Data Scientist Salary: How Much Data Scientists Make?
By: Przemek Chojecki
Tags: Jobs, Work, Data Scientist, Data Science, Salary

Data Scientist Salary: How Much Data Scientists Make?

Data Science Salary, Job, Training — make the most out of your passion.

A data scientist currently holds one of the jobs that receive the highest financial benefits. In 2016, he ranked first among the best jobs in America. It is a profession that is positioning itself and generating many jobs.

According to a Glassdoor report, it ranks 16th for the highest-paying jobs. A data scientist earns an average base salary of $115,000 annually.

Other studies indicate that the average salary of these professionals is around $130,551 per year, depending on the companies. For example, in the Cisco company that amount can rise to $190,000, while

Apple is located at about $145,000. It is not a bad figure, to which you can aspire if you learn to master the concepts and techniques of this discipline.

Data Science Salary — how much data scientists make?

Why do Data Scientists earn so much?

It is difficult to beat the salary of a data scientist. Studies indicate that they exceed 113% of the salary of the most common jobs. That high pay is mainly because these professionals must master statistical, mathematical, and programming skills.

Additionally, their functions are of great value to a company, since they deal with an in-depth interpretation of the data that will result in the implementation of strategies to obtain better profits.

They are very difficult to find, so they cost. When a company manages to hire an employee who understands the data and knows what to do with it, they are rewarded with a good salary. Likewise, the work of an expert in data science is not easy at all.

The data scientists have the enormous task of structuring the data of a company, which is usually very messy. Then, they develop databases that relate and facilitate the understanding of the processes.

Salary optimization

The salary of a data scientist can be improved depending on different factors. First of all, the tools used on the job will be crucial in receiving the reward. For this reason, these professionals are recommended to expand their knowledge with experts in this science.

On the other hand, the salary will be determined by the industry, since not all areas present the same challenges. Social, networking, finance, manufacturing, and software companies rank among the highest-paying.

The location of the company, the experience, and the work of the scientist also influences the salary.

A profession in demand

The world is experiencing an explosion of data in all fields. And since data science is a young discipline, few professionals with analytical talent are wanted to meet the demand that this job requires.

According to the McKinsey Global Institute, by 2018, between 4 and 5 million jobs will require data science techniques to meet the challenges that arise. The objective can only be achieved through the training or retraining of professionals at expert sites in the area.

Why are so many data scientists needed?

It is all because of the advances in information and communication technology. Everything is managed with data. Experts are needed to help put them in order and take full advantage of them.

If you want to compare a Data Scientist salary with a Data Analyst salary, read this text. Two jobs are similar but not the same.

Good luck with your Data Science Career! If you’re looking for online resources to become a data scientist, check my Data Science Job course which will jumpstart your career.

**This text was originally posted on Data Science Rush blog**