How Much Do Data Scientists Make?
Are you curious about the salaries of data scientists?
There is an increasing need for talent in data science as companies are searching for data scientists who can assist them in making sense of their data. Salaries for data scientists vary depending on their level of experience and expertise, but they typically earn a very comfortable living.
Read on to learn more about the expected salary of a data scientist. Here is a breakdown of what a data scientist can expect to earn.
Also, our online boot camp will assist you in acquiring the education and knowledge you need to succeed as a data scientist!
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Data Scientist Salary: How Much Can You Earn?
Data scientist salaries vary depending on various factors, ranging from levels of education to job title and years of experience. The size of the company you’re working for, the job industry, and even the region you live in also play a role in determining your earning potential as a data scientist.
With the right experience and qualifications, making a remarkably high salary is possible—it depends on all these aspects coming together. It’s always best to conduct research to get an idea of what salary you should expect based on your skill set and qualifications. We’ll break down a data scientist’s expected salary based on education, job title, experience, region, and company size.
Salary of Data Scientists by Education
It is no secret that employers in the tech industry, specifically for data scientists, seek college degrees and credentials. Even though education does not guarantee a higher salary, research shows that people with master’s or doctoral degrees are likely to earn significantly more than those without such credentials.
According to one study, the median salary for data scientists with a master’s or Ph.D. degree was reported to be $95,604—over 17 percent higher than those who only possess an undergraduate degree ($81,789). These statistics provide compelling evidence as to why it may be beneficial for aspiring data scientists to pursue advanced education in their field and continue to do so until they reach the level of professional excellence they desire.
Salary of Data Scientists by Job Title
The salary of data scientists across job titles can vary considerably. Those with the job title of a “data scientist” can expect to make a yearly salary between $85,000 – $170,000.
As you move into more advanced positions, your salary range also increases. For example, a data scientist manager can expect to earn between $90,000-$140,000 a year. And once you make it to the data engineering job title, you can expect to make a yearly salary between $100,000-$165,000.
Related: How to Become a Data Scientist
Salary of Data Scientists by Years of Experience
Data Scientists can expect to make a good salary depending on their experience. For example, an entry-level data scientist can expect a median salary of $95,000 starting.
While mid-level experience data scientists will make a median salary of $130,000, and if they hold a manager role, they can expect to make $195,000. Lastly, those with years of experience can expect to make between $165,000 to $250,000 a year.
On top of that, many employers offer incentive bonuses for improving organizational goals and hitting performance milestones. So, the more years you spend with a company you can expect to receive numerous bonuses to help boost your salary.
Salary of Data Scientists by the Size of a Company
Studying the salary of data scientists across different company sizes can provide interesting insight into the value businesses place on the profession. Generally speaking, a data scientist’s salary is kept high regardless of the company’s size, likely due to the necessity for data-driven decision-making and advanced analytics, even within small to mid-sized firms looking to make an impact in their industries.
However, further research has shown that employees at larger companies are paid, on average better than those at smaller businesses, with salaries for large enterprises reaching as much as three times that of smaller companies. Although there are exceptions to this trend, it paints a compelling picture of how big companies leverage more tangible financial rewards to attract top talent in this sector.
Salary of Data Scientists by the Region
A data scientist’s salary can vary greatly depending on where they live. Data scientists are among the highest-paid professions across all areas, but cost-of-living often influences a region’s wage rate.
For example, those working as data scientists in California will often earn higher salaries than their counterparts in smaller cities due to higher living costs and demand for the profession. Another area where you can expect to make a high salary as a data scientist is New York City. Again this is due to the high cost of living within this region.
As you move further south, the salary of a data scientist begins to lower. For example, those working in the state of Texas can expect to earn a smaller yearly salary. Again, this is due to the lower cost of living in other areas of the country.
Despite regional differences, data scientist salaries remain competitive across various industries. Moreover, as more organizations understand the importance of leveraging data science techniques and technologies, this trend will likely continue for some time.
Related: Data Science vs. Computer Science: Understanding the Difference
Are You Ready To Start Making a Data Scientist’s Salary?
As you can see, a data scientist can make a decent amount of money, and with the proper education and experience, the field is lucrative. An online boot camp is the best way to get your foot into this field. You can receive a data scientist certification within six months through an online course and earn an excellent salary by the end of the year.