There would not be any space to wonder if a well versed techie in the US says that, Data Scientist is the No.1 job in America among the various other jobs. A recent survey says that the job has enormous openings with the base salary of $116,840 (An average salary of a junior level data scientist is $91,000). It has grabbed the first place in the top 50 best jobs in America. The career growth and job score are predicted to have a healthy trend in the long run. The prediction is made out of comparing three major aspects such as the median annual base salary (earning potential), number of job openings and career opportunities rating.
Data Scientists- Demand and Supply
Demand includes the challenges involved in the process of recruiting and training as well as the steps needed to be carried out in the integration of data scientists. The drop out of experience tag has played a major role in the increasing demand for data scientists. Though we could witness the increasing number of candidates with a Master’s degree (including a Ph.D. in some cases), the trending graduate programs (more than 100) for the younger generation has curbed the experience gap to a significant level. It has to be mentioned that one in three of such candidates is foreign born.
Due to the heavy adoption of data science in many organizations (including more number of start-ups), the companies that have dominated the application of big date analytics experience a huge decline.
The MIT Sloan Management Review Survey has been promising. It states that a great percentage of firms (close to 63%) deploy formal or on-the-job training in-house only to compensate the scarcity of data scientists. The organizations take as many effective measures as possible to increase the skill ratio of data science to their employees. Initially, they discover the skill set of their existing managers and then train them accordingly so that they could help develop analytical skills among recently employed employees. The end result of such training aims at providing the data scientists a comprehensive knowledge to understand the business. It becomes much easier for the firms to tune their growth rate if even the entry level data scientist understands the business.
The supply is calculated with the statistics obtained from the talent analysis and the expected salaries of qualified candidates. Amounting to 371 data scientists out of a survey, the butcher works study has released a recent report which states that efficient data scientists earn a humongous income as a result of whooping demand in the market.
The adoption of Data Science studies by leading universities has also added more heat to the flourishing demand. An observation by MIT reveals the flooding offers for Data Scientist to the out of field students who have their core knowledge in astronomy, physics, and biology. This has pushed the Universities to set-up dedicated data science institute. McKinsey projects study lets out the information that foretells that nearly 50 percent to 60 percent of supply and requisite demand of deep analytic talent may be needed in the US alone by the end of 2018.
The demand for data scientists is already being seen in a broad spectrum of firms including pharmaceuticals, insurance, finance, and aerospace. Lack of talent is also cited to be one of the major reasons for the demand.
Salary statistics has it that, a junior data scientist can earn a median salary of $91,000. However, if they could manage a team of ten or more data scientists they could crack down a basic salary of over $250,000. A change of job to data scientists with palatable experience can fetch them a median salary which would be 16 percent more than their last basic salary.