified professionals. As a consequence, companies are willing to pay high salaries to hire trained data scientists, especially data science bootcamp graduates. The starting salary of data scientists is the highest amongst all the IT professions. 
According to Glassdoor, data scientists in the US make $117,212 per year on average. US Bureau of Labor Statistics and Payscale also reveal the average data scientist's salary as $103,930  and $96,976K, respectively. So, you can see, the salary figures are consistent across various platforms. 

How Much Can You Earn As A Data Scientist?

Data scientists are valuable assets for any company, and therefore, they don't hesitate to find a talented data scientist that can help accomplish the business goals. Top data scientists earn considerably higher salaries, and if you are an alumnus of data science bootcamp in California, you can expect a better starting pay. There is no fixed salary for a data scientist, and it depends upon many factors such as experience, job role, industry, company size, region, and education. 

Salary By Experience

More experience equates to more salary. A data suggests for every year of experience added, the average salary increases by $2,000 to $2,500. 
  • Entry-level: As per Glassdoor, an entry-level data scientist with 0-3 years of experience can earn between $110k-115k on average. That's decent pay to start with. 
  • Mid-level: The average salary for a mid-level data scientist increases to up to $130k. The experience for this is 4-9 years. 
  • Highly Experienced:  Data scientists with more than 10 years of experience in the industry can earn about $145k on average. 

Salaries Based On Job Title

Data scientists don't always have the same job title and responsibilities. Some job titles they can take are below with average salaries taken from Glassdoor. 
  1. Director of analytics: The director of analytics' average salary is $147,147/year.
  2. Machine learning engineer: The average salary earned by an ML engineer is $131,001/year. 
  3. Big Data architect: A big data architect earns about $123K/year, on average. 
  4. Data engineer: On average, data engineers can earn up to $112,493/year
  5. Business intelligence developer: A BI developer can earn an average salary of $92,013.
  6. Web analyst: A web analyst can earn $70,892/year on average. 
  7. Research scientist: Research scientists earn, on average, $97,507/year. 

Salaries By Location (USD Per year)

(As per Glassdoor)
  • United States: $115,994 
  • United Kingdom: $62,222
  • India: $13,253
  • Germany: $67,736
  • Singapore: $52,752
  • Australia: $78410
  • France: $50,570
  • China: $47056
  • Canada: $68755
  • New Zealand: $89,704 
  • United Arab Emirates: $75,140
  • Spain: $39120
  • South Africa: $32033

Salaries By Industry (USD Per year)

Let's look at the average salary of data scientists in the top 10 industries in the United States:
  • Computer software and hardware: $124,899
  • Banking and financial services: $117,058
  • Internet and tech: $124,767
  • Marketing and advertising: $102,655
  • Retail: $128,370
  • Automotive: $115,395
  • Manufacturing: $110,400
  • Aerospace and defense: $118,615
  • Accounting and legal: $115,395
  • Transportation and logistics: $115,395

Conclusion

So, you've seen how different factors affect the salary of data scientists. Skills and competency are the biggest contributing factor to a salary increase. So, if you want to flourish your career as a data scientist, you should probably consider data science training. It will help you learn about data science tools and techniques and facilitate growth in your desired career path.

Location: United States

Comments

  1. pawanAugust 19, 2022 at 1:12 AM

    Hi, I read your whole blog. This is very nice. Good to know about the A Detailed Guide to the Data Analytics Career . We are also providing various Data Analytics Career, anyone interested can Data Analytics for making their career in this field.

    ReplyDelete

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