Due to the growing scope of data, the role of data science comes into the picture, which involves several tools and techniques. So the importance of data science and data scientists is increasing rapidly to solve data-related issues.
Data science is getting more important in today’s tech world as it helps humans and organizations to make more sound and informed decisions. Nowadays, it has become an essential feature of every organization as it helps to make decisions based on facts, trends, and statistical numbers. It also enables companies to recognize their client in a more improved and enhanced way in order to provide better quality and power of the product or service.
Almost all high-tech sectors like healthcare, finance, travel, gaming and sports, education, power, and fuel ate applying data science in their industrial and business operations so they can analyze their challenges easily and also address them effectively. It results in the increased demand for skilled data scientists who have achieved relevant credentials in the domain.
This article will focus on the data scientist salary expectation in India and the US.
Generally, Data scientists are known as analytical experts who use their skills and expertise in both social science and technology to find insights/trends and manage data. They can solve complex problems with their technical skills. They also have a curiosity to explore what problems need to be fixed and what is the best way to solve the problem. They are a combination of partly mathematicians, computer scientists, and partly trend spotters. Data scientists straddle both the IT world and business, so they are highly sought-after and well-paid professionals. Who would not want to become one?
The job role of a data scientist is to make sense of messy and unstructured data from various different sources like smart devices, emails, social media fields, etc., that don’t clearly fit into a database. Therefore, working as a data scientist can be actually challenging, analytically satisfying, and put you at the forefront of new technological advances.
The job role of a Data Scientist
The responsibilities of a data scientists are very hectic and time taking. Let us know about them how they complete their work using a huge amount of data.
- Data scientists try to gain data patterns and trends to uncover hidden information.
- They gather and analyze huge sets of organized and unstructured data.
- They clean and validate to improve data accuracy and efficiency.
- They build data models and algorithms to predict outcomes.
- They can also use machine learning techniques to improve the quality of data or product offerings.
- They are able to deploy data tools like R, SAS, Python, or SQL in data analytics.
- For better collaboration, data scientists communicate recommendations to other teams and senior team members.
- They interpret and showcase the outcomes of data analysis, modeling, and processing to generate actionable plans for organizations and businesses.
- They ensure positive observation and discoveries to the company’s stakeholders.
The demand for skilled data scientists is rapidly increasing. The salary expectations of data scientists are based on their experience. Employers offer less experience, fewer salaries, and more experience. It means data scientists’ salaries rise with their experience in this field.
In India, a normal graduate can earn an average salary of Rs 511,468 per annum for an entry-level job in this domain. At the same time, data scientists with experience of up to 4 years can earn an average salary of Rs 610,811 per year. If you have less than one year of experience, you can earn approximately around 698,412 per year.
Data Scientists with 5 to 9 years of experience and expertise can claim to earn between INR 12 to 14 lakh per annum. In high-level managerial positions, a highly experienced data scientist can claim to earn around 23 to 24 lakhs per annum. On the other side, payscale states that a mid-level data scientist can earn up to Rs 1,367,306 per annum.
In India, the salary can be based on location and vary depending on where they work. In Mumbai average salary is Rs.788,789 per annum; in Chennai Rs. 794,403; in Bangalore Rs 984,488; Pune Rs 725,146; Hyderabad Rs 795,023, and in Kolkata, a data scientist can earn Rs. 402,978 as an average salary.
On the other side, Glassdoor reported that the national average salary for a data scientist in India is Rs.10,00,000, based on around 6200 salaries submitted to the company by data scientist employees.
There are many related jobs also available for employees, such as Big data (Rs 73986), data Scientist Intern (Rs 12000), Quantitative Analyst (Rs 70,683), Senior Data Scientist (Rs. 83,828) can earn per month.
Salaries can also be based on employers as large and reputed organizations raise data scientists’ salaries by 15 % per annum as prominent companies are at the top of the list of the highest-paying data positions.
The United States of America is known as the highest salary paying country to the data scientists who are willing to work for them. The average salary they pay to data scientists is higher than any other country in the world. In the US, a data scientist can earn an average salary of $122,499 as of April 2022, as reported by Glassdoor.
If you are already working as a Data scientist, upgrade yourself with new skills and trends and claim a higher salary. So Salaries of Data Scientists vary on many different factors such as Country, state, and city location, employer, employee’s skills and knowledge, and employee working experience. It means you have to decide where you want to work and for whom you want to work.