Data Scientists Salary Trends


Data Scientists Salary Trends

Anyone interested in pursuing a career in the field of data science needs to be clear on things first. You might be a fresh graduate who successfully acquired a Data Science certification to supplement your current skills. Perhaps you're an adventurous spirit who wants to take on a challenge and switch your career into the ever-evolving field of Data Science. Whatever the case, there's a good chance that you'll become more successful than you were before starting out on this career path. The current economy is one that offers ever-growing opportunities for data scientists, especially in the US.

Before we get into data science salary trends, let's talk briefly about what data science is, and what a data scientist does.

The career of a data scientist

From Data you derive information, and from information you derive knowledge. And as the old saying goes, knowledge is power.  

The quote above tells you everything about why Data Scientists are highly coveted individuals.  

Data science is a branch of information technology that involves the use of specialized processes and algorithms to extract information from data. Meaningful insights hidden in raw data can be brought to light by using advanced systems and techniques. Data scientists are responsible for applying the best practices and using their skills to find insights from data, and then suggest the way forward.

The US has for decades been a trailblazer when it comes to research. Data Science is also a field, in which the US is making tremendous progress. Currently in the US, Data Scientists are high in demand, and enjoy a pay scale much higher than their counterparts in other countries. Data Scientists can start out earning as much as $64,000 to $144,000 per year. For senior or executive level roles the average salary goes as high as $136,000.  

Currently, 20,000+ roles for Data Scientists open every year.

Washington is the highest-paying states in terms of average median wage for data scientist positions, reaching around $138,000 per year. Then comes New Mexico, New Hampshire and Minnesota, all with an average mean wage around $130,000 per year. The number of jobs in these states reach no more than 1500, with the latter three offering lower than 1000 jobs. California, on the other hand, is registered to provide around 7300 jobs that are either renewed or made available on a yearly basis. The state offers a staggering $128,000 of average mean wage. While Idaho pays higher than California, the number of jobs there is as low as 150.

After California we have Virginia, New Jersey, District of Columbia and New York, all offering average mean wage of around $125,000. The lowest-paying state in terms of average annual salary, and the least number of data science jobs is West Virginia, having only around 50 jobs made available every year. The minimum number of jobs were mentioned to be within Arkansas, around 40 only.

State Data for Median Salary and Number of Jobs

Data Science Salary Trends By City

For professionals trying to obtain a highly-paid position in the data world, the first step is understanding the compensation. San Jose scores the best on the radar: it single-handedly produces 1360 jobs and paying $160000 to data science professionals on a yearly basis. Right behind are Seattle, San Francisco, Boulder, Dallas, Albuquerque and Palm Bay — offering salaries ranging from $150,000 to around $130,000 per year. For the number of jobs offered, San Francisco tops the table with around 2400 jobs, followed by New York, San Jose and Seattle.

In the salary race, Minneapolis, New York and Provo Orem finish last offering around $131000 to data science professionals on a yearly basis. This variance in number of jobs and average salaries can be attributed to a number of factors, including presence of large-scale organizations, realization of importance of data science by small-scale organizations and technology-oriented companies.

Top 10 Cities where Data Scientists Earn the Highest Annual Median Wages

Future Trends in Data Science

According to long-term projections (2016-2026) from Projections Central, information science jobs are expected to grow in the U.S. from 27900 in 2016 to 33200 in 2026. The projections predict an increase of 2500 openings per year.

Here are some interesting numbers from state-wise projections.

Top Ten States with the Highest Projected Growth (%) by 2026

Top Ten States with the Highest Project Growth (Number of Jobs) by 2026

The opportunities can be for projects of varying magnitudes, requiring different levels of skillsets, but would undoubtedly be persistent, paced with success for skilled professionals in the field of the data science. Highest projected growth is estimated to prevail within California, Virginia and Washington, with almost of 6000, 3200 and 2800 jobs or projects on a yearly basis.

Bottom-line, if you want to pursue a successful career within the field of information technology that promises stable salary and is easily scalable, data science is the way to go with a brilliant scope for its professionals.

You do not have to have a college degree to become a Data Scientist. You can simply take a 20-24 weeks high impact data science bootcamp offered by QuickStart that can prepare for this career and give you a huge ROI on your investment.

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