The position of Data Scientist is one of the most desired roles in today’s field of Data Science and Business Intelligence, and it’s been dubbed the “sexiest job of the twenty-first century” for all the right reasons. A data scientist can extract hidden knowledge from a large amount of raw data.
From data processing to data cleansing, each stage necessitates perseverance, a fair amount of mathematics and statistics, as well as a smattering of engineering abilities. After the foundation is laid, data scientists are needed to uncover trends and construct models to understand product usage and overall health better or serve as prototypes that will eventually be baked into the product. As a result, data scientists are an essential component of data-driven design.
As the essentiality increases, so does the salary prospects. But there are other factors on which salary variability arises in this field.
Often, a job in a cosmopolitan city pays more than that in the smaller cities and towns. For example, a city like Gurgaon pays more for a data scientist role than any other city because of the increasing number of data-driven businesses in that city.
A city like Mumbai, which is the financial capital of India, is yet another place where you can look for data science jobs. Other equally popular cities for data science jobs are Bangalore and Chennai, considering the number of IT-oriented companies that each of these cities has been home to.
Top-tier organizations that deal with machine learning, big data, and data analytics pay highly and pay data scientists slightly more than the average. Amazon, Flipkart, Mu Sigma, and Accenture are all well-known names in this field. Pay at mid-level analytics firms may differ slightly. When they first start in the area, most data scientists can expect to earn around 6 LPA on average. Even the company size matters. If you work in a firm with less than 50 workers, your prospects of receiving a higher income are slim; however, if you work in a company with more than 1000 employees, your chances are much better. Furthermore, there are additional perks to working for a larger corporation, such as health insurance, paid leave, and so on.
A solid education is almost always required for a high-paying job. However, just because you have a degree doesn’t imply you’ll acquire a good job. There is a slew of other variables to consider. Although a certification or degree in data science is helpful, it is also essential to supplement your education with practical experience. Internships and projects become crucial in an educational system at this point.
A career in data is exciting to young IT workers because of the significant correlation between years of work experience and higher-paying salaries. For a fresh graduate in India, the average entry-level data scientist salary is 511,468 rupees per year. A data scientist with 1-4 years of experience earns an average of Rs.773,442 a year in their early career.
Employees with 5 to 9 years of experience should earn between INR 12 and 14 lakhs per year. According to payscale, the average salary for a mid-level data scientist is Rs1,367,306 per year.
Aside from your experience and talents, the tools you use when working as a data scientist are also considered. Most of the time, the tools utilized change, and you must keep up with current trends. However, some of the most basic and widely used data science techniques are still useful today, and studying them alongside the newest ones might help you advance your career.
This also implies that the programming languages you know significantly impact your wage and employment role. Python and React are thought to be the most difficult to work with. Knowledge of Hive, Hadoop, SQL etc do give leverage here.