When deciding to start a new job, the crucial factor is the salary we will be getting and the scope for an increase in salary in that field. With the interest in the domain and getting the compensation we deserve, professionals decide to start the job.
The estimated total pay for a Data Scientist is an average of $1,00,651 annually in the USA. – PayScale
But how will a professional check if they are earning what they rightly deserve? Since various factors are responsible for a huge range of data scientist salaries, one needs to predict the numbers, keeping all of them in mind.
Here is a list of core factors that decide data scientist salaries.
Deciding Factors For Data Scientist Salaries
- Salary Based on Experience
Like other technical fields, experience plays a critical role in deciding the salary as the professional has comparatively more knowledge and skills.
According to the Indeed job platform, the starting package for entry-level data scientists is $77,280 per year. When entering senior-level positions, the salary grows to an average of $ 149,636 annually. With experience and position, the range scale keeps increasing for professionals.
- Salary Based on Industry
Depending upon the career path in data science you have selected, the job role, skills required, and the salary largely differ. Each sector has different demands for data scientists, impacting the salary range.
Finance, healthcare, technology, and pharmaceuticals are high-paying fields compared to other sectors.
- Skills & Expertise
Recruiters tend to search for employees possessing job-specific and industry-specific skills. Thinking about starting a career path in data science along with experience in technical, financial, or other fields is considered a huge advantage.
- Practical knowledge of tools like Python, R, Hadoop, SQL, etc, leads you toward higher pay.
- Previous work experience working on complex projects as a manager, assistant, etc, is a plus point, indicating you are well aware of how data projects are being carried out.
- A clear understanding of business jargon, objectives, concepts, and terminologies, with knowledge of how to align short and long-term goals, can result in better salaries.
- Along with the technical, the right amount of non-technical skills like communication and team management will push you towards lead positions faster.
- Right Educational Background
The data scientist position doesn’t require any specific degree. With the right skills and a decent bachelor’s degree, one can get an entry-level job position in data science.
However, professionals who tend to update their skills with the right master’s degree or reliable certification courses grab the opportunity to get better pay. Credible institutions such as the United States Data Science Institute (USDSI®) offer top data science courses online, giving you access to meaty leadership roles with well-deserved pay.
The course is around 4-25 weeks, depending upon your learning pace, designed to make you become a data science leader and land a job with around 40% higher salary.
- Location of Job
The salary range often depends upon the cost of living where you reside and pursuing a job role. Since urban centres are comparatively costly, companies often pay more for the same or similar roles to the employees. Companies in cities like New York, Boston, San Francisco, etc., offer higher compensation than companies in other cities in the USA.
The key to getting higher pay is to become deserving of the same. Keep attending seminars and hackathons to learn new skills and improve existing ones.
How to Increase Salary Scope?
You need the right mixture of skills, knowledge, experience, and negotiation skills to increase your salary scope.
- Build a Strong Portfolio
Whether a working professional or a fresher, preparing a haunting portfolio of your data-based projects is crucial. These projects are live demonstrations of your skills & knowledge. Professional websites like GitHub can be the perfect platform for the task.
- Invest in Continuous Learning
Devoting your time and resources to the best and most trusted data science certifications is the way forward. Make it a priority to enhance and upgrade your skills with globally trusted data science certification providers such as USDSI®, among other renowned and respected pioneers.
- Negotiation Skill
When done with the right market research and complete preparation, negotiation has a higher chance of success. While discussing salary for the job, mention your skills, demonstrate your portfolio, observe the market rate, and so on.
Take a Step Toward Your Rewarding Career
The demand for data scientists with huge pay options will stay strong even in the coming years. All it takes to brag the deserving salary is the right skills, knowledge, and trait of continuous learning.
A lucrative career option with a wide choice in industry, data science is perfect for individuals who love to work with data and numbers. If you are ready to make a real-world impact by working on numbers, invest your time and resources in a data science course online to learn new skills and get a financially rewarding career in return.
