A data science career has become a great career option for the youth. However, the course requires a lot of knowledge about the realm, programming, maths, and statistics as the one who knows it is quite in demand. The demand for the post of data scientists and engineers has grown in recent times. This is because there has been a huge gap between the demand and the supply of highly skilled data science professionals.
Very few applications for the job get selected because the job of a data scientist is quite difficult. This is because the job needs highly advanced technical skills and relevant experience. Hiring a good data scientist is a difficult task as one should reach the expectations of the company hiring them. Also read: Cyber Security Salary– Beginners and Experienced
Factors responsible for Salary
The main factor for the high paid salary of the data scientist by the companies is they have known the power of data and use it wisely in taking business decisions. And the post of data scientist has not been taken due to technical knowledge. To attract youth to different career options the salary is highly paid.
The factors responsible for getting a good salary for a data scientist are:
- Experience: The salary depends on two factors high paid salary and years of work experience. It is attracting young IT professionals. The future in the field is quite bright. In the coming years, the fresher data scientist’s salary is 511,468 rupees per annum. The data scientist having 1 to 4 years of experience earns an average salary of 773,442 per annum. However, those having 5 to 9 years of experience have a salary of 12 to 14 lakh per annum.
The employee has much experience and had held a good position earning up to 24 lakh per annum. The promotion for the higher post in the field of data scientist increases by 50%.
- Location: The salary of the data scientist depends on the region they live. In India, Mumbai has the most job opportunities. The salaries of the data scientists in this city are highly paid whereas the other cities providing better job opportunities are Bangalore and Delhi. Bangalore is also known as the startup capital as it promotes startup job opportunities. The cities where the salary of data scientists get highly paid are Chennai, Bangalore, and Hyderabad.
- Education: Data scientists should have the knowledge of their course and skills. The highest-paid salaries for the data scientist are for those who work on coding for 4 to 8 hours per week. The lowest salary is given to those who don’t have the idea of coding. Data scientists derive ideas for useful things for improving the organization.
- Skills: For having a good and reputed job as a data scientist you need a high qualification that is a Master’s degree and has well upon language and tools knowledge to manage data.
- Employer: The most reputed organizations are providing the highest paid salaries to the data scientists. They have a 15% hike in their salary every year. The top companies offering jobs are IBM, Accenture, JP Morgan, American Express, McKinsey, and Wipro. The companies offering salary is from INR 1,986,586per annum to INR 997,500per annum.
Data Scientist Salary in Other Countries
The top five countries offering salaries are as follows:-
- United States:
It is at the top of the list of countries that provide high salaries to the data scientists willing to work with them. The average salary of a data scientist yearly is $120,000 per year. So, It pays a higher salary than any other country.
- Australia:
It is ranked second in the list of countries providing high pay to data scientists. The salary of a data scientist is between AU$ 75,233 per year to AU$121,578 per year according to the experience.
- Israel:
Israel has become a hub of IT centers with several job opportunities for both beginners and experienced. They can earn up to $88,000 per year.
- Canada:
The salary in Canada for data scientists is $ 81,000 per year. The starting salary of a data scientist is $ 77,870 per year and can take a hike up to $117, 750 per year.
- Germany:
Data Scientists in Germany may have a salary of up to 5,960 euros per month. Working Data Scientists have a salary of between 2,740 and 9,70 euros per month. Also read: Web 1.0, Web 2.0 and Web 3.0