Data science career growth is one of the fastest worldwide, with Harvard Business Review calling it the hottest job of the 21st century and LinkedIn naming it the fastest-growing job in 2017. Business leaders call data the new oil.
It is predicted that there will be roughly 11.5 million new jobs in the field by 2026, and the Big Data market size will be an estimated USD 96 billion by then. Yet, despite all these numbers, there’s a wide gap between job postings and talent in the field. According to quanthub, the global tech shortage is expected to touch 85 million in the next ten years.
According to PwC, in the Middle East, Artificial Intelligence (AI) – a massive driver of the data science industry – will be worth USD 320 billion by 2030 in the UAE alone. Thus, the region moves towards colossal development but needs an army of professionals and experts to bring it to its envisioned heights.
For professionals looking to change their profession or start one, the data science career path is the place to be.
Data-Driven Career Paths
Here are the roles for a data science professional to choose from.
Data scientists overlook projects from start to finish. They have a complete understanding of the business problem and analyze and organize information that solves the problem. They are the best professionals to share holistic insights, discover patterns, share solutions, and predict future trends concerning the problem. Generally, in large organizations, data scientist skills are seen in action leading the project instead of delving fully into execution-level details.
Data science professionals are highly in demand which is reflected in the huge employment opportunities, compensation and benefits. It is used in almost every industry, such as government, finance, banking, e-commerce, etc. This is why data science is the future.
Skills required from Data Science professionals-
- Statistical analysis
- Machine learning
- Deep learning
- Data visualisation
- Data wrangling
- SQL/ No SQL
- Microsoft Excel
- Social Media Mining
- Project Management
Top companies hiring for Data Science professionals-
- JP Morgan Chase
Salary procured by the Data Science professionals-
The average salary procured by data science professionals is 10.6 lakhs per annum. The salary ranges from 4.5 lakhs per annum to 26.0 lakhs per annum (Source).
Minimum education requirement for data scientists-
The minimum requirement for data scientists is a bachelor’s or master’s degree in computer science, mathematics, statistics, or a similar field.
As the title suggests, data analysts are the ones who dive deep into information – structured or unstructured – and analyze it. They perform search queries on a database and extract valuable data for the business problem. They use algorithms and models to process, optimize and manipulate the data. A data analytics career path also involves visualization, meaning that they need to present the data through simplified charts and numbers.
Some of the skills required by the Data Analyst-
- Critical thinking
- Machine learning
- Linear Algebra
Top companies hiring Data Analyst professionals-
Salary procured by Data Analyst professionals-
The average salary procured by the Data Analyst professionals are 4.4 lakhs per annum. The average salary ranges from 1.9 lakhs per annum to 11.9 lakhs per annum (Source).
Minimum education requirement for Data Analysts-
A bachelor’s degree or certification would suffice. Some of companies look for only candidates who hold masters degree.
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Data engineers are the ones who design, build and maintain data ecosystems that data scientists use to run their algorithms. They also test these systems and pipelines to ensure highly optimized runs. Updating the data system is also the data engineer’s responsibility. They format data batches and match these formats to those in the data system, making the work of data scientist easier.
Some of the skills required from a Data Engineer/ Architect-
- System Development Cycle
- Project Management
- Design techniques
- Data administration
- Programming languages
Top companies hiring for Data Engineers/ Architect-
- Intel Corporation
Salary procured by the Data Engineers/ Architect-
On average the salary procured by the Data Engineers is 23.6 lakhs per annum. The average salary ranges from 14.0 lakhs per annum to 42.0 lakhs per annum (Source).
Minimum education requirement of Data Engineers/ Architect-
The minimum educational qualification required from Data Engineers/ Architects is a bachelor’s degree in either computer science, computer engineering or related discipline.
One of the newest and most creative data science opportunities, data storytelling, includes visualizing data, creating reports and statistics, and expressing these in a way that fits the narrative of the business problem. The data gathered by data scientists and analysts are often in complex, numerical, and statistical formats. Data storytellers bridge the gap between technical data and human understanding by crafting a story to simplify insights.
Skills required from Data storyteller-
- Visual Communication
- Design tools
- BI tools
- Platform capabilities
- Creative thinking
Top companies hiring for Data Storytelling roles-
- Warner Media
- The Modern Data Company
- Baazi Games
Minimum education requirement for Data Storytelling professionals-
The minimum education requirement for Data Storytellers is Bachelor’s degree in marketing, psychology, mathematics, statistics, etc.
Machine Learning Scientist
A Machine Learning (ML) scientist is responsible for researching and developing new methods, algorithms, and approaches to data science. ML scientist is still an upcoming job role in this industry. ML scientists are generally a part of the Research and Development (R&D) division in any organization. They are in charge of finding innovative data processing and analyzing approaches, often leading to published work.
Skills required for ML Scientists-
- Data Modelling
- Programming skills
- Software Designing
Salary procured by ML Scientists-
The average salary procured by the ML Scientists is 15.0 lakhs per annum. The average salary ranges from 5.1 lakhs per annum to 52.0 lakhs per annum (Source).
Minimum education requirement for ML Scientists-
Minimum education requirement for ML Scientists is Bachelor’s degree in Computer Science, IT, Mathematics, Statistics, Engineering or any other related discipline.
Business analysts have somewhat different functions than other data science roles. They are more in tune with the business aspect of the problem. Their responsibility is to use the data and learnings gathered to develop actionable insights for solving the business problem.
They have an overall understanding of data systems, handling large data sets, and organizing valuable data. However, the ultimate responsibility of linking data to problem-solving lies with business analysts making it one of the most fulfilling data scientist career paths.
Skills required for Business Analyst-
- Critical Thinking
- Cost- Benefit Analysis
- Interpersonal skills
Top companies hiring for Busines Analysts-
- American Express
Salary procured by the Business Analyst Professionals-
The average salary procured by the Business Analyst Professionals is 7.0 lakhs per annum. The average salary ranges from 3.0 lakhs per annum to 15.0 lakhs per annum (Source).
Minimum education requirement for Business Analyst Professionals-
The minimum education requirement for Business Analyst professionals is Bachelor’s degree from a recognised to land an entry-level position. To progress further, some advanced education could be required.
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At times, the professionals designing a database and those using it are different. In such cases, teams must be aligned so that data processing can continue efficiently. This responsibility lies with a database administrator. Database administrators monitor the database system and ensure its smooth functioning. They also keep records of data flow by creating backups. If an employee needs access to the database, they’re the ones in charge of granting permission.
Skills required for Database Administrators-
- Database Theory
- Database design
- Storage Technologies
- Computing Architecture
- Problem-Solving Skills
Salary procured by the Database Administrators-
The average salary procured is 10.3 lakhs per annum. The average salary ranges from 5.0 lakhs per annum to 23.8 lakhs per annum (Source).
Minimum education requirement from Database Administrators-
Minimum education requirement for Database Administrators is Bachelor’s degree in IT, Computer Science or a related discipline.
Sometimes, organizations need experts of a particular function to get accurate results. And statisticians are experts who build a career in data science by using statistical theories and models. Statisticians are responsible for collecting, organizing, presenting, and analyzing data using statistical methods. They typically work in industries that need statistics for continuous functioning, such as sports, finance, transportation, market research, etc. They may also be academic experts.
Skills required for Statistician-
- Mathematica ability
- Analytical Skills
- Computer literacy
- Oral and written communication
- Use of statistical terms
Salary procured by the Statistician-
The average salary procured by the Statistician is 4.0 lakhs per annum. The average salary ranges from 1.5 lakhs per annum to 17.6 lakhs per annum (Source).
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The field of data science is constantly developing. As such, the careers available in the industry aren’t limited to the ones mentioned above. Several specific roles are expected to emerge – Artificial Intelligence (AI) engineers, AI developers, Deep Learning specialists, ML system developers, and more.
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Journey of a Data Science Professional
If you’re still wondering is data science a good career, you’ll find that data scientists see an exciting progression as they move up the ladder.
Usually, the professional is an intern, junior, or associate at this stage. Being an entry-level job, professionals are raw and work straightforward tasks. These tasks include debugging existing models.
Juniors or associates aren’t expected to build new models but run queries on current databases and statistical models to gather and analyze data. They’re generally the ones who execute and aren’t, necessarily, fully aware of the business problem. They’re assigned tasks rather than taking up jobs on their own.
After about two to five years, a junior data science professional is promoted to the ‘Senior’ job role. ML engineers, AI developers, Data Science Managers, Data Architects generally start in this position as the field needs more in-depth knowledge.
As a senior, data science professionals are architects of new models and products. They are aware of business problems and are in charge of running individual teams for a specific problem. They design new systems, remove logical flaws in current models, write innovative but reusable codes and build secure data pipelines.
At the most advanced level are the Lead data science professionals and Directors who oversee large projects, often mapping the solution path of the business problem and providing the layout for various jobs. They typically have a business mindset, understand varied business challenges, discover new opportunities, and are leaders.
They are equipped to deal with multiple organizations and projects at a time. They have combined, if not in-depth, knowledge of all database systems, ML and AI practices, and programming languages. It is the ultimate data science career objective.
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Why is data science growing so fast?
The reason why data science is growing fast is because of the higher application. Organisations require the data professionals in almost every field, such as government, finance, banking, e-commerce and more. It helps organisations to become data-centric and accurate and improve in decision- making. Understanding the customer’s requirements and quickly act upon them are some of the other benefits of data science.
Why is data science so important now?
Some of the benefits of data science are mentioned below- 1) Targeted Advertising 2) Take user’s query 3) Analyse search patterns 4) Product recommendation 5) Movie recommendation 6) Course recommendation 7) Use machine algorithms 8) Accurate 9) Helps in analyzing patterns
Is data science a good career in 2023?
Yes definitely, a good career in 2023. The field is growing fast and is expanding rapidly. There are a higher number of job opportunities available, providing higher compensation.
Does data science need coding?
Yes, data science needs coding.
Is data science high paying?
Yes, it is a high-paying job. The average salary of a data scientist is 10.6 lakhs per annum.
Is it hard to get data science jobs?
Data science professionals must invest their efforts into acquiring skills and knowledge. And gaining experience, with the right skill sets and exposure, the process to land a job becomes easier.
Is data science a stable career?
Most definitely, data science is a stable career. Professionals are in demand and are valued by organisations. Moreover, the professionals are indulged in freelancing as well.