In today’s era, Data Science has emerged as a very demanding field; so has the demand for data scientists. However, to earn a massive salary in data science, becoming a successful data scientist or expert is essential. For this, you need to join an institute that provides job assistance and domain specialization.
Data scientists collect and analyze massive amounts of structured and unstructured data. The job profile of a data scientist combines the actions of mathematics, statistics, and computer science. Their primary responsibility is to translate the results of data analysis, processing, and modeling into actionable plans for companies and other organizations.
Countries like India and the US have been among the highest paying countries needing data scientists in 2022.
Skills required for a data scientist
- A data scientist must acquire knowledge of mathematics, ML, algorithms, and statistics.
- Programming languages like Python, R, SAS, SQL, and Hive play a significant role in the field of DS, and a data scientist must know these languages.
- As a data scientist, good communication skills can help me find more possibilities in this field.
Factors that influence the salary of a data scientist
When discussing a data scientist’s wage, their educational level will be thoroughly examined; typically, the most preference is generally given to those who have high-level educational qualification, such as a Ph.D. in a field-related subject, followed by MBA holders, Master’s degree holders, and Bachelor’s degree holders. A data scientist’s level of intelligence in various new technologies is crucial.
However, the compensation range for data scientists varies greatly depending on the following factors.
Salary is always the top priority for everyone. When choosing data science as a career option, you want to know about data scientist salary. The salary packages for data scientists have always been huge. Moreover, data science is an exciting and demanding field added on with an attractive salary package.
- Year of work experience or domain experience
- Worldwide geographical location
- Company
- Field of Study
Data scientist salary by years of experience
Experience is considered one of the critical factors in almost every profession, but now we will see only about data scientists’ salaries.
Entry-level data scientist salary
Unlike other fields, entry-level in this field does not mean that you qualify just by completing some academic coursework and graduating from college. It is necessary to have prior work experience in data science because their focus is on learning and skill-practicing. Organizations that decide to hire an entry-level data scientist or just graduates provide proper job training.
The annual data scientist entry-level salary is estimated to be around ₹500,000 ₹75,000 per annum with less than one year of experience. Similarly, in the US, an entry-level data scientist is estimated to have $70,000–$90,000.
Further, the average salary of data scientists is Rs.8,50,000 in India and $95,985 in the US.
Experienced data scientist salary
Experienced data scientists are data experts who have dedicated their professional life to the data science profession and are the most crucial person in the company with team spirit, handling clients, and running the organization.
In India, the average income for a Senior Data Scientist is ₹18,21,795, while in the US, the average income of an experienced data scientist is $162800.
Data scientist salary by location
Data scientist salary in India
Data Science is listed in the top 10 careers list around the world. The massive explosion of opportunities regarding this domain in every industry in recent years and the low supply of actually skilled data scientists have led to high data science salaries. According to Naukri.com, one of the top Indian job-seeking sites, more than 40,000 data scientists’ jobs are available in India. The average data science salary in India is ₹6,98,413.
Data scientist salary in the US
Glassdoor points out that the average salary of a data scientist is $117,436.
The main factor of high data science salaries is that many organizations are moving and realizing the power of big data and data science to enhance their company’s growth and make business decisions. So for that, starting salaries for these positions remain high ($50,000 to $95,000), especially for those with an advanced degree or certification course from a reputed institute in data science.
Data scientist salary in Australia
The average data science salary in Australia is $110,000
Data scientist salary in Israel
The average data science salary in Israel is $87500
Data scientist salary in Canada
The average data science salary in Canada is $81000
Data scientist salary in Germany
The average data science salary in Germany is $75000
How is the salary scheme categorized for data scientists?
75% of data scientists usually start their careers early in life. There is much competition in data science, according to which the salary scheme will be categorized. 59% of data scientists are young techies, 20.3% enter the field in their mid-career, and the rest are those who have good years of experience in the area.
How can you get a job as a data scientist in India with a good salary?
In India, there are numerous data scientist job openings. Even the pandemic-related lockdown hasn’t had much of an impact on career chances for data scientists. Data science is being studied by many working people pursuing post-graduation, diploma certification, and online Boot Camps like Simplilearn online Bootcamps. The Indian data science business needs adequate, primarily intermediate to expert skills.
On the other hand, even after completing many data science courses and certifications, many aspirants cannot secure a suitable data scientist position.
As a result, completing a data science certification or course does not guarantee a high-paying data science job. Instead, selecting the appropriate learning materials and industry-relevant job-ready courses is the most critical factor.
It’s important to understand that the initial data scientist’s remuneration does not change dependent on experience.
- Foreign institutions or legacy Indian universities like Harvard University use certification to mark distinction.
- The price of the data science course that you take.
- The popularity of the data science training platform where you completed your course
Final words
To conclude, countries like India and the US are the highest paying countries needing data scientists in 2022. With various opportunities waiting for everyone, a data scientist is the most demanding job in 2022.
