An Overview of Data Scientist Salary in 2023
October 26, 2022
October 26, 2022
Data science is the next big thing in the field of Artificial Intelligence. It has evolved as the most promising and in-demand career path for skilled professionals. As the amount of data has grown over the years, so has the need for professionals who can extract meaning from and interpret data.
In this article, we will discuss a Data Scientist's salary around the globe and understand why becoming a Data Scientist is the 'sexiest job title of the 21st century'.
IBM published a study, wherein it predicts that the demand for Data Scientists will soar by 28% in 2021. The demand for Data Scientists has been on a steady upslope. Some of the important points from the aforementioned IBM study are summarised below.
As the world is moving towards making better data-driven decisions, both startups and major corporations like Cisco, Dell, IBM, VMWare, etc are offering lucrative salaries to Data Scientists.
The average annual salaries for Data Scientists can vary over countries, with the highest annual salaries seen in the United States, Australia, Israel and Canada and the lowest seen in Poland, Ukraine, India, and Russia. Please note that while some countries may have low annual salaries, it does not always indicate that their Data Scientists and Machine Learning Engineers report low job satisfaction compared to countries with higher annual salaries.
According to Payscale.com, the average annual salary of a Data scientist in India is Rs 708,012 ($9905 ) , while that in the United States is $96,106.
The highest demand for Data Science skills is in the field of Machine Learning, which is growing at a rate of 9.8x, while the traditional Data Scientist role is growing at the rate of 6.5x.
On a daily basis, a Data Scientist may do the following:
For Data Scientists to complete the above tasks successfully, they should have the following skills.
One of the most important skills for a Data Scientist to possess is the proficiency in either Python or R and a good knowledge of SQL. R is preferred when a lot of statistical modelling and research is to be conducted. Python is the preferred language when it comes to deep learning research.
Data Scientists spend 79% of their time to collect, clean and organize data. These important analytical skills take up the majority of their time and are the most essential. In addition, they may also be involved in mining data, refining algorithms or building training sets.
The most lucrative analytics skills for Data Scientists to possess include MapReduce, Apache Pig, Machine Learning, Apache Hive, and Apache Hadoop. DAS professionals with MapReduce skills are earning $115,907 a year on average, making this the most in-demand skill. DAS professionals with expertise in Apache Pig, Hive and Hadoop are competing for jobs paying over $100K.
In addition to this, Data Scientists are required to possess sharp business acumen, scientific curiosity, and strong leadership and communication skills. Having them will greatly affect the salary scale.
💡 Pro-Tip: Download our Data Scientist Salary infograph.
Are you hiring Data Scientists for your organization? Don't know how to assess them? Check out our Data Science and Analytics Test and Python Coding Test (Basic) for hiring entry-level Data Scientists for your team.
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Keerthi is a Content Marketing Strategist at Adaface.