Data Scientist as a Career
In the current upgrading technological world, about 2.5 quintillion bytes of data are processed on a daily basis. A data scientist can organize and analyze this huge amount of data to make it accessible to lead a profitable business.
Data Scientists play a key role in business analysis as well as responsible for building data products and software platforms. In reality, data science is a combination of computer science, statistics, and mathematics.
In this time of computers, most organizations are collecting a huge amount of data in their daily operations. In almost every interaction with technology, data is interchanged. A data scientist’s role is to analyze this data and interpret the results to implement them for the organizational benefits.
Role of Data Scientist
Data Scientists are in a growing demand not just in technology, but also in all other major sectors, including FMCG, logistics, and more. It is commendable to inscribe here that the five biggest companies viz. Google, Amazon, Apple, Microsoft, and Facebook have employed one-half of the total data scientists the world has.
How to become a Data Scientist?
You should have a bachelor’s degree in data science or a related field to start your career as a Data Scientist. A certified course in data science is preferable to enter the market as a data scientist. A background in Mathematics and Statistics also increases the chances of being successful in this field.
Even students of entirely different fields of education can pursue their career as a data scientist. If you have never written code, you can still become a data analyst with the virtue of your hard labor and learning commitment.
Data Science is high in demand and, therefore, pays well. The average base salary for a data analyst in India is around 4.96 lakhs per year that includes around 50K in bonuses and 4K on a profit-sharing basis. This figure can go up to 9.98 lakhs per year, depending on your experience, additional skills, location, and employer.
If you are just starting out as a data analyst or have less than one year of experience in the field, you can expect to earn somewhere around 3.50 lakhs per year. If you have around 1-4 years of experience, you can expect to make 4.83 lakhs per year. For analysts with 5-9 years of experience, the compensation is somewhere around 7.20 lakhs per year. Experienced candidates with 10-19 years of experience are paid around 12.75 lakhs per year.
So how much impact does your experience really have on your salary? If you are an experienced data analyst, you will earn a salary that is around 157% higher than inexperienced candidates. Mid-level experience holders can also earn 45% more than others with lesser experience.
Any additional skills or those that you are not taught during your certification can contribute to a higher salary. If you are skilled in data analysis, you can earn something around 4.32 lakhs per year. If you can work with SQL, you can get a salary of around 4.92 lakhs per year.
Proficiency in statistical analysis is also an added bonus. You can earn around 4.80 lakhs per year with this skill. With knowledge of Microsoft Excel, your salary will be around 3.89 lakhs per year. The most popular skill out of all these is data analysis, followed by Microsoft Excel and SQL. Statistical analysis is the least popular. However, all these skills pay you less than the market rate.
Data Science is amongst the top jobs in the world. As per the labor statistics report of the U.S, demand for skilled data scientists will rise at the rate of 27.9 percent by the year 2026. If you have analytical skills and are passionate about computers, then an advanced degree in data science is a perfect goal for your career.