The salary that an experienced data scientist earns

Data scientists are professional people who engage in collecting, analyzing and interpreting big data for firms. This information is used to fulfill stakeholder goals by applying techniques such as machine learning and artificial intelligence. Their expertise lies in different fields such as mathematics, statistics, science and computers, therefore having a number of positions in business. The most common roles in data science include data scientists, data analysts, data engineers and more. In large firms, data scientists work with their colleagues in the process of mining data and making sense out of it to help predict future trends and estimate revenue and profit.

 

With the combination of hard skills such as learning SQL and Python along with soft skills such as communication and business skills, the field of data science has become extremely tough to crack, thereby having limited entry because not many can cope up with the high standards of studies. This is the path that is desired by many because of the value and reputation attached to it. The increasing demand for these skills has also led many individuals to join this stream and move forward in it.

 

Average salary that data scientists earn

 

It is no surprise that data scientists earn a ransom for what they do. Big companies are ready to give large amounts to these professionals to analyze and handle their data. With everything now becoming computerized, these individuals are highly demanded by firms for their skills and experience. However, their supply remains low compared to their demand, therefore increasing their value even more. However, finding a person who can do multiple tasks like handling machines, data managing, computers, and more is quite challenging for a business. Furthermore, with the fierce competition in the market for these individuals, it becomes even tougher for companies, causing them to give high salaries to data scientists.

 

Factors that determine a salary

-     Company size

-     Education

-     Region

-     Job Title

-     Industry

-     Experience

 

The salary of data scientists depends on a number of factors as mentioned above. However, the main factor remains experience regarding your work. If an individual has a higher experience than another individual, the later will receive a lower salary compared to the experienced data scientist. According to Glassdoor, the average amount that a professional gets for handling big data is Rs. 1055k a year, but every company has their own rates for positions and their guidelines that go along with the role.

 

The salary is dependant on a company to company, but one thing remains the same, which is the greater the experience, the more money an individual earns. Junior data scientists with a minimum of 2 years of experience can get about 9 lakh per year. On the other hand, a senior data scientist having years of professionalism may earn about 18-20 lakhs per year, considering the years of experience. These figures entirely depend upon which company you choose to work for and where is it located.

 

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