Do you know data science is one of the most interesting as well as challenging jobs in the world? The World Economic Forum 2023 job report has ranked data science as the fifth fastest-growing job. The data science market is growing at a CAGR of 16.43% in the period 2023-2030 and will hit a market value of $378.7 billion, as per Contrive Datum Insights.
But what attracts a lot of students and young professionals in this field is the lucrative salary it offers. As per Glassdoor, the average data scientist salary in the USA is $1, 04,112 per year. Though this number looks attractive, the students must understand it is an average figure.
When you are planning to dive into a data science career, you must not have an unrealistic salary expectation that can break your heart. Here we will check out the data scientist salary around the world and see what determines the difference in these numbers.
What do data scientists do to get so much remuneration?
Before we explore the data scientist’s average salary around the world and across industries, let us first understand what data scientists do so that they earn such huge salary packages. So, data scientists are professionals who collect, analyze, and interpret large amounts of data to extract valuable insights and solve complex problems.
They use their expertise in statistics, programming, and machine learning to clean and organize data, apply statistical models and algorithms, and create visualizations and predictive models. Data scientists work closely with stakeholders to understand their goals and formulate relevant research questions.
They play a crucial role in uncovering patterns, trends, and relationships within data sets to make data-driven decisions and recommendations that drive business growth, enhance operational efficiency, or address societal challenges.
What decides the salary of Data Scientists?
Now, the data scientist salary is not everywhere. There are several factors that determine what you will get paid as a data scientist or a senior data scientist. Below is the list of those factors:
Experience and expertise in the data science domain
The level of educational qualifications such as degree, diploma or Ph.D
Industry and company size
Location, of course
Skills and specializations
Demand and Market trends
Salaries of Data Scientists in top economic countries
The data scientist average salary and minimum and maximum salary of data scientists in the top 10 economic countries are listed below:
Source – Glassdoor (Updated June)
Salaries of data scientists based on Industries
Besides location, the industry also plays a significant role in determining the magnitude of salaries. Here are the top industries that pay most to the data scientists:
Government and administration
Arts, entertainment and recreation
Financial service sector
Personal consumer services
Management and Consulting
Aerospace and defense
Source – 365datascience.com
Top Companies for Data Scientists in Terms of Salary
Here’s a list of the top companies that pay most to the data scientists:
Earnest – $214,490
Lending Club – $212,626
Twitter – $210,981
Spokeo – $210,680
Mozilla – $209,390
Aviso – $208,970
Yahoo – $206,590
eBay – $206,097
Microsoft – $205,334
Xevo – $205,224
The salary of Data Scientists depending on their years of Experience:
It is obvious that with the years of experience, you have you can earn more in this field. The data scientist starting salary in the USA can be anywhere between $80,000 and $110,000 per year. As you advance in your data science career, this number will only increase. For example, the senior data scientist salary in the USA is $1,30,504.
According to Glassdoor, the following estimates represent the median annual total pay for data scientists in the United States, categorized by years of experience:
0-1 years: $124,485
1-3 years: $131,398
4-6 years: $138,697
7-9 years: $143,851
10-14 years: $152,797
15+ years: $163,489
Salaries of different job profiles in the Data Science Domain
For ease of understanding, let us compare the salaries of different job roles in the data science domain for the US only. The figures are as seen on Glassdoor.
Average Salary per annum in the USA
Data Science Manager
Data Science is a vast field that encompasses various job roles. Also, data science is the fastest evolving industry as well which almost every company in the world across all industries is leveraging for their growth. Therefore, the demand for data scientists will get on increasing. And as seen in this article, you can now have a clear idea of the various remuneration option this field has to offer based on country, profile, years of experience, company size, etc. So, plan your career in data science and reach your goals.