What are the salaries for data science compared to related fields?

This is what I find more than often in any of the job descriptions for a high paying data science role is the ability to handle entire process right from data extraction, to data wrangling, to data analysis, to data deployment and then finally to monitoring and improvement all independently. The more hats one is able to wear, the more likely is a better pay

Data science salaries are influenced by a complex interplay of factors, including education, experience, skills, geographic location, industry, and market dynamics.

In general, supply and demand will always determine what the market will pay for skills, regardless of the role. More highly skilled roles, such as that of a Data Scientist, often require a longer period of academic training, which means that there are fewer available candidates on the job market. When it comes to the salary you can expect as a Data Scientist, your choice of industry is crucial. Compared to low-margin industries such as retail, data mature industries such as banking, insurance and technology companies tend to offer much better salaries. Ultimately, your own attitude and ability to deliver results will determine your salary, regardless of your educational background or choice of industry.

Some way to start career in Data science:- - Enthusiasm for experimenting with any type of large scale data. - Understanding of any programming language (preferred Python or R). - Basic knowledge of SQL or PostgreSQL. - Hands-on on tools such as Power BI, Hadoop, and any database tools. - Learn Machine Learning. - Practice with publicly accessible datasets and algorithms.

Data scientists and other data-related jobs such as data analyst and data engineers are also getting great salary packages from various companies that want to hire them. The more experience you have in the field, the better. The Data Science market has witnessed an exponential growth in job offers within the field of Data Science, and it appears that its popularity is only set to increase.

The extent to which salaries are made public is very much a matter of culture. Many Anglo-Saxon countries, such as the US and the UK, publish salaries directly in the job posting. This makes it easier to compare salaries between different categories of roles (Data Scientist, Data Engineer, Data Analyst, etc.), but also between levels of experience within a role (junior, mid-level, senior). Salaries change in response to supply and demand as a result of the economic state of an economy in terms of several different variables, particularly unemployment, growth and inflation. Reliable information on salaries and benefits can often be obtained through research and benchmarking. Statistics can be obtained from unions, internet services, etc.

Data Scientist is used as an umbrella term in majority of the organisations. The data scientist role in many organisations can range from work related to data analysis, applied data scientists (making data science tools absorbable to non-technical counterparts owing to software engineering), & a little data engineering. This happens because in small scale or mid scale companies, the problems that require data science solutions are not always research oriented. It is always an amalgamation of all the different factors mentioned above. My experience tells me how simply a data science tool can be explained by the data scientist to the business counterpart plays a crucial role. Hence, communication skills play an important role as well.

Data science and machine learning are often perceived to be methodologies for automation and tool integration. But if you really want to add value to your business use case, be prepared to delve into some old-fashioned statistics. Else the super-new pipeline solution you just built for your biggest client is liable to blow up in your face. And that is linked to your own value to your organization...

Defining global salary ranges, which in practice will be determined by local factors, individual skills and experience, is totally misleading. Let me give you a real-life example. I had competent and skilled employees in data scientist roles. When annual salary reviews were conducted, the US was compared. Comparing the potential salaries in the US with those in Europe for the same role and the same level of experience is like comparing apples and oranges. The salaries, the insurance, the benefits, the employer contributions and the taxes on income are completely different in each country.

Beyond industry differences, I miss one dimension that definitely influences pay: function, or what is the final use of the work a data scientist will produce. Data scientist working on tasks affecting the bottomline directly will likely earn more than data scientists working on research-like tasks where final usefulness of their products is uncertain. Two examples: data science in technical sales roles vs data science in research or academic tasks.

A quote by Benjamin Franklin describes this best: “By failing to prepare, you are preparing to fail.” Often, employees get stuck discussing only one number: The current or desired salary. Try being more open to creative solutions like more vacation days, incentives, training, etc.

Data science is a domain in Latest trend technology and base of Artificial Intelligence that specifies wide range like Big Data Analytics, Data Modelling. Data Scientists are specialised in Data science domain with the knowledge of other technologies such as Machine learning and Deep learning.