In a world where 2.5 quintillion bytes of data is produced every day, a professional who can organize this humongous data to provide business solutions is indeed the hero! Much has been spoken about why Big Data is here to stay and why Big Data Analytics is the best career move. Building on what’s already been written and said, let’s discuss Data Science career opportunities and why ‘Data Scientist’ is the sexiest job title of the 21st century.
Data Science Career Opportunities
A Data Scientist, according to Harvard Business Review, “is a high-ranking professional with the training and curiosity to make discoveries in the world of Big Data”. Therefore it comes as no surprise that Data Scientists are coveted professionals in the Big Data Analytics and IT industry.
With experts predicting that 40 zettabytes of data will be in existence by 2020 (Source), Data Science career opportunities will only shoot through the roof! Shortage of skilled professionals in a world which is increasingly turning to data for decision making has also led to the huge demand for Data Scientists in start-ups as well as well-established companies. A McKinsey Global Institute study states that by 2018, the US alone will face a shortage of about 190,000 professionals with deep analytical skills. With the Big Data wave showing no signs of slowing down, there’s a rush among global companies to hire Data Scientists to tame their business critical Big Data.
Data Scientist Salary Trends
A report by Glassdoor shows that Data scientists lead the pack for the best jobs in America. The report goes on to say that the median salary for a Data Scientist is an impressive $116,000 and there are over 1,736 job openings posted on the site (Source).
On Indeed.com, the average Data Scientist salaries for job postings in the US are 113% higher than average salaries for all job postings nationwide, as of February 2016.
In India the trend is no different; as of February 2016, the median salary for a Data Scientist role is Rs. 1,213,413 according to Payscale.com.
Data Scientist Job Roles
A Data Scientist dons many hats in his/her workplace. Not only are Data Scientists responsible for business analytics, they are also involved in building data products and software platforms, along with developing visualizations and machine learning algorithms.
Some of the prominent Data Scientist job titles are:
- Data Scientist
- Data Engineer
- Data Architect
- Data Administrator
- Data Analyst
- Business Analyst
- Data/Analytics Manager
- Business Intelligence Manager
Hot Data Science Skills
Coding skills clubbed with knowledge of statistics and the ability to think critically, make up the arsenal of a successful data scientist. Some of the in-demand Data Scientist skills that will fetch big career opportunities in Data Science are:
The Payscale.com chart below shows the average Data Scientist salary by skills in the USA and India.
Currency: India – ₹, US – $
The upward swing in Data Science career opportunities is expected to continue for a long time to come. As data pervades our life and companies try to make sense of the data generated, skilled Data Scientists will be continued to be wooed by businesses big and small. Case in point, a look at the jobs board on Indeed.com reveals top companies competing with each other to hire Data Scientists. A few big names include Facebook, Twitter, Airbnb, Apple, LinkedIn, IBM and PayPal among others.