As businesses have become more reliant on data to make decisions, the demand for data scientists has grown. But what exactly do they do, and how much do they earn? Let’s break it down.
As businesses have become more reliant on data to make decisions, the demand for data scientists has grown. But what exactly do they do, and how much do they earn? Let’s break it down.
How Much Does a Data Scientist Make in 2022?
The Bureau of Labor Statistics (BLS) projects that jobs in data science will grow by 31% from 2020 to 2030. This is much faster than the average for all occupations. As a result, data scientist salaries are expected to increase during this time period.
According to Salary.com, the median salary currently ranges from $72,804 (junior data scientist) to $134,520 (senior data scientist). As an intermediate specialist, you can expect to make $87,897 per year, or $42 per hour.
Business data analysts earn $79,101 per year. Machine learning engineers report an annual wage of $122,496. As you can see, there’s a broad range of professions in the field. The base salary also depends on:
- how many years of experience you have,
- where you work (e.g., tech companies or business intelligence departments),
- what is your location.
The mean wage for data scientists and mathematical science occupations was $103,930 in 2020 as listed by the BLS. As data science and analytics become an increasingly in-demand field, these numbers are likely to continue to grow.
Data Scientist Salaries over the Years
The average data scientist salary has increased significantly over the years. In fact, the profession was ranked as the best job in America in 2018 by Glassdoor. In 2020, data scientists earned a median salary of $98,230, up from $94,280 in 2019. This means a 4% increase in a year, which is higher than inflation.
Before 2019, the BLS listed these professionals together with other mathematical scientists, or even lumped all computer science occupations together. Still, what’s for sure is that they’ve seen a significant pay increase in recent years.
Data Scientist Salary by State
Where data scientists choose to work greatly affects their pay. For example, those working in California earn a mean wage of $129,060 while those in Virginia make $99,670. This is likely due to the higher cost of living in states like California.
The 5 states with the highest average salary for a data scientist in 2020 were:
- California – $129,060,
- New York – $124,240,
- Washington – $118,320,
- North Carolina – $117,370,
- New Jersey – $116,250.
Most data scientists are employed in metropolitan areas, with the highest employment levels in New York, Newark, and Jersey City.
What Does a Data Scientist Do?
Data scientists are responsible for analyzing data and extracting insights that can be used to improve business decisions. They use their skills in statistics, computer science, and mathematics to find patterns and trends in data. This information is then used to develop new products, services, and processes. The broad field also includes specialties such as machine learning, data analytics, computer engineering, and many more.
History of the Data Scientist Profession
The term was first coined in the early 2000s. However, the data scientist job has been around for much longer. In fact, data science can be traced back to the 18th century and the work of statistician Carl Friedrich Gauss.
Data science has come a long way since then, and the field has grown exponentially in recent years. With the rise of big data and data-driven businesses, data science has become one of the most in-demand skills in the world.
Is Data Science the Right Path for You?
These professionals need to be well-versed in SQL, statistics, computer science, and mathematics. They must also be able to think critically and solve complex problems. If you are interested in data science, make sure you have the skills necessary to succeed in this field.
The data scientist salary is expected to continue increasing as businesses become more reliant on decisions driven by data. So, if you’re looking for a stable and well-paying career, data science may be the right path for you.
What Hours Do Data Scientists Work?
They typically work full-time hours. However, they may occasionally need to work overtime to meet deadlines or complete projects.
What Benefits Do They Get?
They typically receive benefits such as health insurance, retirement plans, and paid vacation days. They may also receive bonuses and stock options.
What Training Do You Need to Become a Data Scientist?
Most positions require at least a master’s degree in data science, computer science, statistics, or a related field. However, some companies may be willing to hire data scientists with a bachelor’s degree and relevant work experience.
Where Can You Gain Experience in Data Science?
If you are interested in data science, there are many ways to gain experience in this field. You can start by taking online courses or attending boot camps. You can also find internships or jobs at companies that use data-driven decision-making.
Looking to Become a Data Scientist?
As data becomes more important to businesses, the demand for data scientists will continue to grow. Data scientist salaries are expected to increase significantly over the next decade as a result. If you are interested in data science, now is the time to start your career in this exciting field.
So, what are you waiting for? Start your journey today!
