Data Scientist Salary for Freshers & Experienced?
Data Scientist Salary: By Experience, Skills, Employer
Career opportunities related to managing data are overgrowing, and companies are yearning to capture data because of the various technological advancements. Multiple organizations are getting benefited only because of accessibility and data analysis, which is why companies are increasing data experts' salaries.
First, let's understand who Data Scientist is?
Data Scientists are the experts who manage and analyze vast sets of data by utilizing their skills in both technology and social science. Due to their high demand in the market, the data scientist salary in India is one of the highest. These are the people who are part mathematicians, part trend-analyzers, and part computer scientists.
Wondering what their salaries are?
According to LinkedIn, the average salary of a data scientist is around 8,00,000. Within one year of experience, an entry level data scientist salary can reach up to 5,00,000 per year. And as they gain experience of 1-4 years, this salary also increases to 7,00,000 per year.
Please note that data scientist salaries vary according to company size and location in which you are working. We will discuss this point in detail but let’s first complete the maximum reach of data scientists with respective experience.
If you are updated with the tools like Pycharm, Visual Studio Code used in this field and do timely certifications within 5-9 years, you can increase your salary to 1million, i.e. 10,00,000.
Today an excellent senior data scientist salary with 10-19 years of experience has paid around 20,00,000.
This field demands knowledge of various tools, but apart from that, there are some basic skills that one has to be acquired as they are the roots for a promising career.
Data Scientist Skills
- Programming Language: Languages like Python, R Help, SQL, and Hive are a must for a data scientist as these languages help them manipulate data for extracting exact perception.
- Communication Skills: They must have good communication skills as they have to communicate with the entire team.
- Statistical Knowledge: Statistical concepts like calculus, probability theory, statistical distribution, and linear algebra are a must for them.
- Machine Learning: Techniques like KNN, Random forest, and more allow them to train and put data in a particular format.
- Database Management: Data scientists should be familiar with management programs to index, edit and manipulate databases.
- Extraction and Transformation: Extracting data properly and transforming it into a uniform format before analyzing is crucial.
Which factors decide Data Scientist Salaries?
Data Scientist average salary depends on various factors such as the location in which they are working, total years of experience, company in which they are working, and skills set they have.
Let’s look at each of these factors in detail-
1. Based on Experience
There is always a strong link between high salaries and work experience. Today, with the help of pictorial representation, how salaries in this field will look in the future.
2. Based on Location
Mumbai has the most job opportunities in India and gives the highest salaries to data innovators, followed by Banglore and Delhi. According to payscale, it is clear that their income varies depending on location in which they work. Let's see it by a table-
This country is at the top of the list of countries that give an average salary of $1,20,000 per year, and this is higher than in any country.
It lies second on the list that pays data scientists a perfect amount. The average salary is around AU$75,000 - AU$1,20,000 depending upon the experience.
You are on the right track if you are looking for data science employment in this country, as data scientists are roughly making $81,000 per year.
Germany has an outstanding work-life balance, and you can easily earn up to 5,960 euros per month.
3. Based on Companies:
Let’s complete the point which we have stated above. How do their salaries depend upon the firm in which they are working?
Without any doubt, we all know that a reputation firm pays the highest paying salaries, i.e. a Facebook data scientist’s salary will be more than the salary of a data scientist who works in Amazon. These firms also raise their salary annually by 15%. Let’s look at some of the top firms-
4. Based on Skills
Only Bachelor's and Master's degrees won't help here. You have to go beyond that for this high-paying job and be familiar with some popular languages and software to manage the data. Let’s look at some of the tools and skills and their popularity to which a data scientist should be familiar with-
Responsibilities Of Data Scientist
To understand the goals and requirements of any project, and to achieve that, data scientists have to work closely with stakeholders. So there are some responsibilities which every data scientist must follow-
- Evaluate tools for analyzing data and prepare reports on their effectiveness.
- Arrange one-to-one meetings with stakeholders and give them ideas to implement new tools and monitor the progress.
- To run tests for quality check, data scientist has the responsibility to build an A/B testing framework.
- Apply techniques like machine learning, artificial intelligence, and statistical modelling.
- Should ask valid questions to begin the proper discovery process.
- Develop tools and new processes for effective performance and quality management.
- Knows how to process and clean the data.
- Knows how to manage, integrate and store the data.
- Implement results based on feedback given from customers.
Scope of Data Science
Data is a crucial element for every organization and business. It can be visible that data science has become a mandatory part of every industry, and thus every company relies on the output extracted from the data.
Do you know that the total time required for hiring a software engineer is 6-8 weeks, while hiring a data scientist takes 11-12 weeks because of very high demand in the market?
According to a report, in Aug 2020, there were 93,000 vacancies, out of which 70% required data scientists having less than 5 years of experience.
If you think you have the perfect skills and confidence to jump on this career path, then it's high time for you. You can quickly enter into data science world by just learning some programming languages and software. The demand for this field is increasing every year as many companies are making data business decisions to boost the company's effectiveness and profits. So don't delay and go ahead with the right skills and enthusiasm. If you have queries or questions related to the above blog, please let us know, we will get back to you.