In recent years, the global focus on data has increased rapidly leading to significant growth in the field of data science. If you have graduated from a data science course, you may be curious to know how much you can earn in this industry. The good news is a career in data science earns you an above average salary depending on the role and your experience.
A data science job is one of the most sought-after careers, offering good salaries and security. As the world continues to move closer to advanced digitalisation in almost every industry, there is an increased demand for data science professionals. So, what do the salaries look like in the field of data science and what factors influence them?
Data science career paths
Data science is the study of large amounts of structured and unstructured data to find hidden patterns of consumer behaviour and derive useful information. The information obtained through the careful study of data is a useful guide in making business decisions and market strategies. AI and Machine Learning models are incorporated by data science professionals to create models and discover patterns.
The field of data science is vast and offers a pathway to a world of opportunities in different sectors. A data science degree opens the door to careers such as data scientist, data engineer, data analyst, data visualiser, data architect and machine learning engineer. These careers each cover a significant step in the data extraction process.
Factors that influence data science salaries
A data science professional adds undisputed value to any business or organisation. That’s why data science graduates are offered industry leading salaries in the hiring process. However, certain factors determine the pay scale of a data science professional such as education, experience, industry and location.
It is a known fact that experience increases the value associated with any profession and a data science salary is high for experienced professionals. Similarly, the quality of education, the area of focus, location of work and the type of industry in which a person is hired are deciding factors in earning good salaries. Whatever the conditions are, a data science degree is valuable and earns you more than most professions.
How much does a data science professional earn?
According to Glassdoor, the average annual salary for an entry level data scientist is €62,728 with an additional cash compensation ranging from €840 – €8,050. The salary trajectory changes with the amount of experience a professional has. So, a senior data scientist earns around €83,008 and a lead data scientist earns €94,173 a year.
Data skills are relevant and important in most industries from small-scale start-ups to multinational corporations (MNC). Statistics show that a master’s in data science earns you more than a bachelor’s in data science and with each year of additional experience, the salary increases. According to the Bureau of Labour Statistics (BLS), a postgraduate in data science earns a professional 17% more in terms of salary than an undergraduate degree.
Industries that pay top salaries
A data science salary depends largely on the type of industry a person is employed in. A data scientist in an MNC like Google, PwC or Meta earns significantly more than others. According to a report published by the World Economic Forum, the information and communication technology sector employs the highest number of data science professionals and pays lucrative salaries. This is followed by financial services, the biotechnology industry, non-profit organisations and the media industry.
Employees in data science are concentrated more in the IT industry due to the amount of data that needs to be processed every day. Both public and private sectors require data science graduates to perform analysis and gather useful information.
Scope of data science
The pandemic boosted the digital transformation of companies and made them increasingly data reliant. By the end of the pandemic, companies that were not data-centric, were unable to compete. Consumer engagement patterns became a necessity to stay ahead and increased the scope of data science professionals.
According to BLS, employment in the data science field will grow by 31% in the next decade. Reports suggest that data analysts and scientists are the types of job roles business organisations are looking to hire in the coming years. Data science is booming with each passing year and the gap continues to grow between the demand and supply which makes now the perfect time to pursue a data science degree.
A study conducted by leading recruitment firm, Burtch Works, shows that a large percentage of data science professionals have advanced degrees. Pursuing a Master’s in Data Science programme from the University of Europe for Applied Sciences can help you land a lucrative career in data science.
The programme will help you learn the in-demand skills to build a career in the data science field. Students also have the option to choose relevant electives such as game design, UI/UX design and digital media communication, which are useful in today’s global job market.