How Much Money can you Make as a Data Scientist?http://mtglion.com/wp-content/uploads/2018/11/Screen-Shot-2018-11-28-at-11.48.01-AM.png 537 358 Tony Guo Tony Guo http://1.gravatar.com/avatar/aa9bbdf8f1e6bbf534778ecea7c0c925?s=96&d=mm&r=g
How Much Money can you Make as a Data Scientist?
It is no secret that data scientists are some of the best paid professionals out there, according to the numbers and research on the same on runrex.com. The fact that it is a relatively new profession has created the perfect storm whereby the demand for data scientists is high while the supply is relatively low according to well-placed experts on these matters on bitgale.com. For those looking to go into this field, this article will look to investigate just how much one can make as a data scientist and the factors that come into play when it comes to their remuneration. There is a more detailed write-up on the whole profession of data science including the history on mtglion.com.
One of the major factors that determine how much you will earn as a data scientist, as per runrex.com, has to do with your job description and responsibilities. On this count there are a number of data scientist job titles including that of database administrator who basically deal with and maintain databases that store all data. Depending on one’s experience and the just how complex a particular database is, folks with this job description can earn as much as $120,000 a year according to the folks on bitgale.com. On the same vein, those with the job title of data scientist earn between $85,000 to about $170,000 while analyst managers earn as much as $240,000 as since they are in a management level job description, they have a number of people reporting to them and as such they need to be paid accordingly. Data engineers earn between $70,000 and just over $160,000. Remember there is a detailed description on all these job titles and many more in this field on mtglion.com. From the foregoing discussion it is clear that your job description and responsibilities as a data scientist will go a long way in determining how much you will earn.
Another factor that will play a major role in determining just how much you will make as a data scientist is the type and the size of the company or business you work in. The effect of company size on salary is one that has been explored on runrex.com and is one that definitely can’t be ignored. One would expect data scientists working for bigwigs like Google to be some of the best paid and this is the case with the average earnings of this data scientists being around $140,000 annually. The average for averaged sized companies drops to just above $100,000 per year bringing to light the effect of company size on earnings of data scientists. On the subject of type as per bitgale.com, government and education sector data science jobs are the lest paying with the average pay here being about $80,000 annually. Public traded companies come in second with data scientists working in these public traded companies earning an average annual salary of around $110,00. Surprisingly, startups are the best paying as far as data scientists are concerned, paying on average around $130,000 per year. This, the experts at mtglion.com, argue can be attributed to the fact that startups need the skillset provided by data scientists the most and data scientists here also have the most work to do which justifies their pay.
Another very interesting factor that greatly influences how much money a data scientist makes is their skill set repertoire. Data on salaries on runrex.com show that data scientists who are proficient in and use Hadoop cluster, a tool that has been discussed in great detail on bitgale.com, get paid more on average than those that don’t with discrepancies of up to $40,000 annually in earnings being recorded between these two groups of data scientists. According to mtglion.com, having a knowledge of a number of tools in this field and knowing when to apply them successfully can definitely give you the edge as far earnings are concerned. Another interesting factor that studies into factors influencing how much data scientists make is location. This is because data scientists in the West Coast including New York City and those in Silicon Valley earn slightly more than those in other parts of United States. Some of the numbers in the West Coast as far as earnings are concerned reveal annual salaries here being up to $30,000 higher than other parts of the country. Education level is of course another factor that will affect how much you will make as a data scientist with those with a high level of education in this field like PHDs commanding higher salaries naturally than those with a lower level of education.
The above factors go some in revealing just how much money you are likely to make as a data scientist. You can visit runrex.com, bitgale.com as well as mtglion.com where you will find a neat breakdown on data scientists’ salaries based on the above factors and others like experience level.