As you learn more about the various career opportunities in the field of data science, you’re probably curious about a data science salary. In the information that follows, we’ll review the different types of data scientists and what you can expect to earn as a professional in this area of expertise.
What are Data Scientists?
We live in an age of technology, and all sorts of businesses rely on statistical data to improve their profitability. Data scientists employ scientific methods of gathering, interpreting, and applying statistical data in ways that help businesses solve problems that affect their profit margins.
Data scientists rely heavily on strong mathematical, science, statistical, and technology skills to get the job done. In addition, they must also have excellent communication and interpersonal skills, as well as a natural curiosity. They work to keep abreast of current trends and patterns to help predict the future trends in a number of industries that will impact the bottom line.
Data science professionals fit into a variety of sub-categories, and each of these will have a slightly different data science salary. Some of the sub-specialties are as follows:
- Data Analyst
- Data Architect
- Data Engineer
- Database Administrator
- Business Analyst
- Data and Analytics Manager
Data Science Salary
Data science is an exciting field to explore because it offers competitive salaries that are hard to beat. On average, a data scientist can easily earn over $120,000 a year. Of course, the better you are at your job, the more likely you are to be hired by a large corporation with a better pay scale.
Different subsets of data science professionals will earn slightly different amounts. A data science salary will also vary to some degree by location, with professionals in larger cities usually making a bit more. Here we will cover a brief overview of the salary you can expect in the subsets of this field.
Why is a Data Science Salary High?
Data science professionals are paid well because they’re hard to come by. This is because a well-trained and experienced data science professional is essentially a pro in three entirely distinct specialties. The ability to excel in mathematics, science, and technology is not a skill set that the majority of the population has. Therefore, when a corporation comes across individuals who fit this criterion, they are certainly well-compensated for their abilities.
Data Scientist Salaries per Subset
Subsets of data scientists can be divided into three basic categories: those on the highest end of the pay scale; those that fall somewhere in the middl;, and those on the lower end of the scale.
As a general rule, data and analytics managers, as well as data scientists, seem to rank at the top in terms of salary. Data science professionals in this top category tend to earn an average of $115,000 to $120,000 per year.
In the middle of the spectrum, we have data engineers and data architects. These two subsets of data science professionals earn roughly $90,000 to $100,000 annually.
Finally, we have the lowest pay scale category. This essentially includes all other types of data scientists not mentioned in the first two categories. While they’re considered at the bottom of the pay scale in terms of their area of expertise, they still earn $65,000 to $75,000 per year on average.
The field of data science continues to offer a wide variety of career options for individuals who can successfully combine a deep understanding of mathematics, science, and technology in creative ways to allow businesses to flourish in an extremely competitive world. We’re sure to see an increasing demand for professionals who are skilled in this capacity over the coming decades.
For more information about what might affect a data science salary, please see our related article about Data Science Skills.