For many years now, becoming a data scientist has been the goal for many. Billed as the hottest role of the 21st century, data scientists are among the highest paid in the IT industry and one of the most scarce right now.
In fact, according to Glassdoor, the average salary for a data scientist is €93,400.
And data science is part of our daily lives. It is in the online purchases we make, our social media feeds, the music we listen to, and the movie recommendations we’re shown.
As we predicted at the start of the year, companies that do not invest in data science and AI will not compete.
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So what does a data scientist do?
The role requires you to collect, structure, store, process, and analyze data so that individuals and organizations can make decisions based on the data’s insights.
It is also a role that fits with the current reality of work. The nature of the job allows you to work at flexible times and remotely. It suits self-employed individuals as much as it does those that are employed.
And it is an exciting space too. The field of data science has grown exponentially in a short period as companies have recognized the importance of getting large amounts of data from websites, devices, and social networks to use them for business purposes. Once the data is available, data scientists use their analytical skills to evaluate data and extract valuable information that companies can use to improve their products, services, and future innovations.
In the future, data is likely to emerge as a game-changer for the world economy, so pursuing a career in data science would be very beneficial for a computer enthusiast, not only because it pays well but also because of its potential impact.
Data science is, of course, not for everyone. Data scientists are often individuals with experience in analytical thinking and analyzing data, matched with complex problem-solving skills and a curiosity to explore a wide range of emerging issues.
They are considered the best in IT and business, making them highly skilled individuals whose job roles straddle the world of computing, statistics, and trend analysis. There is a fast-growing demand for data identification and research in various technological fields such as AI, machine learning, natural language processing, and computer vision that helps ensure the salary and career path of a data scientist is one of the world’s best.
Data Science Job Roles
The work of a data scientist is as exciting as it is rewarding. Using machine learning, they process raw data and analyze it using various algorithms such as regression, clustering, classification, etc. You can identify insights that are critical to predicting and solving complex business problems.
Salary Range for Data Scientists
As mentioned, according to Glassdoor, the average salary for a data scientist is €93,400 per year. The average salary for a young professional can be as high as €78,220 per year. However, data scientists with 1 to 4 years of experience can earn around €106,009 per year, while the average salary for those with more experience can increase to an average of €135,856 ( per year.
As the name suggests, a data analyst’s job is to collect, process, and perform statistical data analysis that enables business users to get meaningful insights. For this process, systems created with programming languages such as Python, R, or SAS are utilized. Companies ranging from IT, healthcare, automotive, finance, and insurance employ Data Analysts to efficiently run their businesses.
Data Analyst Salary Range
According to Glassdoor, a junior data analyst earns around €57,636 per year, and experienced senior data analysts can expect to be paid approximately €88,101 per year.
A data engineer is responsible for building a specific software infrastructure so that data scientists can work. You must have a solid understanding of technologies like Hadoop and big data tools like MapReduce, Hive, and SQL. Half of the job of a data engineer is data wrangling, and it is beneficial if they have a background in software development.
Data Engineer Salary Range
According to Glassdoor, the average salary for a data engineer in the United States is €84,695. Renowned companies such as Amazon, Airbnb, Spotify, Netflix, and IBM value and pay high salaries to data engineers. Entry-level and mid-range data engineers earn an average salary of between €90,571 and €113,436 per year. However, with experience, a data engineer can earn up to €127,623 a year.
Data Scientist salaries per position
The number of job opportunities and the salary level for data scientists is the highest in Switzerland in 2020, followed by the Netherlands, Germany, and the United Kingdom.
The United States is generating the largest number of startup jobs globally, followed by Bangalore in India: the salary of a data scientist in Silicon Valley or Bangalore will likely be higher than in other countries.
Below are the average annual salaries of a data scientist per country:
Switzerland – €95,079
The Netherlands – €56,714
Germany – €52,715
The United Kingdom – €49,222
Spain – €24,742
Italy – €31,111
Experience Data Scientist Salary
Starting salaries for data scientists are very favorable, and there is incremental salary growth with experience.
The salaries of a data scientist depend on skill and years of experience:
A mid-level data scientist’s median salary with about 1-4 years experience is €106,009 per year. If the data scientist is in a managerial position, the average salary increases to €152,324 per year. The median salary for an experienced manager is much higher; about $250,000 per year.
Data Scientist Salary by Company
Some of the highest paying companies in data science are tech giants like Facebook, Amazon, Apple, and service companies like McGuireWoods, Netflix, and Airbnb.
Below is a list of the top companies with the highest salaries:
McGuireWoods – €135,950
Amazon – €135,127
Airbnb – €127,523
Netflix – €121,544
Apple – €118,969
Twitter – €118,846
Walmart – €118,729
Facebook – €117,898
eBay – €117,745
Data Scientist Salary by Skills
There are a few core competencies that will help you shine in your career as a data scientist, and if you want to get an edge over your peers, you should consider honing these skills.
Python is the most crucial and sought-after skill data scientists should be familiar with, followed by R. The average salary in the US for Python programmers is €99,105 per year. If you are well versed in both Data Science and big data, rather than just one of those skills, your salary is likely to increase by at least 25 percent. Machine learning engineers, on average, earn around €92,098 per year. However, machine learning, coupled with Python knowledge, means you can earn up to €120,282 per year.
A Data Scientist with knowledge of artificial intelligence can earn an annual salary of between €82,337 and €123,506. Additional skills in programming and innovative technologies have always been an added value that can improve your employability.
So, what are you waiting for?
Data science is, without any doubt, an area that is going to revolutionize the world in the years to come, and you can have a slice of this very lucrative pie with the right background, mindset, diplomas, skills, experience, and training.