Dive into the world of a data scientist salary with our complete 2024 guide. In a time of big data, data scientists play a big role. But how much do they earn? We'll break down everything that affects their pay, from how much companies want them to the skills they need. Whether you're just starting or want to know more, our guide will help you understand what data scientists can expect to earn in simple terms.
What influences Data Science salaries?
Becoming a data scientist not only opens doors to fascinating career opportunities but also promises enticing financial rewards. Here is a breakdown of the main influences on a data scientist salary:
Graphic location:
Some countries and cities have a higher cost of living which is often counterbalanced with higher wages. Moreover, tech hubs like Silicon Valley in the U.S. or Bangalore in India, housing many IT and tech corporations, may offer more competitive compensation for a data scientist.
Education:
A data scientist that holds a degree has more advantages in the job market. [1]. Specialised education, like those offered at IU International University, prepares you with desirable skills and makes you more valuable to employers.
Relevant experience:
The more hands-on experience you have working with data, the more you're likely to earn as a data scientist. Those with several years of expertise usually earn more than entry-level or less experienced data scientists.
Skillset:
Advanced skills such as machine learning, big data, data mining, are typically sought after in the market. Mastering these can lead to a higher salary[1].
Industry:
Different industries offer different salary ranges: the data science industry is broad. Industries like finance, tech, e-commerce, and healthcare, which rely heavily on data analytics, often remunerate their data scientists more.
Company size and type:
Large, established tech corporations like Google or Amazon frequently offer higher salaries to a data scientist compared to startups or smaller firms.
Certifications and continuing education:
Specialised certifications and continuing your education with advanced degrees or courses can significantly bolster your income. It's an indication of continued professional growth in the latest technologies.
While this list isn't exhaustive, these factors are among the most influential in determining your salary as a data scientist.
IU International University of Applied Sciences offers 50+ career-transforming Bachelor's, Master's and MBA degrees in IT, business, marketing, social & healthcare and psychology.
Unlocking the numbers: Average Data Scientist's salary revealed
According to Payscale [1], a global database for salary information, the current average salary for data scientists is around $78,611 yearly.
In the 21st century, data is the new oil powering industries and economies, leading to high demand for data scientists and an appealing career choice.
Global comparison of Data Scientist average salary
Data scientist's salary vary significantly by country due to factors like cost of living, local economy, and skill demand. Let´s consider some examples:
In the United States, data scientists earn an average annual salary of around $123,659 [2].
In Germany, the average data scientist salary is €49,132 annually [3].
In Poland, data scientists earn an average salary of zł 116,386 per annum [4].
In India, a data scientist earns approximately ₹713,180 per year [5].
And in Turkey, data scientists can expect to earn around 442,740 TRY per year [6].
What is the Data Scientist salary per month?
Focusing on the monthly income, a US-based data scientist, on average, receives around $10,364 [2].
A data scientist based in Germany can expect to earn about €4,094 per month [3], while his counterpart in Poland earns an average of around zł9,519 monthly [4].
In India, the monthly data scientist salary averages at ₹83,333 [5]. And in Turkey, the monthly earnings stand at approximately 36,895 TRY [6].
What are the entry level Data Scientist salaries
Starting your data science journey is thrilling and nerve-wracking, yet even at an early stage, it promises lucrative rewards. Let's explore how much an entry-level data scientist can expect to earn.
As per Glassdoor [1], the average base salary of an entry-level data scientist is $102,522 per year.
However, this can differ significantly based on geography. Here are some examples:
In the United States, an entry-level data scientist can make around $112,836 per year [2].
In Germany, the average entry-level data scientist salary range is from €49,797 to €75,888 annually [3].
An entry-level data scientist in India can expect an average salary of ₹590,840 per year [4].
An entry-level data scientist in Poland (1-3 years of experience) can expect to earn an average of zł146,060 annually [5].
The average salary for an entry-level data scientist in Turkey is TRY 5,000 per month [6].
Senior Data Scientist salary
As with most professions, experience significantly impacts the earning potential of data scientists. Senior data scientists are invaluable assets to organisations, and their salaries typically reflect this. So, what can a senior data scientist expect to earn? Let's delve in.
Senior Data Scientist salary prospects globally
Senior level data scientists at the global level earn around $135,000 on average[1].
However, these values can vary greatly, depending on the country:
In the United States, a senior data scientist earns an average total compensation of around $142,460 per year [2].
In Germany, a senior data scientist can command an average salary of around €87,471 yearly [3].
In India, senior data scientists could see their remuneration packages reach up to INR 2,056,125 annually [4].
In Poland, a senior data scientist would fetch you up to zł118,677 yearly [5].
The average Senior Data Scientist salary range in Turkey is from $30,000 to $40,000 [6].
Experience vs. Qualification: Which impacts salary more?
It's a classic debate – experience or education, which holds more sway when it comes to salary?
While both are important, industry trends suggest that for a senior data scientist, experience tends to have a slightly more substantial impact on the salary, particularly from the perspective of problem-solving and leadership competencies.
An experienced data scientist is likely to have handled a spectrum of challenges, honed their problem-solving skills, and gained a practical understanding of tailoring data-driven solutions to business needs.
However, the importance of a comprehensive and up-to-date education, such as the Data Science Master's degree at IU, cannot be overstated.While experience can lead you to practical problem-solving, a robust education ensures that you're keeping pace with the newest methods, techniques, and theories as a data scientist.
Ultimately, a blend of both – comprehensive education and extensive experience, appears to be the golden ticket to the highest data scientists salaries.
Upgrade your skills: Masters in Data Science salary
Pursuing a Master's in Data Science can turbo-charge your career and financial prospects. An advanced degree extends your knowledge base, refines your expertise, and anchors your hold over the domain's complexities. Naturally, the industry recognises this elevated skill set and experience with substantial pay raises.
On average, a data scientist with a master's degree tends to earn around 17% more than their counterparts who only hold a bachelor's degree[1].
Here's a snapshot of an average master's level data science salary across various countries:
IU Master’s Degree in Data Science: A pathway to top-salary positions
With the world becoming more data-driven than ever, an investment in IU's Master's Degree in Data Science opens doors to competitive positions in the industry and improves your salary prospects substantially.
IU's programme empowers you with advanced expertise to ride the data wave with confidence. Covering topics from Advanced Machine Learning, Big Data, and Artificial Intelligence to Research Methods and Ethical and Legal Issues, our curriculum equips you with essential skills and an understanding of the bigger picture.
The programme being designed with industry inputs assures you stay on top of the latest trends and technologies. Further, the Capstone Project, based on real-world scenarios, enables you to showcase your proficiency and collect valuable hands-on experience.
Completing a Master's in Data Science from IU can pave your way towards lucrative data science positions with prestigious organizations worldwide, from Silicon Valley powerhouses to leading tech companies in Bangalore, and beyond.
The Master's Degree in Data Science from IU is not merely an academic qualification; it's your passport to top salaries and leading roles in the world of data science.
Summary: Data Science salaries comparison between roles
When charting your data science career, it's essential to understand that your role will significantly impact your earnings. As the scope of responsibilities and required expertise varies with each role, so does the remuneration. Below, we draw a comparison between different roles within the data science field:
Data Analyst:
A stepping stone in a data science career, data analysts examine large data sets and provide visualizations and reports to drive decision-making. Median salary globally: $67,017 [1].
Data Scientist:
At the heart of data science, data scientists not only interpret data but also use machine learning to provide predictive insights for future business actions. Median salary globally: $78,611 [2].
Senior Data Scientist:
With several years’ experience under their belt, senior data scientists handle complex data science projects and often lead teams. They command a higher salary for their extensive expertise and leadership skills. The estimated total pay for a Senior Data Scientist is $217,434 per year in the United States area, with an average salary of $160,906 per year [3].
Data Engineer:
Data engineers prepare 'big data' for analysis by data scientists, including data cleansing, aggregation, and transfer. They design and implement systems that allow data to flow and be accessed efficiently. Median Salary globally: $96,511 [4].
Machine Learning Engineer:
A specialized role, ML engineers design self-running software to automate predictive models, thus helping businesses make better decisions. Median Salary globally: $117,820 [5].
Data Science Manager:
These individuals manage a team of data professionals and are responsible for translating business objectives into work for their team. Median Salary globally: $157,005 [6].
The above comparison demonstrates the salary potential that persevering in the field of data science can bring. Regardless of the role, a degree in data science from a reputable institution like IU will always enhance your earning potential.
Data Scientist Germany salary
Germany is a prominent player in the global data science landscape. Naturally, the country offers very competitive compensation for data scientists at all career levels.
On average, a data scientist in Germany receives an annual salary of approximately €56,256 [1]. However, as with all regions, this figure can fluctuate based on factors such as level of experience and location within the country.
Why choose Germany for your Data Science journey?
Germany offers a dynamic and promising environment for data scientists for several reasons:
Technological innovation:
Germany is a centre for technological innovation and home to global giants like Siemens, Bosch, and SAP. The country's strong tech industry provides numerous opportunities for data scientists across different sectors.
Healthy economy:
Germany's strong economy and industrial diversity mean businesses in fields ranging from automobile manufacturing to healthcare are investing in data science.
Attractive salaries:
Germany offers attractive remuneration packages for data scientists, making it a lucrative career path.
Quality of life:
Germany offers a high standard of living, rich cultural experiences and strong social security, further adding to its appeal for international professionals.
IU’s role in preparing Data Scientists for German job market
At IU, we recognize the potential Germany offers for data science aspirants. Our curriculum is shaped considering the demands of the global and German job markets, to prepare our students for rewarding careers.
In addition to a strong theoretical foundation, our Master's degree programs in Data Science emphasise industry-oriented, practical skills like Data Engineering, Machine Learning, and more, to ensure our graduates are job-ready.
With IU's education, you get more than just academic qualifications. IU students learning on campus are eligible for an 18-month post-study visa. That allows you to look for employment relating to your studies in Germany - potentially transitioning into a long-term work visa or even an EU Blue Card.
Overall, with IU, you are equipped to make the most of Germany's thriving data science scene.
Want to know more? Discover our M.Sc. Data Science in Germany.
Big Data Management salary insights
In today's digital era, data is the new gold, and those who can control and manage this gold, i.e., 'Big Data Managers' are among the most sought after specialists in the IT industry. According to the Global Knowledge IT Skills and Salary Report [2023][1], professionals in Big Data management positions are enjoying impressively high median salaries.
Earning big with Big Data: IU’s MBA in Big Data Management and its salary prospects
Long recognised for its commitment to practical, applied learning, IU International University of Applied Sciences has designed an MBA in Big Data Management to shape the data leaders of the future.
At IU, the MBA in Big Data Management provides you with a deep understanding of data analysis, management skills, and the importance of data in today's market. You will command important soft skills like leadership and communication, which are essential for positions that require coordination among different departments, interpretation, and explanation of complex data insights.
So, what does this mean for your salary prospects?
Studying for an MBA in Big Data Management at IU can open doors to top leadership positions within multinational companies. According to PayScale, a Big Data Manager in Germany earns an average of €65,328 [2] a year, depending on their experience [2024].
With the practical and industry-relevant skills offered by IU's MBA in Big Data Management, graduates are perfectly positioned to step into senior positions managing Big Data, and to command impressive earning potential alongside that responsibility.
Remember, in a rapidly digitalising world, the demand for professionals who can interpret large data sets and make data-driven business decisions is only going to increase. Therefore, investing in a targeted qualification like IU’s MBA in Big Data Management can boost your career trajectory and salary significantly.
Data Scientist salaries in leading companies
The ever-progressive tech world has significantly enhanced our lives and, as a consequence, leading tech giants like Amazon, Google, and IBM are always in search of innovative minds to harness the power of data. Let's delve into the earning prospects for data scientists in these prestigious companies.
Amazon Data Scientist salary
As one of the world's largest and most successful e-commerce corporations, Amazon has a high demand for data scientists to analyse and interpret the vast volume of data they generate. The average Amazon Data Scientist earns $164,114 annually, which includes a base salary of $125,296 with a $38,818 bonus [1].
Google Data Scientist salary
Google, requires data scientists to improve its user experience, advertising platform and search algorithms among other things. The estimated total pay range for a Data Scientist at Google is $212,000 to $308,000 per year, which includes base salary and additional pay [2].
IBM Data Scientist salary
IBM, a veteran of the tech industry, has long since recognised the value of data and employs data scientists to keep them on the cutting edge of technology. The estimated total pay range for a Data Scientist at IBM is $118,000 to $164,000 per year, which includes base salary and additional pay [3].
How to land high-paying jobs at these tech giants?
Landing high-paying jobs at these top tech giants requires a fine blend of education, skills, and practical experience. You need to have a deep understanding of data and its analysis, something that can be massively boosted by applying for a degree at IU. The data science degrees we offer, ranging from a Master's in Data Science to an MBA in Big Data Management, provide hands-on, applicable knowledge which these top tech leaders value.
Networking, demonstrating creative problem-solving, ability to identify patterns, and showcasing a portfolio of practical projects can also go a long way in getting noticed. Remember, these companies are looking for innovative minds who can use data to drive their companies forward!
Want to start earning as a Data Scientist? Start with IU
IU International University of Applied Sciences is a guiding light for those exploring the dynamic realm of data science. With comprehensive educational programs, including Master's in Data Science and an MBA in Big Data Management, IU illuminates the path to a fulfilling career.
Graduates are well-prepared for various types of positions, such as: data engineer, data scientist, data science developer, and digital analytics consultant. And the best part is that you can start earning more already whilst studying! Embrace the world of data-driven transformation and diverse opportunities within the evolving data science landscape.
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