Data Science Salary and Career In 2024

With the continued rise of technology and machines, the job market is changing at an incredible pace. A lot of jobs are being replaced by machines and automation, but that’s not the whole story. New jobs are also created because of this revolution, and data science careers are a good example of this phenomenon. Not only is the demand for data scientists increasing by the day, but their salaries are also going up, giving them an edge over other jobs in the same category. Here’s what you should expect from data science careers in 2024 and how to get started on this path if you’re interested!

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Who Should Consider Becoming a Data Scientist?

Despite being a bit buzzwordy, data science is an immensely valuable skill set that employers are constantly seeking. With great demand comes high salaries. The median salary for data scientists is $116,000, with 10% earning more than $200,000 per year. If you’re trying to decide whether or not data science is right for you, it pays to crunch some numbers first. Here’s what you should expect if you decide to become a data scientist Some of your colleagues will make over $200,000: The majority of U.S.-based data scientists make between $100,000 and $150,000 annually. However, 10% of all data scientists earn more than $200,000 per year. In addition to high paychecks, there are other benefits that come with working as a data scientist: flexible hours (most people work full-time), job security (the field is growing rapidly), and opportunities for career advancement (many companies have several levels of management within their data science teams). In addition to great paychecks and flexible hours—if you love math—data science can be extremely rewarding on a personal level as well!

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The Projected Increase In Demand For Data Scientists

According to The McKinsey Global Institute (MGI),  demand for data scientists is expected to reach nearly 300,000 jobs. This rapid growth will be driven by tech giants such as Google, Facebook, Microsoft, Twitter, etc., whose need for analysis of big data is increasingly becoming a competitive necessity. According to MGI’s report on Big Data: The world’s technological capacity to store, communicate, compute and analyze data is expanding exponentially… The value that can be extracted from big data-driven decisions already exceeds $1 trillion annually worldwide. By some estimates, it could grow to $50 trillion per year. However, although many companies are collecting large amounts of data, most are not harnessing its full potential due to lack of expertise and capability in analytics. This gap between supply and demand is fueling an explosive increase in salaries for skilled professionals who can work with big data sets – aka data scientists – across all industries. While average salaries vary based on location, experience level and skill set, entry-level positions typically pay between $80k-$110k/year while experienced professionals with PhDs or industry certifications earn upwards of $150k/year or more depending on their skillset and location.

How Much Money Can You Make As a Data Scientist?

If you’re considering earning a data science degree, you might be wondering how much money people who hold such degrees make. In fact, there’s no way around it—compensation is an important factor to consider when choosing a career. But before we get into salary numbers, let’s back up for a minute. Can you even get a job as a data scientist? What does it take to break into that field? A lot of people are interested in analytics or collecting information and using that information, but they don’t really understand what data science actually entails. It isn’t just about writing code or crunching numbers; it requires a unique combination of skills, including critical thinking, problem-solving, and communication.

It also requires curiosity—the drive to ask questions and seek answers through data analysis. It takes creativity too: The best solutions come from looking at problems from different angles. And finally, it takes teamwork: There’s no I in team after all! Even if you have all these skills (and more), landing your first job as a data scientist can still be tough. Competition is fierce because demand for skilled workers continues to rise while supply remains relatively low. So how do you stand out from other candidates?

Learn From Professionals

The best way to get into data science is by learning from those who’ve done it before. The field is growing so quickly that even veteran professionals are seeking out training opportunities. If you have a mentor or two, get them talking about what it was like to get started, who they went through for training and how they networked into their first job. Not only will you learn valuable lessons from their experience, but also build important professional relationships as well. Don’t underestimate how helpful it can be just having someone with experience to ask questions of. And if you don’t have anyone nearby to help, online communities like LinkedIn are great places to start looking for potential mentors.

What Skills Are Necessary?

The skills most frequently sought after are SQL, Python, Tableau, R, Hadoop, Spark, and Scala. If you’re just getting started with data science or analytics at all, it’s best to learn more about what skills employers want before deciding what direction you want your career to go. The data scientist role is still a new one in many organizations so requirements will vary from company to company. However, if you can demonstrate those skills listed above along with experience working with a variety of databases (e.g., MySQL, Oracle), it will be much easier for you to enter the field—which we predict will become even more lucrative over time as companies realize they need data scientists who are skilled at querying any database they might use on an ongoing basis.

Additional Info On The Future Of Data Science Careers

The emergence of artificial intelligence, or AI, has given rise to concerns about human obsolescence. However, AI is also fueling demand for workers with certain skills. What exactly will happen with data science salaries and careers over time? Here are some possibilities based on where we are now. The following predictions are based on trends that seem likely to continue—and may very well accelerate—in coming years. If you are interested to learn new coding skills, the Entri app will help you to acquire them very easily. Entri app is following a structural study plan so that the students can learn very easily. If you don’t have a coding background, it won’t be any problem. You can download the Entri app from the google play store and enroll in your favorite course.